The Cagayan Economic Zone Authority signed a memorandum of understanding with Singapore developer LongRunn Capital Pte. Ltd. and Italian firm Mercurio Design Lab for the development of a US$4.5 billion modern satellite city in Santa Ana in the Philippines, The Philippine Star reported, citing a statement from the authority.

Under the terms of the MOU, LongRunn would be responsible for the development, operation, engineering, procurement and construction of the project, while Mercurio will serve as the project designer tasked with coming up with the city's master plan. Cagayan Economic will provide a master license to LongRunn for the development and operation of land-based and online gaming, according to the Dec. 22 report.

The project, to be called City Polaris, will comprise six-star hotels, upscale residential buildings, a business park, condominium buildings, casinos, golf courses, a cyber park for digital currency, premium villas and a tertiary hospital, among other amenities.

The MOU also calls for LongRunn to undertake certain renovation works at the Lal-lo airport and to invest toward establishing a regional airline company, the publication added.