Leading developer in VisMin Cebu Landmasters, Inc. (CLI) broke ground on the 100-hectare Minglanilla Techno Business Park (Ming-Mori) reclamation in Minglanilla municipality in Metro Cebu.
In a disclosure to the Philippine Stock Exchange (PSE), it revealed that following initial site preparations this quarter, civil construction works are scheduled to begin in Q1 2022, side-by-side with various infrastructure improvements surrounding and leading towards the site. Thus, the ambitious regional growth center will be completed by 2025, according to CLI, which has an 80% stake in Ming-Mori Development Corporation and the developer of the technohub.
Ming-Mori is expected to generate more than 700,000 sqm. of saleable land area earmarked for light industrial, commercial, residential and institutional uses, the components of a dynamic community. On the other hand, the remaining 300,000 sqm will be dedicated for roads and the generous green and open spaces. Titling of these properties will be done in phases starting in 2023, in time for Phase 1 building construction by 2024 and the anticipated strong post-pandemic economic recovery in VisMin.
The masterplan created by Surbana Jurong Consultants from Singapore, which has projects in 30 countries, will foster this regional growth center with a fully integrated port facility. The first phase of the masterplan aims to catalyze the development and to create a diversity of uses to establish a vibrant township from the outset. Thus, land values will be optimized in the latter phases culminating in an attractive world-class waterfront community.
CLI’s participation in the project will allow the listed company to supersede its target of acquiring 200,000 sqm. in new landbank as runway for its growth up to the end of the decade and into the next.
“Cebu Landmasters is committed to the transformation of this area into a vibrant and sustainable waterfront community that will have wide-ranging benefits for Minglanilla and the southern part of Cebu. We thank the Municipality of Minglanilla and regulators for making this 7-year process a showcase of excellent compliance and good governance. It’s a great honor for us to be carrying out this important project and the whole CLI organization will be fully behind this,” says CLI chairman and CEO Jose Soberano III.
Ming-Mori is just beside the South Growth Center of Naga City. Its proximity to this economic hub will trigger the transformation of the southern region’s growth and development. (PR)