The Philippine Reclamation Authority (PRA) has authorized a 100-hectare reclamation project in Cebu, opening the way for Cebu Landmasters, Inc. (CLI) to build a P20 billion techno-business park there.
The PRA and the Minglanilla local government unit inked an agreement for the Ming-Mori Techno-Business Park on Friday.
CLI will design and operate the techno-hub, which will be one of the property developer’s largest projects to date.
“Because of the scope of this project, which will be developed in stages, we have carefully and methodically designed it to be sustainable and supportive of future generations,” CLI CEO and Ming-Mori Development Corp. President Jose R. Soberano III said in a statement on Friday.
Apart from the PRA’s approval, the P20 billion project earned an environmental compliance certificate from the Department of Environment and Natural Resources (DENR) in 2020, after more than five years of examination.
“This is probably the beginning of a series of reclamations here because the only way for us to go farther is to extend and reclaim,” Environment Secretary Roy A. Cimatu said at the signing ceremony on Friday.
A comprehensive engineering design of the project, as well as other pre-construction needs, are still required.
The Ming-Mori project will feature a “island type” of reclamation, with bridges connecting the islands. The 100-hectare land area will be split into two islands, one 75 hectares in size and the other 25 hectares in size. The project’s in-land infill would be supplied “as much as feasible” from the Minglanilla mountains.
“This might potentially set the stage for other such projects down the coast, and that’s the only way we can grow because we all know that reclamation is always the solution for restricted [areas],” Mr. Soberano said during the event, referring to Singapore and the United States.
Surbana Jurong Consultants Pte. Ltd. of Singapore developed the hub.
The first phase will include commercial, residential, and institutional facilities. It will also have a port facility of its own.
Cebu Landmasters said that the project had “solid support” from equity and bank partners. It was also successful in obtaining P3 billion in notes to finance the first phase of development, which is scheduled to commence in the fourth quarter. The Ming-Mori project is expected to be completed within three to five years.
Minglanilla Mayor Elanito A. Pea said that the techno-business cluster would assist the town in reaching its objective of becoming a “world-class economic center.”
“Our people will no longer hunt for occupations that require them to travel large [distances] since opportunities are now available close to home,” Mr. Pea said. “I believe the municipality’s revenues will rise, and as a result, we will be able to better meet our people’s fundamental requirements and offer better services.”