By Mary Ann Ll. Reyes Updated December 12, 2008 12:00 AM
[ philstar.com ]
The City of Taguig and the Laguna Lake Development Authority (LLDA) have unveiled an ambitious multi-billion peso project to reclaim a 3,000-hectare lakeshore area to be developed into a mixed-use residential, commercial and recreational zones complete with an international airport.
Reclamation alone will cost P3 billion at P1 million per hectare.
Taguig and LLDA have formed a 50-50 joint venture to oversee the project, dubbed The Lakeshore the Development Bank of the Philippines (DBP) as their financial advisor.
The Taguig-LLDA joint venture will present the project to major property developers for possible partnerships or tie-ups. The Joint Venture will bid out each core area to prequalified bidders for the right to recover the land and develop it under the mixed-use development concept.
The Lakeshore project will be divided into core areas and will be developed through a three-phase plan.
The first phase will include low and medium-density mixed-use projects while the second phase will include other commercial, residential and recreational centers. The third phase aims to include the development of the international airport.
Taguig City Mayor Freddie Tinga noted that the city’s strategic location makes it very ideal for the development of a “city within the city,” which is expected to transform the city into an international hub for business and recreation, and propel Taguig into a truly global city.
“This project will transform the face of not only Metro Manila but the entire country. The Lakeshore project is a giant leap towards urban development that is well-planned, environment-friendly and growth-oriented,” Tinga said.
The conceptual design undertaken by architectural and planning firm Palafox Associates calls for a mixed-use development based on inclusionary zoning.
Inclusionary zoning is a type of residential development that requires the inclusion of affordable selling units in all urban development.
LLDA general manager Edgardo Manda said the Lakeshore project shall be a model of an environment-sensitive urban development as it will adhere to the strict guidelines of the Department of Environment and Natural Resources (DENR) and international development standards.
“We will make sure that development work at all stages and phases shall hew closely to the environmental standards of the DENR, as well as internationally accepted standards. The concept of the Lakeshore project is such that we enhance and complement the environment,” Manda said.
The LLDA also expects the Lakeshore project to be a catalyst for environmental protection in the lake. Manda said the project’s masterplan calls for very strict environmental guidelines in developing the zones.
“Well-planned development is already an accepted tool for environmental preservation. We see this project as a way of addressing many of Laguna Lake’s environmental concerns through proper waste management through sound, acceptable systems and technologies,” Manda said.