Capitol inks JVA with consortium for 254-ha. Cordova reclamation project
| Photo from Sugbo News
MANDAUE CITY, Cebu – Another “ambitious” project will soon be implement in Cebu.
Governor Gwendolyn Garcia signed on Friday, February 4, 2022, a Joint Venture Agreement (JVA) with Cordova Shores Development Corporation for the implementation of a 254-hectare reclamation project in Cordova town on Mactan Island that is estimated to cost P11.3 billion.
In a report posted by Sugbo News, the Capitol’s media arm, Garcia was quoted saying that she first learned of the “ambitious Cordova reclamation project” that was envisioned by the late Presidential Legislative Liaison Office Secretary Adelino “Addy” Sitoy, when she was still a consultant for her father, the late governor Pablo “Pabling” Garcia.
However, “the project never got off the drawing board.”
The Governor said that one of the reasons why she was destined to return to the Capitol was to make sure that Sitoy’s dream would come true, adding that “there are no coincidences in this life, only alignments.”
On Friday, Garcia signed the JVA with the project developer.
The signatories of the JVA were Garcia and Manuel Gonzalez, president and chief executive officer (CEO) of Ulticon Builders Inc. (UBI), who represented the consortium that also includes Premium Megastructures Inc. (PMI). Others who were present were PMI president and CEO Francis Lloyd Chua and UBI chairman Carlos Gonzalez.
Cordova Mayor Mary Therese Sitoy-Cho and Provincial Board Member Glenn Anthony Soco of the Provincial Economic Enterprise Council acted as witnesses to the JVA signing.
The Cordova reclamation project is the newest addition to reclamation projects that are now being proposed in Consolacion town, Mandaue City and Minglanilla town among others.
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