The Company has two land banks consisting of 160 hectare industrial estate in Naga City, Cebu known as the New Cebu Township One (NCTO) and 700 hectares of raw land in San Isidro Municipality, Leyte known as Amihan Woodlands Township (AWT).
Both parcels of land are registered with the Philippine Economic Zone Authority (PEZA).
Based on the latest appraisal, the properties have a fair market value of Php1.5 billion.
Asset Fair Value
Dec 31, 2016
The New Cebu Township One (NCTO) Ecozone
The New Cebu Township One (NCTO) represents MRC’s first major property development undertaking. As a master-planned economic zone designed by renowned Jurong Town Corporation, NCTO is envisioned to become a wholly integrated community, which contains a light industry, processing zone, residential, commercial and recreational areas.
Located in the heart of Naga City, Cebu and about thirty five (35) kilometers away from the Mactan International Airport, the NCTO is registered with the Philippine Economic Zone Authority (PEZA) as a special economic zone. At present, the lead locator in the park is Kinseki Ltd., a Japanese manufacturer of Quartz and Crystal devices. Other major locators are Seagate Technology, Inc. of the United States, Air Liquide of France and AP Precisions Philippines, Inc. Further development is required to fully maximize the value of this 50-hectare property.
Within the ecozone, MRC also plans to develop its 50 megawatt solar power plant that can either supply electricity to the Visayas grid and offer its power to consumers within and around Naga City, Cebu. The solar farm is currently in its pre-development phase.
San Isidro, Leyte
The Amihan Woodlands Township (AWT)
Located in the Municipality of San Isidro, Leyte with a lot area of around 732 hectares, the Amihan Woodlands Township (AWT) Inc. was originally planned as an eco-residential and eco-tourism project with economic zone status. However, the Company was negatively affected by the Asian Financial Crisis of 1997 and due to its present financial condition, no major development of the property has been undertaken.
The open spaces and woodlands consist of the natural forest, mangrove swamps, beaches and marine preserves which will be protected sanctuaries and which will serve as the centerpoint of the property development. The residential areas for locators are divided into three districts. The large mixed-use areas will contain commercial, recreational and residential zones. It can accommodate locators and investors to establish resort facilities, hotels, and condominiums, and world class golf courses.
The industrial park will permit light industrial activities and other parallel uses. This will also be the site of the port operation facilities of the seaport and the airport. The remaining areas are reserved for infrastructure facilities and utilities which include an airport, seaport/marina, a lake/water reservoir, and road network.