MANILA - Megawide Construction Corp said it signed a P5.5-billion joint venture agreement with the local government of Cebu to revamp the existing Carbon Market.

"On Jan. 11, the company and the city entered into a JVA for the phased redevelopment of the Cebu Carbon Market, which includes construction, development, and operation of mixed-use assets on the project site," Megawide told the stock exchange on Monday.

Megawide said the project seeks to turn Carbon Market into a commercial, heritage, and cultural district which encourages the growth of local tourism and business.

The term of the JVA is 50 years.

Aside from the revamp of the 24/7 Carbon public market, Megawide will develop a wholesalers hub, a transportation hub, a lifestyle village with shops and restaurants, a "boqueria", an airport check-in hotel, and a park with a chapel.

Megawide noted that "development will be spread out in phases over 5 years upon its start date", adding it can start construction once the Cebu government gives its go signal through a notice to proceed.

The Cebu government, for its part, will allow for the exclusive use and possession of the project site.

Megawide said the joint venture can be extended for another 25 years.

Other than Carbon Market, Megawide and its partner GMR is in charge of the operation and maintenance the Mactan Cebu International Airport in Lapu-Lapu City, Cebu.

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