A foreign investor is interested to invest billions to put up a mixed-use facility at the Kawit island in the South Road Properties. (CDN FILE PHOTO)
A foreign investor wanted to use Kawit Island at the South Road Properties (SRP) for a mixed-use development project which would include restaurants, coffee shops and a marina for its visitors.
Ziad Shibi, senior vice president for business development of DAMAC Properties Co. LLC, wrote to Cebu City Mayor Michael Rama on May 14 to express his company’s desire to invest at the SRP.
Shibi’s letter said they would need the 10-hectare Kawit Island for their development project.
His one-page letter mentioned that company representatives already made a site visit at the area in March and saw the potential of putting up business there.
They also met with Rama at the Department of Tourism (DOT) Central Office in Manila for preliminary talks about their investment proposal.
“We are ready to move into the next step of submitting to you the concept design, once we have received the answers to the question raised by our technical team,” said Shibi’s letter.
Rama said in an earlier interview that Damac is expected to bring billions worth of investments into the city.
However, he is yet to clarify how they wanted to go about their planned use of the Kawit Island, either through direct purchase, lease or joint venture. Also, he is not privy on the details of their planned development.
Damac has built a reputation for creating some of the most iconic and desirable properties in the United Arab Emirates, Qatar, Saudi Arabia, Iraq, Jordan and Lebanon.
Established in 2002, DAMAC has ties with Paramount Hotels & Resorts, (the official licensee of Paramount Pictures), Italian fashion houses Versace Home and FENDI Casa in producing branded residential apartments and villas and the Trump Organization for the development and operations of the Trump International Golf Course, Dubai and The Trump Estates within the AKOYA by DAMAC Development.
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