Ming-Mori reclamation gets PRA nod
The Cebu Landmasters Inc. (CLI) envisions the 100-hectare Ming-Mori reclamation project in Metro Cebu to become a regional growth center. The Minglanilla Techno Business Park (Ming-Mori) has been master-planned by globally acclaimed Singapore-based Surbana Jurong Consultants. This is one of the most successful urban and infrastructure consulting firms in Asia with projects in over 30 countries.
“The project will take CLI to a brand new level,” said CEO Jose Soberano III. Serving as chairman and president of CLI affiliate Ming-Mori Development Corp., he witnessed the signing ceremony of the Memorandum of Agreement between the local government of Minglanilla town and the Philippine Reclamation Authority (PRA).
Mayor Elanito Pena represented Minglanilla town. General manager and CEO Atty. Janilo Rubiato represented the PRA. The PRA coordinates and administers all reclamation projects nationwide. Approval of the development indicates that the government has thoroughly evaluated the undertaking. In 2020, the Ming-Mori project obtained its Environmental Compliance Certificate (ECC) after more than five years of a rigid and comprehensive review.
The project will “widen the range of our customer base. It soon includes light-industrial and technology-driven companies,” Soberano said. “We aim to achieve a balanced and mutually supportive relationship between urban mixed-use development, light-industrial land use, and environmental stewardship. This will be our formula for sustainable growth and development.”
“This is one of CLI’s biggest projects thus far. With the scale of this project, it will take several phases to develop. We have carefully and meticulously planned it to be sustainable and supportive of future generations,” he added.
CLI shows readiness to develop and manage this high capital project with the solid support of equity and bank partners. Early this year, the listed company was able to secure Php 3 billion notes at a very competitive rate to fund early works for Ming-Mori beginning Q4 2021. CLI also strengthened its capital base. It declared 123% stock dividends to shareholders on record as of June 18. Payment will be paid on or before July 14. This move prepares the firm for any capital raising in the future.
With own port facilities
The estate’s proximity to Cebu City makes it a highly viable location for light manufacturing industries especially now that the province’s main industrial parks are fully occupied. Ming-Mori will also have its own port facilities to link it with the global economy.
To further attract locators, Ming-Mori’s first phase will include commercial, residential, and institutional zones. This “creates enough diversity to make it a vibrant community at the outset,” Soberano said.
Jobs from light manufacturing firms initially draws workers and their families into the area. This creates a critical mass of residents. Residential and commercial areas, schools, churches, and other institutions support the community. As more areas become available and developed, CLI envisions a vibrant waterfront community with lifestyle, business, and industry woven together.
Minglanilla Mayor Pena said “Minglanillahanons long dreamed of progress. Ming-Mori Techno Business Park is the long-awaited realization of a dream of many Minglanillahanons.”
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