Property giant eyes Clark Green City dev’t

MANILA, Philippines - Local real estate developers have expressed interest in the lease and development of the 254-hectare property in Clark Green City, the Bases Conversion and Development Authority (BCDA) said.

Nena Radoc, chair of the asset disposition program committee of the BCDA, said in a telephone interview following the pre-bid conference held yesterday, one major real estate firm has purchased the terms of reference (TOR) for the property intended for mixed-use development.

 “There are two that have signified interest to buy the TOR within the week,” she added.

As several real estate developers attended the pre-bid conference for the property, she said the BCDA expects to attract more firms in the bidding.

The Clark Green City, a 9,450-hectare property within the Clark Special Economic Zone in the province of Tarlac, will be developed as the country’s first smart, green and disaster-resilient metropolis.

The partnership for the development of the 254-hectare property located in Clark Green City will be in the form of a joint venture corporation, with 55 percent to be owned by the winning bidder and the rest to be held by the BCDA.

The development of the property is open to both local and foreign firms.

The winning bidder will have to infuse the amount of P2.5 billion as initial paid-up capital of the corporation and also agree to pay a minimum premium cash bid of P500 million at the signing of the joint development contract.

Interested firms have until April 15, to purchase the TOR at the BCDA Corporate Center in Taguig City for a non-refundable fee of P500,000.

Radoc said the amount of the TOR was initially set at P200,000 in the first published invitation but was raised to P500,000 as the BCDA wants to focus on major real estate developers.

Aside from purchasing at the BCDA’s office, the TOR may also be viewed on the state-run firm’s website: www.bcda.gov.ph.