NEW PROJECT. The proposed New City development project in Cagayan de Oro City is seen to create PHP100 billion in real estate value 25 years from now. On Monday (Oct. 9, 2023), Oro Investments chief John Asuncion said the development project is a mixed-use township project that will be mostly public-private partnership driven. (Image courtesy of Oro TIPC)
CAGAYAN DE ORO CITY – The 60-hectare, mixed-use township project dubbed as “New City” in Barangay Lumbia here is touted as a showcase of public-private partnership (PPP) by the city government that will generate 20,000 housing units and substantial tax revenues.
Oro Trade and Investments Promotions Center (Oro-TIPC) chief John Asuncion said less than half of the 60 hectares allocated for the project will be set aside for beneficiaries of the Pambansang Pabahay Para Sa Pilipino Housing Program (4PH) of President Ferdinand Marcos Jr.’s administration.
Four letters of intent (LOIs) were submitted to the Board of Investments that involve projects such as a mall, a convention center, a public market, and a transportation terminal.
"More than half of the area is open to PPP development. This is where the LOIs come in and this is a long-term plan of Mayor Rolando Uy for Cagayan de Oro City," Asuncion said in an interview Monday.
He said they envision that 20 to 25 years from now, the “New City” will be worth at least PHP100 billion 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.
He said the Department of Housing Settlement and Urban Development (DHSUD) has started land development on the project site.
“If you recall, Mayor Uy signed an agreement with DHSUD to address the city’s housing backlog of nearly 40,000. So this ‘New City’ project in Lumbia will provide at least 20,000 housing units and will be a new settlement,” Raagas said. (PNA)
