Leading developer in VisMin Cebu Landmasters Inc. (PSE: CLI) increased its stake in Ming-Mori Development Corporation (MMDC), the developer of the 100-hectare reclamation and technohub project in Minglanilla, southwest of Cebu City envisioned to be a regional growth center.
CLI has recently completed its acquisition of shares in MMDC, increasing its stake from 20% to 80%. This is expected to streamline CLI’s operations as the developer and project manager of the Minglanilla Techno Business Park (Ming-Mori). In June of this year, MMDC obtained project approval from the Philippine Reclamation Authority (PRA), which coordinates and administers reclamation projects nationwide.
The approval was the culmination of a comprehensive and stringent five-year review. This included the issuance of an Environmental Compliance Certificate, which required consultations with a wide range of stakeholders and the submission of development objectives showing its responsiveness to the environment.
CLI has submitted to the PRA detailed engineering designs and expects to receive PRA’s notice to proceed before the year ends.
The Php 20 billion Ming-Mori Techno Business Park will be CLI’s third large-scale township project following its townships in Davao City and Cagayan de Oro. The listed firm’s equity and bank partners are solidly behind this project which will require large investments but also promise long-term returns. Earlier this year, the company secured Php 3 billion notes at competitive rates to fund early works for Ming-Mori in Q4 2021. CLI also strengthened its capital base by declaring 123% stock dividends to shareholders on record as of June 18, which was paid out last July 14. This prepares CLI for capital raising in the future.
The Ming-Mori estate is within Metro Cebu and makes the development a highly viable location for light manufacturing and technology-driven industries, particularly since Mactan and Cebu City’s industrial parks are fully occupied. It is expected to generate thousands of jobs as well as boost the revenues of the local government and nearby areas.
“We foresee that Ming-Mori will transform this area of Cebu into a dynamic economic zone,” according to Jose Soberano III, chairman and CEO of CLI. He also serves as chairman of MMDC. “In fact, as early as now, we already have big companies as interested locators. And, to ensure viability over the long-term, Ming-mori’s master plan draws a balance between an urban mixed-use development, light industrial land use and environmental stewardship.”
The project will further reflect the learnings and successes of Singapore-based consulting firm Surbana Jurong Consultants from its projects in over 30 countries.
Soberano explained that the Ming-Mori community has been designed at the outset to be welcoming to both workers and their families. Thus, the light industrial zones will also have nearby residential and commercial areas with provisions for schools, churches and commercial areas. When more reclaimed areas become available, CLI envisions a vibrant waterfront community with business, lifestyle and industries mutually benefitting one another.
“By increasing our ownership in Ming-Mori Development Corp to 80%, CLI is giving its full commitment to this significant undertaking which has wide-ranging benefits for Minglanilla and the southern growth corridor of Cebu,” said Soberano.