LISTED Cebu Landmasters, Inc. (CLI) on Monday said it is increasing its stake in the developer of the 100-hectare reclamation and techno-hub project in Cebu.
The listed company said it had acquired 80% of Ming-Mori Development Corp.’s (MMDC) shares, up from a previous 20% stake.
The move is expected to “streamline” CLI’s role as developer and project manager of the P20-billion Minglanilla Techno-Business Park (Ming-Mori).
“CLI is giving its full commitment to this significant undertaking which has wide-ranging benefits for Minglanilla and the southern growth corridor of Cebu,” Jose R. Soberano III, president and chairman of both CLI and MMDC, said in a statement on Monday.
In June, MMDC received approval from the Philippine Reclamation Authority (PRA) for the project after a five-year review, which includes the issuance of an environmental compliance certificate.
It was explained in a briefing by the listed company in June that the Ming-Mori project is an “island type” of reclamation. The 100-hectare area will be divided into two islands, the in-land filling of which will be sourced from the mountains of Minglanilla.
CLI said it submitted engineering designs to the PRA and is expecting to receive a notice to proceed from the agency before yearend.
“To ensure viability over the long-term, Ming-Mori’s master plan draws a balance between an urban mixed-use development, light industrial land use and environmental stewardship,” Mr. Soberano said.
The project will also “reflect the learnings and successes” of Singapore-based urban infrastructure consulting firm Surbana Jurong Consultants.
The Ming-Mori estate is within Metro Cebu. The company is aiming to make the project be home to light manufacturing and technology-driven industries as current industrial parks within Mactan and Cebu City are fully occupied.
“As early as now, we already have big companies interested as locators,” Mr. Soberano said.
The project is anticipated to generate thousands of jobs and help boost revenues of the local government and nearby areas. Its industrial zones will also have nearby residential and commercial areas, as well as provisions for schools, churches, and commercial areas.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone,” Mr. Soberano said.
Ming-Mori will be the listed company’s third large-scale township project after its developments in Davao City and Cagayan de Oro.
On Monday, shares of CLI at the local bourse improved by 3.28% or 10 centavos to close at P3.15 each. — Keren Concepcion G. Valmonte