CEBU, Philippines - Mandaue City Mayor Jonas Cortes and Manila-based Harbor Center Port Holdings Inc. signed a memorandum of agreement yesterday morning approving the conduct of a six-month feasibility study that would asses whether the construction of a 130-hectare “Global City” along the coastal area facing the Mactan Channel is likely to be practical and successful.
The MOA signing was done in the presence of Vice Mayor Glenn Bercede and the city councilors at the session hall yesterday morning.
The project envisions a mini Hong Kong that would serve as a gateway in Cebu, which is estimated to cost P8 to P9 billion.
Dr. Michael Romero, CEO of Harbor Center Port Holdings Inc., said he sees the great potential of Mandaue City, being at present the industrial city of the south.
The feasibility study will cost P140 million, and after its completion, a ground breaking ceremony will be held before the year ends.
The project will be a residential, commercial, and Industrial area.
Romero adds that the mangrove areas will be spared since it will be converted into an eco-park.