Property developer Cebu Landmasters Inc. said Thursday it plans to start the development of a P20-billion reclamation project in Cebu in the first half of 2022.
CLI said it received a notice from the Philippine Reclamation Authority to proceed with the 100-hectare reclamation project being proposed by the municipality of Minglanilla, Cebu in partnership with Ming-Mori Development Corp., a subsidiary of CLI.
The proposed of project will pave the way for a techno-business hub in Minglanilla with a fully-integrated port facility.
The township development will feature commercial, industrial, civic and recreational components to create a thriving and self-sustaining environment. It is estimated to generate over 75,000 jobs in light manufacturing industries.
CLI said the bidding and awarding of contracts to contractors and suppliers would be held before the end of the year while actual reclamation is targeted by the first or second quarter of 2022.
It plans to complete the reclamation project in three years.
CLI in August increased its stake in MMDC to 80 percent to strengthen its position as developer and project manager of the township development.
CLI said that with its proximity to Cebu City, Ming-Mori is a highly viable location for light manufacturing industries especially as the province’s main industrial parks are fully occupied.
CLI engaged Singapore-based Surbana Jurong Consultants to master plan the whole development.
CLI secured P3 billion from issuance of debt papers to fund early works on the project.
Ming-Mori Techno Business Park is CLI’s third large-scale township after those in Davao City and Cagayan de Oro City.
The share price of CLI dropped 1.35 percent Thursday to P2.93.
