Plans for Clark Green City readied
State-run Bases Conversion and Development Authority is spending this year an initial P1.3 billion to prepare some 1,300 hectares of the Clark Green City, as these lots will be offered to the private sector for long-term lease and further development.
The said areas may be auctioned off to educational institutions and real estate firms for mixed-use and housing projects within the year, BCDA chair Rolando P. Gosiengfiao said on the sidelines of the economic briefing Tuesday.
“Education, business and housing have to come together. The secret of building a new city is to make sure that people can go to work or school within 20 minutes, without cars,” Gosiengfiao explained.
He, however, did not disclose the total amount that may be invested, including those that may be poured in by the private sector for their respective projects. Earlier estimates however showed that approximately P59 billion may be invested within the first five years of development of over 9,000 ha. within the Clark Green City. But the bulk of this development cost will be shouldered by the private sector via a public-private partnership scheme.
So far, BCDA has already invited the University of the Philippines to bid for a lot and put up a campus within the Clark Green City, he added.
According to Gosiengfiao, it may take BCDA about five phases of development to fully lease out the 44,000-ha Clark Green City, depending still on the success of the first phase. It may take about three years to full develop the first phase of 1,300 ha.
BCDA underscored the significance of this project as the Clark Green City is expected to contribute in attracting investments, generating more jobs, boosting the economy and sustaining inclusive growth.
More specifically, the project is seen to potentially generate as much as P1.57 trillion in revenues every year, and as many as 925,000 new jobs, upon full completion of the planned development, the BCDA earlier said.
