Future Economic Center in Cebu: Two firms ink deal to develop Cordova reclamation area
An economic center with an international seaport, a 12-lane circumferential road and a third bridge connecting Cordova and Cebu City will soon rise in a 3,500 hectare reclamation project in Cordova town.
This developed after Malayan Integrated Industries Corp. (MIIC) and One-Earth Project Management Ventures Inc (1-ePMVi) signed a joint venture agreement last Friday to undertake the project estimated to cost between P89 billion and P100 billion.
“For this project, we will be pouring in an investment of P89 billion to P100 billion that will include international and domestic seaports, a third bridge connecting Cordova and Cebu City, a circumferential 12 lane road, commercial buildings, high-rise buildings, a casino and soon to be the biggest SM mall with our partnership with SM Land Holdings,” said MIIC president and chief executive officer Pablo C. Villaber.
FIVE YEARS
All these developments will take place within five to ten years, said Ben Villavez, MIIC project management office director.
Villavez said they pla to break ground four months from now after setting up dikes surrounding the whole area.
1-ePMVi is a company under the Hyundai Heavy Industries group which was created to be the in-house project management team of MIIC.
The company will do the 3,500 hectares Cordova Reclamation Project and the 2,000 hectares Getafe Quarry Project which will be used to fill the reclamation in Cordova.
MIIC claims to be one of the biggest 20 corporations in the country today that is registered under the Securities and Exchange Commision since 1970.
The company is known for many real estate projects around the country including residential condominium.
Villaber said they are now also working to get publicly listed and will be initially offering $10 billion worth of stocks (Initial Public Offering) by the second quarter this year which will help them finance the Cordova reclamation project.
“This is the first project of this magnitude that we will be doing, and we’d like it to really succeed and realize. We are confident that this development will soon become the “Singapore of the country” that will be fueling more economic development in the area,” said Villaber.
POLITICIAN AGENDA
The company is confident that the Cordova reclamation project will not end up like the two other reclamation projects in Cebu that has suffered from different political agenda.
“Unlike other reclamation projects like SRP (South Road Properties), the Cordova project is private sector led and as early as now, we have gotten support from various companies who all have expressed interest to invest in the project,” said 1-ePMVi chairman Manny Arcena.
SM Land Holdings has already partnered for the 1,000 hectares of the 3,500 reclaimed property and another major company is eyeing to secure partnership with them for a 500 hectares land in the area, said Ben Villavez, MIIC project management office director.
“We are confident that before the year ends, at least 3,000 hectares of the property will all be taken up already. We will also be promoting this project heavily. We’ll setup websites and talk to as much investors as we can,” said 1-ePMVi chief executive officer Rodrigo Deresas.
As of now, MIIC has already partnered with SM Land Holdings, Korean group Hyundai Heavy Industries and Hyundai Engineering and Construction Co. Ltd, the Japanese groups Mitsui Development and Mitsubishi Japan, Chinese company Hebie Roads and Bridge Group and local company QCON Construction and Development.
Lyndon Melendres, president and chief executive officer of FM1 Wealth Magnet Minerals Trading and Development Corp. said they have partners in Europe and China who are ready to invest £5 billion to develop office space buildings within the Cordova reclamation area and another $500 million as soon as the project is done.
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