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Business

Manila Waterfront City reclamation project OKd

The Philippine Star

MANILA, Philippines — The Philippine Competition Commission (PCC) has approved a joint venture between the city government of Manila and developer Waterfront Manila Premier Development Inc. (WMPDI) for the Manila Waterfront City reclamation project.

“Upon review of the findings and recommendation of the mergers and acquisitions office and the parties’ submissions, the commission finds that the unincorporated joint venture between WMPDI and city government of Manila will not likely result in a substantial lessening of competition in the market for commercial and residential real estate development in the city of Manila,” the PCC said in a decision signed on March 9.

The PCC said there are no affected customers or any commercial activity in the relevant geographic market.

“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project. This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the city of Manila,” it said.

As such, the PCC said it would no longer take any further action on the proposed transaction.

The city government of Manila entered into a joint venture agreement with WMPDI for Manila Waterfront City, a raw land reclamation and development project covering 318 hectares of foreshore and offshore areas in Manila Bay.

Located at the south of Manila South Harbor, the project involves the development of a central business district, gateway, marina, waterfront, as well as entertainment, health and education hubs.

When completed, the project is expected to help ease congestion and create business opportunities in Manila.

The joint venture shall be governed by a sharing arrangement with 51 percent held by the city government of Manila and 49 percent by WMPDI.

Under the joint venture, the city government of Manila, as project owner, will contribute rights to reclaim on municipal waters.

Meanwhile, WMPDI  as project developer, will finance and develop the project.

The Philippine Reclamation Authority assesses reclamation projects by looking at technical, environmental, and socio-economic merits.

PCC WATER
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