Property developer Cebu Landmasters Inc. said Monday it took majority ownership in a P20-billion reclamation project in Cebu province.
CLI said in a disclosure to the stock exchange Monday it increased its stake in Ming-Mori Development Corp. to 80 percent from 20 percent to streamline the operations of the project.
MMDC is the developer of the 100-hectare reclamation and technohub project in Minglanilla, Cebu which is envisioned to be a regional growth center.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone,” CLI chairman and chief executive Jose Soberano III said.
“In fact, as early as now, we already have big companies as interested locators. And, to ensure viability over the long-term, Ming-mori’s master plan draws a balance between an urban mixed-use development, light industrial land use and environmental stewardship,” Soberano said.
MMDC secured an approval from the Philippine Reclamation Authority for the project in June this year.
CLI also submitted to the PRA detailed engineering designs and expects to receive a notice to proceed before year-end.
The P20-billion Ming-Mori Techno Business Park is within Metro Cebu and makes the development a highly viable location for light manufacturing and technology-driven industries, as Mactan and Cebu City’s industrial parks are now fully-occupied.
The project is expected to generate thousands of jobs and boost the revenues of the local government units. This will be CLI’s third large-scale township, following those in Davao City and Cagayan de Oro.
CLI earlier raised P3 billion in notes for early works on Ming-Mori which will start by the fourth quarter of 2021.
“By increasing our ownership in Ming-Mori Development Corp. to 80 percent, CLI is giving its full commitment to this significant undertaking which has wide-ranging benefits for Minglanilla and the southern growth corridor of Cebu,” Soberano said.