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Property developer sets tourism project launch

Posted on December 10, 2012 10:06:14 PM [ Businessworld Online ]
LISTED property firm MRC Allied, Inc. is scheduled to launch this weekend the first phase of its tourism project in its New Cebu Township One (NCTO) complex, the company said in a disclosure yesterday.
“The company is set to break ground for the construction of the first phase of the Cebu Technopark Project. Expected completion of the initial phase is July of 2013,” the disclosure read.
“Located within the PEZA (Philippine Economic Zone Authority) zone of the NCTO, the first phase of the Cebu Technopark Project will include widening of roads leading to the proposed water park and reconfiguration of the existing lake to accommodate the proposed water park and recreational facility. This will be the tourism-related part of the zone that will cater to both local residents and foreign visitors,” MRC noted.
Asked for a definite schedule, Miguel A. Bitanga, MRC corporate information officer, said in a text message yesterday: “Groundbreaking is this Saturday.”
NCTO is a 160-hectare, PEZA-registered industrial estate owned by MRC in Naga City in Cebu, the firm’s 2011 annual report showed.
NCTO, located 20 kilometers south of Cebu City, is designed for light industry, manufacturing and precision assembly, warehousing and storage facilities, the Department of Trade and Industry-Cebu said on its Web site.
MRC said last January that it plans to develop NCTO into a mixed-use entertainment and leisure estate with casino facilities, with possible participation of foreign investors. MRC said in its disclosure that “maintenance of the PEZA zone, including improvements to existing facilities and utilities, shall be undertaken by the company.”
MRC also plans to consolidate land holdings in NCTO to include an 8.2-hectare property owned by Seagate Technology (Philippines). “The company has started initial talks for the acquisition of the Seagate Property inside NCTO,” the disclosure noted.
“Seagate is the largest facility within our property with potential for recreational and entertainment uses. It presents a logical complement to our existing plans of bringing tourism and recreation to the property,” Mr. Bitanga said.
MRC shares shed 4.35% to 15.4 centavos apiece yesterday. -- F. J. G. de la Fuente     
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