A Malaysian company and a Philippine consortium are pouring a total of P100 billion into two separate projects that would develop the city’s coastal area into a port, tourism, commercial and housing complex.
The Philippine investor, Mega Harbour, will reclaim about 200 hectares for its P33 billion project, while the Malaysian group, Malaysia Mercury, will develop the 76-hectare Isla Verde with a P67 billion investment, said Ivan Cortez, chief of the Davao City Investment and Promotions Center (DCIPC).
Hot on what are seen as among the biggest investments in the city, the investors are raring to start off the projects.
Cortez said Mega Harbour has picked January in 2016 to roll out start of reclamation works. Mercury is rushing completion of a project feasibility study, he said.
The Mega Harbour reclamation will run from Magsaysay Park to the mouth of Davao River parallel to Quezon Boulevard, while the Mercury project will rise from Isla Verde, a community of Christians and Muslims burned by a massive fire last year. Cortez said the settlers to be displaced by the project would be relocated to tenement houses to be built right on the project site.