Cebu Landmasters, Inc. (CLI) and its subsidiary Ming-Mori Development Corp. held Tuesday afternoon, Oct. 26, 2021, a groundbreaking ceremony for a 100-hectare reclamation project in Minglanilla town in southern Cebu.
The ceremony marks the beginning of site preparations ahead of the civil construction works and other infrastructure improvements in the vicinity of the project site, which will start in the first quarter of 2022.
The project, which is estimated to cost P20 billion, is targeted for completion in 2025, the developer said in a statement.
Ming-Mori, which is 80% owned by CLI, plans to develop the reclaimed area into the Minglanilla Techno Business Park, a new growth center in southern Cebu.
Of the 100 hectares that will be reclaimed, 700,000 square meters (sq.m.) will be saleable and are earmarked for light industrial, commercial, residential and institutional uses.
The remaining 300,000 sq.m. will be reserved for roads, and green and open spaces.
Titling will be done in phases starting in 2023 and Phase 1 of building construction will begin in 2024, CLI said.
The company said its participation in the project will allow it to exceed its target of acquiring 200,000 sq.m. for its land bank.
"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."
- CLI chairman/CEO Jose Soberano III
Soberano thanked the Municipality of Minglanilla and the government 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,” he added.
CLI announced early this month that it had received a Notice to Proceed with the project from the Philippine Reclamation Authority (PRA).
It said the bidding and awarding of contracts to contractors and suppliers is scheduled for the fourth quarter of 2021.
This project will be CLI’s third large-scale project after the township developments in Davao and Cagayan de Oro. (Ventures Cebu)