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Japanese to build world’s 2nd highest tower in QC

[ manilastandardtoday.com ] March 10, 2012

JAPAN’s Mitsubishi Electric Corp. is said to be interested in buying Manila Seedling Bank Foundation Inc.’s seven-hectare property on Edsa and Quezon Avenue in Quezon City for P100,000 a square meter to put up the second tallest tower in the world.

City administrator Victor Endriga says Mitsubishi’s representatives met with him and Mayor Herbert Bautista to discuss their plan to build the tower that will house telecommunications companies, radio and television networks , commercial establishments and restaurants.

“If things get going, the tower offer will be the world’s second tallest next to Tokyo’s [634-meter] Sky Tree,” Endriga told the Manila Standard.

He said Mitsubishi showed Bautista a blueprint of its plan to transform the Manila Seedling Bank property into an eco-tourism hub under a public-private partnership.

“The mayor was overwhelmed,” Endriga said. Apart from theP7 billion in projected income from the sale of Manila Seedling Bank, Endriga said, the city was anticipating a bigger business tax collection once the telecommunications tower started operations.

“We will not spend a single centavo,” he said.

City officials were surprised when the Mitsubishi executives arranged an appointment with them, Endriga said.

“It came to their knowledge that the nursery and seedling bank was auctioned off to the city in 2010 and on July 6, 2011,” he said.

“Manila Seedling owed the city government P42 million in real-property taxes,” he said.

“We believe it does not have the money to pay us until July 6.” Rio N. Araja
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