The Cebu City government and Megawide Construction Corporation has signed the joint venture agreement on Monday, January 11, 2021 for the construction, development, and operation of Cebu Carbon Public Market.
According to Cebu Daily News Megawide will spend P5.5 billion to the project which will be implemented in phases to ensure that livelihood of the vendors will not be disrupted. The groundbreaking for the first phase is expected to start by March 2021.
The firm bagged a 50-year term, which is extendable for another 25 years. The proposed new Carbon Market includes the redevelopment of total six blocks, each block for housing diverse retail, F&B, leisure, and service features.
Megawide aims to deliver the new and improved public market, and provide ease of access through an interim transport terminal. Operations for the market will remain with the LGU while Megawide will be in charge of maintaining the facility.
The proposed improvement will also feature a city check-in facility, similar to those in Hong Kong and Japan, where travelers can conveniently check-in their luggage before their flight while enjoying the Carbon market hours.
Megawide is targeting to deliver the first phase of the project which include the night market by 4th quarter of this year.
Reports added that the project would take about five years to be completed. Both Mayor Edgardo Labella and Megawide Executive Director for Infrastructure Manuel Ferrer led the ceremonial signing of the JVA contract.
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