AT least four investors have shown interest in a mixed use township development dubbed by City Hall as ‘New City’ in Barangay Lumbia during an investments forum held in Mandaluyong City last Thursday.
During the flag raising program yesterday, Oro Trade and Investments Promotions Center (Oro-TIPC) chief John Asuncion said four letters of intent (LOI) were submitted to the Board of Investments in relation to what he described as a ‘city owned and city initiated project’ that they envision will bring in substantial revenue for the city.
“Less than half of the 60 hectares allocated for the project will be set aside for local beneficiaries of the Pambansang Pabahay Para Sa Pilipino Housing Program (4PH) of President Ferdinand ‘Bongbong’ Marcos Jr. More than half of the area is open to PPP development….This is a long term plan of Mayor (Rolando) Uy for Cagayan de Oro City,” Asuncion said.
The four LOIs involve projects such as a mall, a convention center, a public market and a transportation terminal. Asuncion said they envision that 20 to 25 years from now, the ‘New City’ will be worth billions of pesos in real estate value and can generate hundreds of millions of pesos in revenue for the city.
City Administrator Roy Hilario Raagas said the LOIs indicated that there are investors for the project’s first phase.
“The Department of Housing Settlement and Urban Development (DHSUD) already started land development on the site for the project. If you recall Mayor Klarex signed an agreement with DHSUD to address the city’s housing backlog of nearly 40,000,” Raagas said.
Raagas said the ‘New City’ project in Lumbia will provide at least 20,000 housing units and it will be a new settlement that will house facilities for health services, basic education, social welfare and commercial establishments.
Asuncion said the ‘New City’ mixed use township development is a city owned and city initiated project that was introduced during the CDO Investment Forum held at Edsa Shangri-La Hotel in Mandaluyong City on Oct. 5. (Stephen Capillas of City Information Office)
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