CLI increases stake in Cebu reclamation project to 80%
Property developer Cebu Landmasters Inc. (CLI) has bagged a controlling stake in a consortium undertaking the P20-billion 100-hectare reclamation project in the municipality of Minglanilla, Cebu, which is being envisioned to become a world-class economic hub.
CLI has completed an equity deal that jacked up its interest in project proponent Ming-Mori Development Corp. (MMDC) to 80 percent from 20 percent, the property firm disclosed to the Philippine Stock Exchange on Monday.
“By increasing our ownership in MMDC to 80 percent, CLI is giving its full commitment to this significant undertaking which has wide-ranging benefits for Minglanilla and the southern growth corridor of Cebu,” CLI chair and chief executive Jose Soberano III said.
The increase in stake is also expected to streamline CLI’s operations as the developer and project manager of the future Minglanilla Techno Business Park, located southwest of Cebu City.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone … In fact, as early as now, we already have big companies as interested locators. And, to ensure viability over the long-term, Ming-Mori’s masterplan draws a balance between an urban mixed-use development, light industrial land use and environmental stewardship,” Soberano said.
The project is also seen to reflect the learnings and successes of Singapore-based consulting firm Surbana Jurong Consultants from its projects in over 30 countries.
Soberano explained the Ming-Mori community had been designed at the outset to be welcoming to both workers and their families. Thus, the light industrial zones will also have nearby residential and commercial areas with provisions for schools, churches and commercial areas. When more reclaimed areas become available, CLI envisions a waterfront community with business, lifestyle and industries mutually benefiting one another.
The Ming-Mori estate is expected to become a highly viable location for light manufacturing and technology-driven industries, particularly since Mactan and Cebu City’s industrial parks are fully occupied. It is expected to generate thousands of jobs and boost the revenues of the local government and nearby areas.
Earlier this year, CLI raised P3 billion from the issuance of debt notes, proceeds from which would fund early works for Ming-Mori in the fourth quarter this year. INQ