If plans carry, “Infinite City” will be built on the area where the dilapidated Cebu International Convention Center stands as shown in this 2015 photo.
A NEW landmark will soon rise at the run-down Cebu International Convention Center (CICC) in Mandaue City.
This developed as the Mandaue City government considers to approve a public-private partnership with Millenium Pan-Asia Hotel and Resort Inc. for a tourism infrastructure project dubbed as “Infinite City.”
According to Justin Xiao, chief executive officer of Millennium Pan-Asia Hotel and Resort Inc., in a statement, the development will have two hotels and serviced apartments, a grand casino, indoor theme park, cinemas, a pool garden, shopping centers, offices, and a 15,000-square meter convention center.
The company presented details of their $300-million proposal to the Mandaue City government last Thursday.
“Soon, it will be the largest landmark of Cebu and the city’s biggest contribution to the ever growing tourism market and industry in Cebu,” said Mandaue City Vice Mayor Carlo Pontico Fortuna.
Following the company’s presentation, representatives from both parties are set to go over the terms of reference and the draft consortium agreement for the partnership. Both of which, will have to still be approved by the Mandaue City government.
Fortuna said that they were targeting to finish going through the documents within this month or the latest by July.
In a statement, Millennium Pan-Asia said their proposed project is designed to attract 360,000 tourists annually to Mandaue City.
At the same time, it is expected to create job opportunities for 5,000 direct employees and another 10,000 indirect hires.
They will build on the defunct CICC, which used to serve as Cebu’s showcase during the 2007 ASEAN Summit, which was damaged during the 2013 earthquake that hit Cebu and Bohol.
The Mandaue City government has bought the property from the Cebu provincial government for a price of P300 million. Of the amount, P200 million has been paid by the City Hall to the Capitol. The remaining P100 million is to be settled within this year.
The 3.2-hectare property is located in a prime spot at the North Reclamation Area.
Xiao led the team that presented the proposal before Mandaue City officials last Thursday.
“We decide to be located in Mandaue City because being the progressive industrial hub of Cebu, it deserves a world class tourism resort. In Mandaue, we will be the first,” Xiao said.
He also assured that the resort would give priority hiring to Mandaue City residents with the help of the Mandaue City Technological and Entrepreneurial and Skills Training Center (MCTEST) and the Public Employment Service Office (PESO).
Aside from employment, the resort is also seen to benefit local businesses while generating millions in terms of taxes. Xiao said that Mandaue City can look forward to an additional P16 billion in gross domestic product (GDP) in ten years.
“We are excited. We will soon be one with Mandaue City in further developing its booming economy. We look forward to contributing to the growth of the industrial hub of Metro Cebu,” Xiao added.
According to Fortuna, Millennium Pan-Asia’s proposal was already subjected to a Swiss Challenge.
Once the city government approves the partnership with Millennium Pan-Asia, Fortuna said the latter would give the city P100 million upon signing of the concession agreement.
Another P100 million, representing the advance concession will also be paid by the private firm upon the city’s handover of the lot, clear of any occupants.
Once the land would be turned over, Millennium Pan-Asia said they could complete Phase 1 of the project in 38 months. The entire project will be completed in 50 months.