THE municipality of Cordova in Cebu is signing a deal with the Philippine Reclamation Authority (PRA) for 1500-hecatre project proposed by SM Prime Holdings Inc.
“This coming April 24, we will be signing an MOU (memorandum of agreement) with PRA for the project,” Cordova Mayor Adelino Sitoy told reporters during an interview at the Cebu City Hall on Friday.
Last year, the Cordova was given the nod by the Provincial Board (PB) to bid out the P138-billion reclamation project suggested by SM Prime through an unsolicited proposal.
The board allowed Cordova to push through with the reclamation as a public-private partnership project.
In 2015, Cordova auctioned off the project. SMPHI was the sole bidder.
Since the project came into fruition through an unsolicited proposal, under the law, it has to go through the Swiss challenge. The PRA will bid it out to see if other interested parties can match SM Prime’s offer.
Sitoy noted the master plan has yet to reach his office, but said SM Prime plans to build a wharf for cruise ships and islets that could possibly house an ocean park.
Forty-one percent of the 1500-hectare reclaimed land will go to SM Prime and 59 to the local government of Cordova and PRA.
Cordova has a total land area of 800 hectares.
In another development, Cordova and the local government of Cebu on Friday signed a contract for the construction of a bridge connecting the municipality to the city.
Pangilinan-led Metro Pacific Investments Corp. (MPIC), through Metro Pacific Tollways Development Corp. (MPTDC), is handling the bridge project.
Sitoy noted the Cebu-Cordova bridge would boost the municipality’s economy. He said investors are already seeking possible investment deals in Cordova.
“There are plenty of economic benefits – yes – because we will open up Cordova to tourism,” the mayor said.
Cordova is isolated because of the traffic congestion in neighboring towns and cities.
A big portion of Cordova is undeveloped. There is room for investment and development opportunities, Sitoy noted.
Apart from SM Prime, mall operator Gaisano Capital Group also plans to invest in the area.