Singapore-based firm LongRunn Capital Pte. Ltd wants to put up a $4.5-billion modern satellite city in Cagayan province, the Cagayan Economic Zone Authority (Ceza) said in a statement.
In a statement on Friday, Ceza said this will be a modern satellite city with six-star hotels, casinos, golf courses, a cyberpark for digital currency and other modern amenities and technological innovations.
Ceza administrator and CEO Raul Lambino signed a Memorandum of Understanding (MOU) on the project recently, the statement read, assigning who will do the master planning and the development of the city.
“We have never anticipated a project of this magnitude,” said Lambino, noting that this “will be a game changer” in Ceza’s efforts to develop the economic zone and freeport.
How this project will run with other proposed projects in Cagayan, such as an integrated casino resort inspired by South Korea’s Jeju Island, remains to be seen.
Further details, such as the size of the city and the timeline for construction, were not disclosed.
Mercurio Design Lab would be in charge of the master planning of the city, according to Ceza. Mercurio is an Italian design studio which won a number of property awards in the Asia Pacific, according to the company website.
LongRunn would have the “exclusive rights to be the overall main developer, operator, and engineering, procurement and construction contractor of the project,” Ceza said.
The MOU also covers an agreement for LongRunn to upgrade and expand the Cagayan North International Airport in Lal-lo town.
Ceza said the company would also invest in a regional airline company, but did not give details.
Lambino said the airport would have two more three-kilometer runways and a multi-story passenger terminal.
Moreover, Ceza said there would be additional facilities in the airport, such as cargo warehouses, power and waste plants, and even duty-free shopping malls with high-end restaurants.
Ceza, for its part, shall extend to LongRunn Capital a master license for the development and operation of land-based and online gaming in addition to various fiscal incentives being offered by the agency.
These include, among others, the grant of permanent residency status for foreign investors and immediate family members with an investment of $150,000 and a lifetime membership in the City Polaris Golf Club.