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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