BIZ BUZZ: Cebu market brawl
A legal market brawl is brewing in the heart of Cebu City with a former mayor threatening to sue tycoon Edgar Saavedra’s Megawide Construction Corp. and local government officials over the P5.5-billion redevelopment of the historic Carbon Market.
We’re talking about ex-mayor Tomas Osmeña, who is raising allegations against the joint venture between Megawide and the Cebu City government.
Osmeña is seeking the nullification of the 50-year agreement, which would pave the way for the transformation of the district into a cultural and commercial hub catering to locals and tourists alike.
In particular, he is questioning the land use terms and supposed low rental payments to the local government, according to a draft petition sent to Biz Buzz.
Megawide is no stranger to bidding and winning big-ticket projects such as airports and subways. But this foray into wet markets via Carbon, with all of its entrenched interests, is proving a slippery catch.
A company spokesperson told Biz Buzz they have complied with the rigorous legal processes before winning the approval of the city council.
“We have been very transparent in all our dealings and the project plan is imbibed with the suggestions and concerns of stakeholders. We continue to conduct consultations with the city and vendors/market stakeholders with whom we are working closely,” Megawide said.
—Miguel R. Camus
Yay or neigh?
MPCALA Holdings Inc., a subsidiary of Metro Pacific Tollways Corp., is getting all the support it needs to settle the right of way concern related to the Silang (Aguinaldo) Interchange of the P35.7-billion Cavite Laguna Expressway (Calax) project.
After securing Silang, Cavite Mayor Kevin Anarna’s backing, the Department of Public Works and Highways is now on the quest of making things quicker for the major toll road project.
The government agency is set to ask the Office of the Court Administrator to expedite the expropriation proceedings filed before the Tagaytay, Cavite Regional Trial Court on the right of way concern.
The right of way issue halted the construction in the 3.9-kilometer segment of the 45-km toll road. The interchange, once operational, is expected to boost the Calax daily traffic to 40,000 vehicles from 33,000 vehicles.
Biz Buzz previously shared that the land, whose right of way has yet to be settled, houses stables for race horses. The property is owned by a private corporation.
Acquiring this land is crucial for the timeline of MPCALA, which is determined to make the interchange operational by the first quarter of next year. The project has already exceeded its budget by 15 percent due to delays and extending the timeline may translate to more expenses.
Now the question is: Will they finally secure the right of way before the year ends and meet their target opening? Let’s see!
—Tyrone Jasper C. Piad INQ
Email us at [email protected]
Join our Viber community:
