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Reclamation eyes Manila boom

By Macon Ramos-Araneta | Feb. 14, 2013 at 12:02am
Manila stands to earn about P10 billion in real estate taxes and create 200,000 jobs from the P12-billion reclamation in Manila Bay.

At Wednesday’s Balitaan sa Aloha Hotel, Edmund Lim, vice chairman of Manila Gold Coast Development Corp., said business will boom in the capital with the planned “Solar City”.

Manila Gold Coast is developing 148 hectares along with the Philippine Reclamation Authority and the city government.

“Gold Coast pays for everything, the city government of Manila does not pay a single centavo on the development,” Lim said.

The site is designed for mixed locators with residential, business and commercial sections.

“There will be an environment-friendly development such as water recycling system, turbine and solar power generation,” said Lim.

“We signed the consortium agreement with City of Manila. Realty taxes of P10 billion a year could be collected. Based on current rate P10 billion a year for realty taxes alone. The project could generate more realty taxes than the entire Manila. Manila currently collects about P8 billion a year only.”

He said Mayor Alfredo Lim and the city councilors reviewed the project, noting that the council has passed a measure in 2011, repealing City Ordinance 777 which banned reclamation along the stretch between the Cultural Center of the Philippines complex to the US Embassy.

“We talked to PRA, city government, and they had a very positive attitude to the project,” said Lim.

Eduardo Destura, PRA deputy manager, said Gold Coast and the government have yet to finalize an agreement.

Lim said the masterplan is anchored on the bay’s stature as a major port of call.

“Viewing the world-famous sunset at Manila Bay will even be safer and memorable with the reclamation project that will house an international cruise terminal. Each ship has 3,000 to 4,000 passengers. We can have two ships here week,” he said.

Steve Salonga, an environment advocate and conservationist, said he expected Gold Coast to help solve the city’s flooding problem.

Reclamation eyes Manila boom

Macon Ramos-Araneta

 

Manila stands to earn about P10 billion in real estate taxes and create 200,000 jobs from the P12-billion reclamation in Manila Bay.

 

At Wednesday’s Balitaan sa Aloha Hotel, Edmund Lim, vice chairman of Manila Gold Coast Development Corp., said business will boom in the capital with the planned “Solar City”.

Manila Gold Coast is developing 148 hectares along with the Philippine Reclamation Authority and the city government.

“Gold Coast pays for everything, the city government of Manila does not pay a single centavo on the development,” Lim said.

The site is designed for mixed locators with residential, business and commercial sections.

“There will be an environment-friendly development such as water recycling system, turbine and solar power generation,” said Lim.

“We signed the consortium agreement with City of Manila. Realty taxes of P10 billion a year could be collected. Based on current rate P10 billion a year for realty taxes alone. The project could generate more realty taxes than the entire Manila. Manila currently collects about P8 billion a year only.”

He said Mayor Alfredo Lim and the city councilors reviewed the project, noting that the council has passed a measure in 2011, repealing City Ordinance 777 which banned reclamation along the stretch between the Cultural Center of the Philippines complex to the US Embassy.

“We talked to PRA, city government, and they had a very positive attitude to the project,” said Lim.

Eduardo Destura, PRA deputy manager, said Gold Coast and the government have yet to finalize an agreement.

Lim said the masterplan is anchored on the bay’s stature as a major port of call.

“Viewing the world-famous sunset at Manila Bay will even be safer and memorable with the reclamation project that will house an international cruise terminal. Each ship has 3,000 to 4,000 passengers. We can have two ships here week,” he said.

Steve Salonga, an environment advocate and conservationist, said he expected Gold Coast to help solve the city’s flooding problem.
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