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The project includes a five-tower luxury condominium complex, a 31-hectare mixed-use Silicon Valley-inspired development, and a World Trade Center in Cagayan de Oro
CAGAYAN DE ORO, Philippines – In a move poised to reshape Cagayan de Oro’s economic landscape, the state-owned investment arm National Development Company (NDC) and the Investment and Capital Corporation of the Philippines (ICCP) Group have agreed to undertake a massive project that includes a five-tower luxury condominium complex, a 31-hectare mixed-use Silicon Valley-inspired development, and a World Trade Center (WTC) in Cagayan de Oro.
The mixed-use development project, dubbed “Southridge,” will be situated at the intersection of the new Laguindingan-Pueblo de Oro Diversion Road, within the expanded Pueblo de Oro Township.
It is expected to emulate the dynamic innovation and business environment of California’s Silicon Valley, positioning Cagayan de Oro as a hub for technological and commercial growth in the region.
The NDC and ICCP have been long-time partners in WTC Metro Manila (WTCMM), where NDC holds a 36% stake through Manila Exposition Complex Incorporated, the company that developed and owns the facility. ICCP manages and controls WTCMM, which has been one of NDC’s most successful investments as a government-owned company.
Five residential towers in the Southridge project, designed by international architecture firms Gensler and Casas+Architects, will offer 1,006 units across a total of 11,649 square meters of space.
NDC General Manager Antonilo Mauricio said on Saturday, October 19, that the government’s involvement signals a strong endorsement for the project.
“We’re very happy and honored… to give honor to Cagayan de Oro as one of the leading cities in the country for development,” said Mauricio. “We’re very happy to be signing a Letter of Intent with such a credible group as ICCP which has a proven track record in delivering value to its stakeholders. We believe that the growth of the country lies outside Metro Manila. And to be more geographically inclusive, there will be increased growth from the provinces.”
The NDC’s stake in the development is expected to reduce risks for future investors and act as a catalyst for additional projects in the region.
ICCP Group Chairman Guillermo Luchangco described the project as a key driver in positioning Cagayan de Oro as the next major metropolitan area of the Philippines.
“We are planning to bring in a World Trade Center like the one we have developed in Pasay City, Metro Manila. The significance of that is the branding. WTC is an association of over 330 WTCs throughout the world. It’s a brand name we’d like to bring to Cagayan de Oro which fits its role as an entrepot trading center,” said Luchangco.
He said their primary goal is to attract international exhibitions, noting that 60% of the country’s exhibitions are held at WTC Metro Manila.
“An exhibition hall is one of the keys to international trade,” he pointed out.
The timeline for the WTC’s construction is projected at five years or less, with the global design firm CallisonRTKL already completing the master plan for the project.
The signing ceremony for the letter of intent on Saturday was attended by Cagayan de Oro Mayor Rolando Uy, City Councilor George Goking, and other local and national officials, signaling a major step forward for the growing metropolis in Mindanao. – Rappler.com
