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CEBU Landmasters, Inc. (CLI) aims to complete the Minglanilla Techno Business Park (Ming-Mori) project by 2025, the listed company said in a disclosure to the exchange on Tuesday.
The company broke ground for the 100-hectare reclamation project in Minglanilla, Cebu after a seven-year process.
“We thank the Municipality of Minglanilla and regulators for making this seven-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,” said Jose R. Soberano III, president and chief executive officer of CLI.
In August, CLI increased its stake to 80% from 20% in the project developer, Ming-Mori Development Corp. (MMDC). Mr. Soberano is also the chairman of MMDC.
“CLI’s participation in the project will allow the listed company to supersede its target of acquiring 200,000 square meters (sq.m.) in new land bank as runway for its growth up to the end of the decade and into the next,” the company said.
The civil construction works for the Ming-Mori project are slated to begin in the first quarter of next year, along with scheduled infrastructure improvements surrounding and leading to the site of the “ambitious regional growth center.”
The Ming-Mori project is anticipated to generate over 700,000 sq.m. of saleable land area, which will be home to light industrial, commercial, residential, and institutional spaces. Around 300,000 sq.m. will be used for roads as well as green and open spaces.
CLI said titling for these properties will be done in phases beginning 2023, while the first phase for building construction is slated for 2024.
The township master plan was created by Singapore-based Surbana Jurong Consultants. The first phase “aims to catalyze the development and to create a diversity of uses to establish a vibrant township from the outset.”
“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,” Mr. Soberano said.
Shares of CLI at the local bourse declined by 0.34% or one centavo on Tuesday, closing at P2.93 apiece. — Keren Concepcion G. Valmonte
Published in Business World