MANILA, Philippines – Metro Gaisano’s real estate company Taft Properties and Asia’s premier real estate developer and investment group Hongkong Land partnered to develop the first waterfront township in Mandaue City, Cebu.
Although the real estate developer did not say when it will be finished and how much it is earmarked for the project, Metro Gaisano said the waterfront township will occupy a 20-hectare prime property right along the Mactan Channel.
“This partnership will help jumpstart Mandaue City’s transformation into a dynamic lifestyle hub,” Jack Gaisano, Chairman of Taft Properties, said in a statement.
“With Taft Properties’ local expertise and Hongkong Land’s international experience, this alliance will bring in new standards in design and construction while being in keeping with the local culture and tastes.” Gaisano added.
A portion of the township will be allotted for open spaces such as a central linear park, al-fresco establishments and a waterfront promenade.
“We are committed to creating an environmentally and economically sustainable community. The development will create jobs, and provide a significant stimulus to Cebu’s economy,” Tan Wee Hsien, Hongkong Land head of Residential Property for South Asia, said
Hongkong Land owns and manages almost 800,000 square meters of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.
Hongkong Land is also developing a number of largely residential projects, in cities across Greater China and Southeast Asia. Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore.
Metro Gaisano’s retail arm Metro Retail has a network of 44 stores comprised of department stores, hypermarkets and supermarkets. Half of its store network is in Cebu. – Rappler.com