CAGAYAN DE ORO CITY - This frontier city in Northern Mindanao continues to witness an economic boom as a high-rise first-class building similar to those in Makati City is set to be constructed, officials said Thursday.
They said the city government is working closely with investors for the realization of a multi-billion-peso project that will start anytime this month.
On Tuesday, a Memorandum of Agreement (MOA) was signed between Rafaelita Luchi Pelaez, owner of Rodelsa Circle, and the city government represented by Mayor Constantino "Tinnex" Jaraula, for the development of the one-hectare Rodelsa Circle right at the business area of the city.
The project is dubbed as "Paseo de Rio."
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After the signing of the MoA, officials of Rodelsa Circle led by Pelaez and city officials led by Jaraula and Misamis Oriental Gov. Oscar Moreno led the groundbreaking ceremony at the propose project site.
The Paseo de Rio would be constructed by Zealep Corporation, a new company of the Pelaez family.
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The building is envisioned to be completed before the end of the year or early next year.
The Rodelsa Circle is named by the government after the late parents of Pelaez, who donated the
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one-hectare lot out of the 18 hectares that the family owned in the area.
Jaraula later initiated the construction of a 1,600-meter dike for his Golden Mile project through a P50-million donation by the previous Arroyo administration for the city's river control project.
Jaraula turned over the project to comebacking City Mayor Vicente Emano.
Emano said more investors, both foreign and domestic are seeking to investments as they see the region frontier city's growing opportunities on broad-based manufacturing technologies and other agricultural products.
