Double Dragon Properties Corp. has been named the winner of a : development contract for a new ferry terminal-cum-commercial complex in Iloilo City.
The agreement for the contract was signed last month between Double Dragon Properties Corp. President Ferdinand J. Sia and Iloilo City Mayor Jed Patrick E.Mabilog for the development of the Iloilo City Parola Port project.
Double Dragon Properties is a joint-venture between entrepreneur Edgar J. Sia II – founder of the Mang !nasal fast food chain – and Tony Tan Caktiong, president and chief executive officer of Jollibee Foods Corp. which earlier bought controlling stake at Mang !nasal.
The new ferry terminal will be located at the old Rotary Park in Fort San Pedro. With an estimated construction time line of 10 months, the project will consist of a new ferry terminal building, a People’s Plaza commercial retail mall, a fuel refilling station for pump boats as well as a fully landscaped complex spanning 1.3 hectares.
Jose Roni S. Peñalosa, city planning and development officer, said Double Dragon made an unsolicited offer for the project. A Swiss challenge, by which the proposal was opened to competing offers, resulted in the company bagging the deal.
“The city government will not spend or allocate counterpart funding to the project, but we will still earn from shared revenues and taxes under the joint venture agreement. Double Dragon will construct and operate the terminal for 25 years with options for renewal. The property and developments therein will still be owned by the local government,” Peñalosa said.
When completed, the terminal will serve more than 200 vessels with outrigger and rigger canoes. Apart from serving the needs of commuters, it is expected to boost commerce and tourism in this part of the Western Visayas Region.
The project entails the site development of the 10,408-square meter port area; construction of shore protection with a length of 267 meters using steel sheet piles; concrete dike with wave deflector with a length of 267 meters; excavation and disposal of unsuitable soil materials from a total area of l0,408 square meter to create a depth of one meter; and embankment and filling of aggregate base course in the same area.