Globalport to invest P9-B for Mandaue global city
MANILA, Philippines - Listed Globalport 900 Inc., through holding firm Sultan 900, is investing P9 billion to put up a global city in Mandaue in Cebu that would include a port complex, a mixed-use residential and commercial center as well as a casino and entertainment complex.
Michael Romero, chairman of Globalport, said the Sultan 900 consortium including sister firm R-II Builders Inc. bagged the P9-billion reclamation project in Mandaue City two weeks ago.
Romero said Globalport intends to develop Cebu side by side with the ongoing P14.5-billion expansion of the Manila North Harbor facility spanning 56 hectares.
“After this I want to concentrate in Cebu particularly Mandaue. I want to build a big port facility there also inside the global city,” he said.
He pointed out that the proposed complex covering 131 hectares would include a mixed-use commercial and industrial port as well as a casino and an entertainment city.
According to him, the company is now seeking a permit from the Philippine Amusement and Gaming Corp. (Pagcor).
Romero said the project would be funded through a combination of equity and debt.
The project covers the reclamation and development of 131 hectares of foreshore and submerged lands in Cansaga Bay to the second Mandaue-Mactan Bridge.
Sultan 900 submitted an unsolicited proposal last year but was awarded the project after FF Cruz backed out. Likewise, the Filinvest Group also failed to meet the Sept. 2 deadline for the submission of bids.
Globalport 900 bought 100 percent of Platinum Dredging Inc., a domestic corporation engaged in the construction business related to ports as well as 96.32 percent of Harbour Centre Port Holdings Inc.
Manila North Harbor Port Inc. (MNHPI), a joint venture between the Romero-led Harbour Centre Port Holdings Inc. (HCPHI) and Petron Corp. of San Miguel Corp., has pumped in about P9 billion for the ongoing expansion and development of the 56-hectare North Harbor facility.
The investment made in barely three years already comprised the bulk of its P14.5-billion total investment commitment made in 2010.
According to him, the joint venture has pumped in P4 billion into the Manila North Harbor development project and has contracted another P5 billion for various port developments.
The Romeros, through HCPHI, control 65 percent of MNHPI while SMC’s Petron Corp. owns the remaining 35 percent. HCPHI, Harbour Centre Port Terminal Inc. (HCPTI), and Platinum Dredging Inc. are controlled by listed Globalport 900 Inc. (formerly MIC Holdings Inc.).