Cebu mega SRP project costs P200B
He estimated that about P246 billion will be invested in a new city hall and 14 other infrastructure projects
He estimated that about P246 billion will be invested in a new city hall and 14 other infrastructure projects
A private company has proposed building “mega infrastructures” worth some P200 billion at the South Road Properties, or SRP, in Cebu City.
In a press conference with Cebu City officials, Mandaraig Infrabuild Corp. president Emmanuel Mandaraig revealed that the projects will be undertaken at no cost to the city government as he said his company has already secured funding from Dubai and Europe-based investors.
He estimated that about P246 billion will be invested in a 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 to be located within a 45.66 hectare lot at SRP.
Open to partnership
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 compliance to existing laws is made. The problem is our ordinance has not been adjusted to the current trend,” he said.
Rosell 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.
Stepping up its game
He added that the MIC has experience as a contractor, but is stepping up it’s game as an investor that will look for funds for big ticket projects.
MIC is a subsidiary of the Mandaraig Trustworthy Construction Corporation, 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 said the infrastructure projects proposed to be undertaken by the MIC will benefit city constituents in terms of employment, supply, infrastructure and taxes
“There was a plan to transfer the City Hall to SRP, and we are giving the City Government a good run for their money. We envision a 10-storey podium for the City Hall and above that podium will be a 67-storey twin tower building,” Mandaraig said.
P15-B City Hall
He added that P15 billion or more will be spent on the new City Hall alone. 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.
