On 11 January 2021, Megawide Construction Corporation and the City of Cebu 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 (the "Project"). The term of the JVA is fifty (50) years, extendible for another twenty five (25) years upon mutual agreement of the parties. The total investment of the Company in the Project throughout its term is estimated at PHP 5,500,000,000.00. On the other hand, the City, as its participation in the joint venture, shall contribute the exclusive use and possession of the project site.