MANILA, Philippines — Singapore-based LongRunn Capital Pte. Ltd. plans to develop a $4.5 billion modern satellite city in Sta. Ana, Cagayan, the Cagayan Economic Zone Authority (CEZA) said.
In a statement CEZA said it recently signed a memorandum of understanding (MOU) with LongRunn Capital for the development, operation, engineering, procurement and construction of the project with Italian firm Mercurio Design Lab masterplanning of the satellite city.
CEZA administrator and chief executive officer Raul Lambino said the modern satellite city to be known as City Polaris, would have six-star hotels, casinos, golf courses, a cyberpark for digital currency and other 21st-century amenities and technological innovations.
City Polaris will also feature upscale residential buildings, a sprawling business park, civic center, tertiary hospital, condominium buildings, premium villas and online gaming operations.
“We have never anticipated a project of this magnitude,” Lambino said.
“This will be a game changer in our efforts to develop the Cagayan Special Economic Zone and Freeport,” he added.
Apart from the development of City Polaris, the MOU also covers an agreement for LongRunn Capital to upgrade, expand and modernize the airport in Lal-lo with the construction of additional facilities like hangars, cargo warehouses, power and waste plants and duty free shopping malls with high-end restaurants.
In addition, LongRunn Capital would invest to set up a regional airline company.
It will also be responsible for the global marketing program and promotion for the pre-sale of facilities and units at City Polaris.
For its part, CEZA will extend to LongRunn Capital a master license for the development and operation of land-based and online gaming.
The CEZA will also offer various fiscal incentives including grant of permanent residency status for foreign investors and immediate family members with an investment of $150,000 and lifetime membership in the City Polaris Golf Club.