QUEZON City Mayor Herbert Bautista has given Mitsubishi Electric Corp. the go-signal to start putting up its 612-meter tower in a seven-hectare lot on the former site of the Manila Seedling Bank Foundation along Quezon Avenue.
At a media briefing, Dr. Victor Endriga, senior consultant, said the 200-floor facility will be called Philippine Diamond Tower to join Dubai’s 828-meter Burj Khalifa and Japan’s 634-meter Tokyo Skytree.
He said Megaworld Corp., Century Properties Group, SM Properties and Ayala Land Inc., wanted to buy the lot.
“The mayor gave us the go-signal to collaborate with Mitsubishi (for) groundbreaking on Oct. 12, the city’s 75th founding anniversary,” he told the Manila Standard.
Targeted for delivery in 2016, the tower will house an international convention center, a five-star hotel, a shopping mall, restaurants, a disaster-risk management center, a garden park and a telecommunications hub.
“A memorandum of agreement will be signed among the city government, the National Housing Authority and Mitsubishi while preparing for the terms of reference for the property development,” Endriga said.
Three media giants--GMA Network Inc. (Channels 7 and 11), ABS-CBN Broadcasting Corp. (Channels 2 and 23) and Associated Broadcasting Corp. (Channel 5)--are willing to collaborate, he adds.
According to Endriga, the P15-billion project is covered by a loan from Japan International Cooperation Agency’s Official Development Assistance at 0.9 percent interest per annum payable in 40 years with a 10-year payment moratorium.
In July 2012, the Quezon City government took over the Manila Seedling compound belonging to NHA for failure of the foundation to pay P57.208 million in real estate taxes from 2001 to 2011.
“It is the Quezon City government’s wish that the Philippines will have a reliable durable facility for disaster risk communications. We also want the country to be better prepared for the shift from analog to digital technology, using Japan’s standard,” Bautista told the Manila Standard in a text message.