COURTESY: https://www.pna.gov.ph
Cagayan de Oro City embarks on an ambitious journey with the unveiling of the "New City" project, a 60-hectare mixed-use township set to redefine urban living in Barangay Lumbia. This groundbreaking initiative stands as a testament to the power of public-private partnerships (PPP), promising to deliver 20,000 housing units while significantly boosting the local economy through increased tax revenues. At the heart of this visionary project is the collaboration between the city government and the private sector, underscored by the strategic guidance of the Oro Trade and Investments Promotions Center (Oro-TIPC) chief, John Asuncion.
Asuncion outlines a future where less than half of the designated area will cater to beneficiaries of the Pambansang Pabahay Para Sa Pilipino Housing Program (4PH), an integral component of President Ferdinand Marcos Jr.'s administration. This allocation not only addresses the urgent need for affordable housing but also paves the way for a balanced development that harmonizes residential needs with commercial ambitions.
The submission of four letters of intent (LOIs) to the Board of Investments marks a pivotal moment for "New City." These LOIs, encompassing projects ranging from a mall to a transportation terminal, signify robust investor confidence and a shared commitment to the project's long-term success. "More than half of the area is open to PPP development," Asuncion remarks, highlighting the project as a cornerstone of Mayor Rolando Uy's strategic plan for the city's future.
This ambitious approach is not merely about infrastructure but envisions a transformation that will elevate Cagayan de Oro's real estate value to at least PHP100 billion over the next two to three decades. Such a projection is not just about financial gains but reflects a deeper understanding of sustainable urban development and its potential to generate substantial revenue streams for the city.
The proactive involvement of the Department of Housing Settlement and Urban Development (DHSUD) in commencing land development underscores the project's significance. City Administrator Roy Hilario Raagas connects this development to Mayor Uy's comprehensive strategy to mitigate the housing shortage, with "New City" positioned as a critical solution to providing 20,000 housing units. This initiative not only aims to alleviate the city's backlog but also to foster a vibrant new community in Lumbia.
The project's phased approach, beginning with the attraction of investors for its initial phase, demonstrates a meticulous plan to ensure its success and sustainability. The involvement of DHSUD and the signing of agreements underpin a strong foundation for "New City," setting a precedent for future urban development projects across the country.
"New City" is more than a development project; it's a vision of progress, inclusivity, and innovation. By marrying the concepts of affordable housing with commercial growth, Cagayan de Oro is not just constructing buildings but is laying down the groundwork for a community that will thrive economically, socially, and culturally. The project embodies a forward-thinking model of urban development where public and private sectors unite for the greater good, setting a benchmark for future endeavors in the Philippines and beyond.
As "New City" progresses from blueprint to reality, it holds the promise of transforming lives, reshaping landscapes, and redefining the essence of community living. With its strategic planning, collaborative effort, and visionary outlook, Cagayan de Oro is poised to embark on a journey of unprecedented growth and prosperity, making "New City" a beacon of development in the modern era.
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