Private firm eyes over P200-B mega infra projects for SRP

A private company has proposed to build "mega infrastructure projects" worth more than P200 billion at the South Road Properties (SRP) in Cebu City.

In a press conference with Cebu City officials, Mandaraig Infrabuild Corp. (MIC) president Emmanuel Mandaraig revealed that the projects will be undertaken at no cost to the City Government as they have already secured funding from Dubai and Europe-based investors.

He estimated about P246 billion will be invested in the new City Hall and 14 other infrastructure projects.

MIC's proposal includes the construction of a 10-storey City Hall podium building; a 1,000- bed hospital; seven- star hotels; residential and commercial buildings; a 100,000- capacity coliseum; and a recreational park located inside a 45.66 hectare lot at the SRP.

Cebu City Administrator Collin Rosell said the city is open to exploring a partnership with MIC.

"In accordance with the direction of the mayor, everybody must be involved. This unsolicited proposal should not be discriminated against so long as the compliance to the existing law is being made. The problem is our ordinance has not been adjusted to the current trend," he said.

He explained that with the current trend, MIC is the one securing funding,as well as gathering all the elements needed for potential major development or infrastructure projects.

Rosell added that MIC has experience as a contractor, but it is stepping up it's game as an investor that will look for funds on big ticket projects.

MIC is a subsidiary of the Mandaraig Trustworthy Construction Corp., an Alkan-based developer that had active participation in the construction of SM Mall of Asia, Bonifacio Global City, and the Smart City of Tarlac and Cavite.

Rosell cited as the projects will benefit the city constituents in terms of employment, supply, infrastructure and later taxes

"There was a plan to transfer the City Hall to SRP, and we are giving the City Government a good run of their money. A 10-storey podium for the City Hall and above that podium is a 67-storey twin tower building," Mandaraig narrated.

He added that P15 billion or more will be spent on the new City Hall. The floors beyond the 10th floor will be open for office lease, which will be one of the strategies of the firm to recoup it's investment and pay back investors.

The timeline for the construction will take only three to five years.

"Three months to move. If nothing will be moving, then the City will be having an option. That's the safety net, whether to withdraw or to allow some more if ever they are moving," Rosell stressed.