The Philippine Competition Commission said Friday it approved the proposed joint venture between the city government of Manila and Waterfront Manila Premier Development Inc. to reclaim 318 hectares of Manila Bay and develop it into a mixed-used project.
The development, covering offshore areas south of Manila South Harbor, would be known as the Manila Waterfront City.
Under the proposed joint venture, Manila, as the project owner, will contribute the rights to reclaim on its municipal waters, while Waterfront Manila, the developer, will finance and develop the project.
It is envisioned as a master-planned development complete with a central business district.
The anti-trust government body issued the decision on March 9 approving the transaction which would involve the P34.37-billion reclamation project.
Once developed, the project will include a central business district, a gateway, a marina, a waterfront and entertainment, health and education hubs. It also aims to decongest Manila and boost business opportunities in the city.
The PCC said it approved the joint venture because it would not result in the substantial lessening of competition in the market for commercial and residential real estate development in the city.
“There are neither affected customers nor any commercial activity in the relevant geographic market,” the PCC said.
It said the transaction is a new area of investment formed for a residential and commercial real estate project.
This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate in the city, it said.
WMPD, a real estate developer under Crisanta Realty Development Corp. and Pacific Rehouse Corp., will contribute the capital and expertise, while the local government of Manila will contribute the rights over municipal waters where the project will be developed.
The joint venture will be governed by a sharing arrangement, with Manila taking a majority 51 percent and WMPD the remaining 49 percent.