Philippine casino investor Belle Corp has joined a consortium developing a new international airport and seaport at Sangley Point, Cavite, local media reports.
The investor announced it has partnered with All-Asia Resources & Reclamation Corporation (ARRC) to develop the proposed US$50 billion airport and economic zone, named the “Philippine Global Gateway Project.”
China Communications Construction Company’s (CCCC) dredging unit will also join in this project.
Belle Corp in a recent filing noted that the details of the shareholders agreement, which was signed Oct. 29 is still being worked out at this point.
“Details on the Philippine Global Gateway Project, including its components, timing and investors, are being worked out by ARRC directly, and we understand that ARRC will be making the disclosures on these at the appropriate times.”
“The project includes a new airport for up to 90 million passengers per year,” the Tieng-led consortium said.