Property Developer Cebu Landmasters Inc. (CLI) has entered a controlling stake in a consortium undertaking a 100-hectare 100-hectare reconstruction project in Minglanilla municipality, Cebu, which is set to become a world-class economic hub.
CLI has implemented a share agreement that increased its interest in the project developer Ming-Mori Development Corp. (MMDC) to 80 percent from 20 percent, the real estate firm told the Philippine Stock Exchange on Monday.
“By increasing our ownership of MMDC to 80 percent, CLI is giving its full commitment to this significant company that has far-reaching benefits for Minglanilla and the Southern Growth Corridor in Cebu,” said CLI Chairman and CEO Jose Soberano III.
The increase in efforts is also expected to streamline CLI’s activities as developer and project manager for the future Minglanilla Techno Business Park, located southwest of Cebu City.
“We anticipate that Ming-Mori will transform this area of Cebu into a dynamic economic zone … In fact, as early as now, we already have large companies as interested locators. And to ensure long-term viability, Ming-Mori’s master plan creates a balance between urban mixed use, light industrial land use and environmental management, ”said Soberano.
The project is also seen to reflect the experiences and successes of the Singapore-based consulting firm Surbana Jurong Consultants from its projects in over 30 countries.
Soberano explained that the Ming-Mori community was initially designed to be accommodating to both workers and their families. Thus, the light industrial areas will also have nearby residential and commercial areas with regulations for schools, churches and business areas. As more recycled areas become available, CLI envisions a port community with business, lifestyle and industries that mutually benefit each other.
The Ming-Mori property is expected to become a highly viable site for light manufacturing and technology-driven industries, especially as Mactan and Cebu City’s industrial parks are fully occupied. It is expected to generate thousands of jobs and increase revenue from local government and nearby areas.
Earlier this year, CLI raised P3 billion. From the issuance of promissory notes from which the proceeds would fund early works for Ming-Mori in the fourth quarter of this year. INQ
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