A. Brown Company Inc. is forging a P2.5 billion joint venture agreement with the Provincial Government of Misamis Oriental for the mixed-use development of the province’s capitol compound.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its Board of Directors has authorized the company president and chief executive officer to enter into a Joint Venture Agreement (JVA) with the Provincial Government of Misamis Oriental.
The JVA covers the Misamis Oriental Capitol Compound Development Project, which will develop, under an integrated Master Development Plan, a portion of the Misamis Oriental Provincial Capitol Compound into a mixed-use complex.
This will include the development of necessary public infrastructure, construction of a high-rise multi-purpose building, commercial and office buildings, a dormitory, and a public park.
The project is to be developed in four parts with total investment committed by the corporation of P2.5 billion.
Parts one to three (Phase One) of the project will include the development and construction of office spaces, a commercial/shopping center, a park and parking facilities.
Part four (Phase Two) of the project will include the development and construction of a multilevel mixed-use building with a dormitory.
“The JVA is expected to be signed on Jan. 23, 2025 after which the Corporation will be making a more comprehensive disclosure on the final terms and conditions thereof,” A. Brown said.