THE Philippine Competition Commission (PCC) has approved a joint venture between JBros Construction Corp. and the City Government of Manila for a Manila Bay reclamation project.
The competition regulator said that it found no substantial lessening of competition on the creation of the joint venture for the Manila Horizon reclamation project, a 419-hectare raw-land development of three islands on Manila Bay.
The project will be a mixed-use development with commercial, institutional, and residential areas, along with port and tourism facilities.
“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project,” the commission decision said.
“This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the City of Manila.”
JBros Construction will contribute capital and expertise while the Manila government will offer rights over the municipal waters on which the project will be developed. The parties, the commission said, will share profits, risks, and losses.
“The resulting unincorporated joint venture shall be governed by a sharing arrangement with 51% for Manila City Government and 49% for JBros Construction,” PCC said.
The commission recently green-lit a joint venture between Waterfront Manila Premier Development, Inc. and the City Government of Manila to build the Manila Waterfront City reclamation project. — Jenina P. Ibanez