Consortium of local capitalists pours P160M for SRA venture

A consortium of 10 Cebuano businessmen is going to develop a 6-hectare mixed-use entertainment and commercial hub at the South Reclamation Area in Mandaue City to be called Pacific Star.

The group, which formed a company, Star 168 Inc. will initially invest a minimum of P160 million to construct a three-story building within a 1.6 hectare area of the total leased property, and construction will start as soon as the company will get the go signal from the Mandaue City government.

Star 168 Inc., president Robert L. Go said the entire long-term development of the property, the area where the unfinished Uniwide shopping mall is located, will cost the company millions of pesos. The initial plan will construct up to phase-5 in development.

The phase 1-A of the project, will include a development of restobars, entertainment joints, KTV, and phase1-B will have health and spa clinics, mixed entertainment outlets that will cater to late evening and early morning clientele, specialty shops, sports activities, among others.

According to Go the entire phase 1 construction is expected to be completed within the year, probably before the ASEAN Summit will take place in December of this year.

"We are ready, if we can start soon the better. The side that is fronting the Cebu International Convention Center [CICC] will be prioritized," Go said.

Star 168 Inc., which is chaired by Bob Gothong, has leased the 6-hectare property for 25 years at the 180-hectare South Reclamation Area in Mandaue City.

The Phase 2 of the project will include the development of commercial spaces, retail stalls, tiange type of retailing, and fast food chains. Phase 3, will allot the construction of spaces for Business Process Outsourcing (BPO) companies, and large storage area or warehouse supplying the requirements for retailers.

The Phase 4 will be an area for Fairs and Exhibits, while Phase 5 will be dedicated for development of more open parking, playground, and Al Fresco dining facilities.

"I noted that this kind of facility is the 'in' thing now. Young people need to go somewhere. There's nothing in Mandaue. When CICC will be fully operational, it would be a great and complementary facility," Go said in an interview yesterday.

He said his partners, including young businessman Stephen Ong, are confident of the profitability of the project, not only that this kind of development is what Mandaue City, including Lapu-Lapu City residents are needing, but also it is positioned to capture the growing number of tourists, influx of local and international conventions to be held in the CICC.

Go also mentioned that the entire plan however, is subject for reconsideration, depending on the current market demand.

He said the company is currently talking with an International hotel chain company that is interested to invest a hotel property within the company's leased area, but nothing is final yet.

The introduction of Pacific Star entertainment and commercial hub is the second project presented to locate at the SRA Mandaue City, after the Boardwalk tourism, shopping and entertainment facility was introduced some years ago.