Cebu Landmasters Inc. (CLI) announced on Wednesday the Philippine Reclamation Authority (PRA) has issued a final notice to proceed (NTP) for a 100-hectare reclamation project being proposed by the municipal government of Minglanilla, southern Cebu in partnership with Ming-Mori Development Corp. (MMDC), a subsidiary of CLI.
In its Resolution 5389, series of 2021, the PRA Board of Directors unanimously approved the NTP, which will pave the way for the creation of a techno-business hub in Minglanilla with a fully integrated port facility.
“The township development also features 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,” the Cebu-based property developer said in a disclosure to the stock exchange on Wednesday.
In August 2021, CLI increased its stake in MMDC to 80 percent to strengthen its position as developer and project manager of this township development.
Minglanilla and MMDC obtained project approval from PRA back in June, following a five-year comprehensive review including the issuance of an environmental compliance certificate.
The process involves extensive consultation with a wide range of stakeholders, as well as submission of development objectives demonstrating environmental responsiveness.
The CLI said the bidding and awarding of contracts to contractors and suppliers is scheduled in the fourth quarter this year while actual reclamation is targeted by the first to the second quarter of 2022.
Ming-Mori Techno Business Park is CLI’s third large-scale township project after those in Davao and Cagayan de Oro.
It is estimated to cost PHP20 billion to complete.