The Philippine Competition Commission (PCC) has approved the joint venture between the City Government of Manila and JBros Construction Corp. which will undertake the P60-billion Horizon Manila reclamation project.
This follows after the antitrust agency approved a similar joint-venture reclamation project also involving the City Government of Manila.
“Similar to its recent approval of Manila Waterfront City, the PCC mergers and acquisitions office found no substantial lessening of competition on the creation of a joint venture,” it said.
“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project. This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the City of Manila. There are neither affected customers nor any commercial activity in the relevant geographic market,” PCC added.
Horizon Manila is a 419-hectare raw-land reclamation and development of three islands on the foreshore and offshore areas in Manila Bay, located south of the Manila-Pasay border and east of Roxas boulevard. The project aims to generate employment and business opportunities for the City of Manila.
JBros Construction is engaged in the business of general and large-scale construction, with notable projects such as the GSIS building and the National Museum of History.
Under the proposal, JBros Construction will contribute capital and expertise while the City Government of Manila will contribute rights over municipal waters where the project will be developed.
The parties have arranged for a contractual joint venture to develop the project; 51 percent owned by the Manila city government and 49 percent by JBros Construction.
