MANILA, Philippines — Megawide Construction Corp., the listed engineering and construction company, is investing P5.5 billion to develop the Cebu Carbon Market, the oldest and largest farmers’ market in Cebu City.
Megawide and the local government of Cebu signed a joint venture agreement for the phased redevelopment of the market, which includes construction, development and operation of mixed used assets. The city will contribute the exclusive use and possession of the project site.
The joint venture will have a term of 50 years and is extendable for another 25 years.
The Carbon Market has a current leasable space of approximately 15,000 square meters comprised mostly of public market vendors.
After the proposed redevelopment, Megawide said the leasable area would increase to 36 sqm, which would include the public market and all commercial assets.
According to the plan, the proposal seeks to redevelop Carbon Market into a commercial, heritage, and cultural district, uplifting the quality of experience for all stakeholders.
It will be converted into a mixed-use development with a total of six blocks, developed in phases, with each block housing diverse retail, F&B, leisure, and service features.
There will be a First-world Carbon Public Market; wholesalers’ hub; lifestyle village; boqueria; and the Premier Galleria and Airport City Check-In.
The proposed development will also feature a waterfront activity plaza, a 24/7 market, and the Sto. Nino Chapel and Park, watched over by a figure of the Sto. Nino de Cebu.
“In Phase 1, we aim to deliver the new and improved public market, and provide ease of access through an interim transport terminal. Operation of the market will remain with the LGU, while Megawide will be in charge of maintaining the facility. The design and operations for the market were planned with the intent to preserve the current vendor selection while improving overall market facility and systems,” Megawide’s Louie Ferrer said.
The development will also feature an in-city check-in facility, similar to those in Hong Kong and Japan, where travelers can conveniently check-in their luggage and still enjoy Carbon hours before their flight before connecting seamlessly to the airport. When completed as scheduled, Cebu will have the first In-City Check-In facility in the Philippines.
“Prolonged travel time to and from the downtown area has often been a deterrent for locals and tourists alike, that is why we are prioritizing transport solutions that will enable the public to save time and experience a hassle-free journey,” Ferrer also said.
Article and Photo originally posted by Philippine Star last January 12, 2021 12:00am and written by Iris Gonzales. Minor edits have been made by REBPH to cater to its own readers.