Singapore-based firm LongRunn Capital Pte. Ltd. wants to put up a $4.5-billion “modern satellite city” in Cagayan, the Cagayan Economic Zone Authority (Ceza) said.
In a statement on Friday, Ceza said the planned city would have 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 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.
Further details, such as the size of the city and the timeline for construction, were not disclosed, however.
Mercurio Design Lab will 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 Asia Pacific, according to the company’s official website.
LongRunn, for its part, will have the “exclusive rights to be the overall main developer, operator and engineering, procurement and construction contractor of the project,” Ceza said.