Cebu Landmasters Inc. has obtained the approval of the Philippine Reclamation Authority on its P20-billion Ming-Mori project in Cebu province.
CLI said during the signing of an agreement between the local government of Minglanilla and the PRA it plans to complete the projects in the next three years.
CLI chief executive Jose Soberano III said the 100-hectare Minglanilla Techno-Business is envisioned to be a regional growth center designed to be sustainable and responsive to the environment.
Phase one of the Minglanilla Techno-Business Park will include development of commercial, residential and institutional projects.
“The project will take CLI to a brand-new level and widen the range of our customer base to include light-industrial and technology-driven companies,” said Soberano. “We aim to achieve a balanced and mutually supporting relationship between urban mixed-use development, light-industrial land use and environmental stewardship. This will be our formula for sustainable growth and development.”
The property firm said it is fully equipped to develop and manage the capital -intensive project with the support of equity and bank partners.
Early this year, the listed company sold P3 billion in notes at a competitive rate to fund early works for Ming-Mori beginning fourth quarter of 2021.
“This is one of CLI’s biggest projects thus far. Because of the scale of this project that will take several phases to develop, we have carefully and meticulously planned it to be sustainable and supportive of future generations,” Soberano said.
CLI has engaged Singapore-based Surbana Jurong Consultants to masterplan the whole development.
CLI said the project’s proximity to Cebu City makes it a highly viable location for light manufacturing industries especially, now that the province’s main industrial parks are fully occupied.
Ming-Mori will have its own port facilities that will link it with the global economy.
The project in 2021 secured an environmental compliance certificate after more than five years of rigid and comprehensive review.