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Thursday, May 18, 2006
Korean, Cebuano cos. eye idle Uniwide land
A Korean company and a Cebuano firm have separately expressed intent to partner with the Mandaue City Government in the development of the 5.9-hectare lot where the unfinished Uniwide building is located.
According to a document furnished to Sun.Star Cebu, Kyung Gi Development Corp. and CoHardware Corp. plan to invest for the development of the lot adjacent to the Cebu International Convention Center (CICC).
Kyung Gi, the owner of Club Nasa disco bar, has revealed that it will invest about $12 million for the construction of a 250-room business hotel and casino, and a business, entertainment and activity complex on the lot.
Joint venture
“With this development, we would like to offer a tie-up with (the City) in a manner of joint venture under (a) build-operate-profit-sharing-transfer (agreement),” the document signed by company president Yang Bem Yong stated.
The Korean firm proposed that under the joint venture, the City will provide the site “free of rentals” while the profit-sharing scheme will be 75-25. Seventy-five percent of the profit will go to Kyung Gi while the remaining 25 percent will go to Mandaue City.
CoHardware Corp., on the other hand, plans to undertake repair and renovation of the Uniwide building and sublease the property to different locators. The company is open to negotiations for the lease rate of the lot.
The proposed anchor stores of the building are construction materials or home depot, furniture malls and wholesale grocery store. It also proposed minor stores that include building materials specialty stores, specialty shops, restaurants, wholesale tiangge (market) stores and logistics storage warehousing.
More space
“We will need additional 20 meters around the building (for) roads, parking space and sidewalks,” according to the document signed by CoHardware Corp. president Carlos Co.
Earlier, Mandaue City media consultant Jonji Gonzales told Sun.Star Cebu the City is still studying as to what project will be allowed to operate in the area.
“Whatever it may be, it must be beneficial to Mandaue City. It must also generate jobs. Most of all, it must add value to the area and complement the needs of the CICC,” he said. (JBN)
For Bisaya stories from Cebu. Click here. (May 18, 2006 issue)
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