From CIIPP, Catbalogan’s Sky City Project Gets Funding from the Private Sector
September 13, 2016
CDIA’s City Infrastructure Investment Prioritization and Programming (CIIPP) assistance to cities usually lead to the conduct of pre-feasibility study so that their identified high-priority infrastructure projects may be analyzed further at that level.
For the first time however, the Sky City project, one of the top priority projects that emerged from the CDIA-assisted CIIPP in 2015 for Catbalogan City in the Philippines, was directly linked to private financing.
The Sky City Project is considered as a timely and multi-faceted solution to Catbalogan City’s lack of buildable space for business; and the growing population as a result of massive in-migration, particularly after Super Typhoon Haiyan. About 75% of the city’s total households of 18,517 in 2014 are cramped in an urban area that is only 4.67% of the city’s total area. Furthermore, many of the households need to be relocated as they are either within the shoreline or along the river, making them vulnerable to the impacts of climate change.
Suntrust Properties, Inc., a subsidiary of Megaworld Corporation, a leading property developer in the Philippines is expected to invest Php 4 Billion (US$ 85M) in the Sky City Project. When completed, it would be a 440-hectare mixed-use community that would see the development of the City’s adjacent mountain top, rolling-down terrain into a new climate-proof urban model equipped with green power supply and mass transport facilities, among others. Other investors are expected to come in for the various components of the project.
Brian Capati, CDIA’s Municipal Infrastructure Engineer lauded how the City Government took to heart the lessons they learned in the conduct of the CIIPP process.
“Detailing of projects, complemented by thorough planning and identification of innovative financing made it possible for Catbalogan City to secure financing for their Sky City Project,” said Mr. Capati.
Raul Reyes, Catbalogan City Investment Promotion Officer on the other hand, expressed how CDIA had been instrumental in building their capacity in project prioritization.
“CDIA opened our gate to opportunities, and led us to the right process,” Mr. Reyes affirmed.