#Cebu - Lapu, Megaworld sign deal

Friday, November 11, 2011

THE Lapu-Lapu City Government, through a joint venture with a real estate giant, plans to put up the city’s answer to Cebu City’s Asiatown IT Park.

Lapu-Lapu City Mayor Paz Radaza announced in a press conference yesterday that the City Government and Megaworld Corp. plan to construct the Mactan Town Center in Barangay Mactan.

"The Manny Pacquiao Blog". Click here for stories and updates on the Filipino boxing champ.

Megaworld Corp. signed a memorandum of agreement with the City yesterday morning. The holding firm’s projects include mixed-use communities and office spaces for business process outsourcing (BPO) companies. A source privy to the Mactan project said the
development cost is projected to reach P2.5 billion.

Jericho Go, Megaworld first vice-president, told reporters the 16.8-hectare Mactan Town Center will be different from its counterpart in Cebu City, as it will not only cater to industrial and BPO companies, but also to commercial, leisure and even retirement services.

The town center will be overlooking the coast, Go said.

“All the successful ingredients to launch our project are in Lapu-Lapu City,” he said.

Go said they are also seeking accreditation with the Philippine Economic Zone Authority (PEZA) in order to declare their project as an economic zone.

Once the project starts operation, about 2,500 jobs will be created, particularly for those living in Lapu-Lapu City, Go said.

For now, some potential locators include Quantum Leap, Accenture, Hewlett Packard, Dell and IBM.

Go said they will develop the property in such a way that expansion will be easily facilitated.

As of now, a building is being constructed, and utilities like water, electricity and drainage are already in place, he said.

To meet electricity needs in the surrounding areas, Go said they have given a commitment to the Mactan Electric Company (Meco) to allow them to construct a power station within their project area.

The Metropolitan Cebu Water District (MCWD) has also committed to provide water supply in the project area and to provide a water truck in the event that a shortage occurs.

Radaza, for her part, said the project will be beneficial to the city government as it will not only create more jobs for her constituents but will also generate revenues for the City.

Published in the Sun.Star Cebu newspaper on November 12, 2011.

Posted in: News