MANILA -- A seaside city project, amounting to USD4.5 billion, will soon be built in Santa Ana, Cagayan, the Cagayan Economic Zone Authority (CEZA) said.
In a statement Thursday, CEZA Administrator and Chief Executive Officer Raul Lambino said a memorandum of understanding was signed with Mercurio Design Lab and LongRunn Capital Pte. Ltd. for the development of the seaside city called City Polaris, which would be completed within two years.
Singapore-based LongRunn Capital will construct and operate the project, while Italian firm Mercurio Design Lab will do the master plan for City Polaris. Mercurio Design Lab has offices in Italy, Singapore, China, and the Philippines.
Lambino said City Polaris will have hotels, casinos, golf courses, and cyberpark for digital currencies.
“We have never anticipated a project of this magnitude,” Lambino said. “This will be a game changer in our efforts to develop the Cagayan Special Economic Zone and Freeport,” he added.
Aside from the construction of City Polaris, LongRunn also pledged to upgrade, expand, and modernize the airport in Lal-lo by adding such facilities as hangars, cargo warehouses, power plant, waste plant, and duty-free shopping malls with high-end restaurants. (PNA)
