Construction and engineering firm Megawide Construction Corp. has sealed a P5.5-billion project with the Cebu City government to redevelop the oldest and largest farmer’s market in the city into a commercial, heritage and cultural district with a multimodal and integrated transport hub.
In a disclosure to the Philippine Stock Exchange on Monday, Megawide said it had entered into a joint venture agreement with the city for a phased redevelopment of the 7.8-hectare Cebu Carbon Market.
The project is expected to benefit all stakeholders from vendors, business owners, transport operators to the public in general and encourage the growth of tourism and local entrepreneurship, according to Megawide.
The redevelopment would create 36,000 square meters of gross leasable area, much larger than the current area of only 15,000 sqm, Megawide managing director for transport Louie Ferrer said in a text message. The public market is presently only utilizing the ground floor under a very informal setup, according to Ferrer.
Based on the disclosure, the deal includes the construction, development and operation of mixed-use assets for a 50-year concession period, which could then be extended by 25 more years upon mutual agreement.
The city, as its participation in the joint venture, would contribute the exclusive use and possession of the project site.
The plan is to transform the area into a mid-rise business center with in-city hotels, restaurant hub, parks and a public market.
Submitted as an unsolicited proposal, phase 1 of the project would involve the rehabilitation of the existing public facilities, construction of a new night market and other commercial establishments, transport and ferry terminals, among others.
Megawide committed to build an integrated transport hub that would house all modes of land transportation as well as a new ferry terminal that would allow passengers to take a water taxi through the channel to Mactan Island and connect directly to the Mactan-Cebu International Airport. The local government has long been planning to implement a water taxi system to help reduce traffic congestion in the city.
The development would also feature an in-city check-in facility, similar to those in Hong Kong and Japan, where travelers can conveniently check-in their luggage and still enjoy hours in the area before connecting seamlessly to the airport. This could be the country’s first in-city check-in facility.
“Prolonged travel time to and from the downtown area has often been a deterrent for locals and tourists alike, that is why we are prioritizing transport solutions that will enable the public to save time and experience a hassle-free journey,” Ferrer said.
Phase 2 is a mixed-use development plan that would include a hotel, conferencing and retail shops.
The main market, which would occupy blocks 1 and 2, is envisioned to showcase the design of the old train station that previously stood on Freedom Park.
Block 3 would be transformed into a wholesaler’s hub while block 4 would be converted into a lifestyle village for shops and other establishments. Block 5 would house rows of restaurants, while block 6 would feature the hotel.
One area would also be turned into a world-class 24/7 marketplace similar to the night markets that serve as tourist hot spots in various Asian cities. INQ