Cebu Landmasters Inc. (CLI), the listed property developer in the
Visayas region has increased its stake in a P20-billion 100-hectare reclamation project in Cebu City.
CLI increased its stake in Ming-Mori Development Corp. (MMDC) to 80 percent from 20 percent previously. MMDC is the developer of the 100-hectare reclamation and technohub project in Minglanilla, southwest of Cebu City which is envisioned to be a regional growth center.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone,” said CLI chairman and CEO Jose Soberano III.
Some companies have already expressed interest in the project.
The Philippine Reclamation Authority (PRA) has approved the reclamation development and CLI has submitted to PRA detailed engineering designs. It expects to receive PRA’s notice to proceed before the year ends.
Ming-Mori Techno Business Park will be CLI’s third large-scale township project following its townships in Davao City and Cagayan de Oro.
Earlier this year, the company secured P3 billion notes at competitive rates to fund early works for Ming-Mori in the fourth quarter of 2021.