Business magnate Ed Saavedra-led Megawide Construction Corp. has inked a 50-year deal to transform the Cebu Carbon Market into a mixed-use complex.
In a regulatory filing, Megawide said it entered into an agreement with the government of Cebu City for the construction, development and operation of the property, which has become the go-to place of the locals for food, clothes, handicrafts and plants.
The deal is extendible for another 25 years, upon mutual agreement of the parties.
Megawide expects to shell out P5.5 billion for the project, which will comprise a business center with in-city hotels, restaurants, seaside parks, a 24/7 public market and a lifestyle village.
On the other hand, the Cebu City government shall contribute the exclusive use and possession of the project site.