BCDA readies Poro Point dev’t, tenders lease for big C-5 asset

The Bases Conversion and Development Authority (BCDA) has approved the master plan for developing the 146-hectare Poro Point Freeport Zone in La Union, setting up the first phase of development for bidding next year.

“Our (BCDA) board has approved the master plan for Poro Point,” president and CEO Arnel Paciano D. Casanova told reporters last week.

The approval of the plan last Oct. 16 kickstarts preparations to bid out development in the Northern Luzon freeport.

Work on the first phase of development will likely start in the first quarter of next year, Casanova said.

The Poro Point airport will likely be developed around mid-2015, he added.

“There is an ongoing engagement for the Poro Point airport. The PPP Center is already in the process of engaging the transaction adviser. Our target for Poro Point airport development is the middle of 2015,” Casanova said.

Casanova said the PPP Center, which spearheads the government’s flagship public-private partnership (PPP) program, is helping the BCDA find a suitable transaction adviser through the Project Development and Monitoring Facility (PDMF).

The PPP Center assists implementing agencies of potential PPP projects by tapping the PDMF for pre-investment activities such as hiring advisory services, preparing feasibility studies and managing the bid process until financial close.

On other assets, the BCDA auctioned last month the long-term lease contract for the 5.2-hectare prime property along C-5. Casanova said there was one bidder for the Pamayanang Diego Silang Commercial lots in Barangay Ususan, Taguig City.

“We are still doing the post-qualification work,” he said.

The BCDA board, which has to approve the still undisclosed bid, will meet on Nov. 6. Casanova declined to give further details except that the bid was “within the terms of reference.”

The property, located on C-5 Road and Levi Mariano Avenue, is near a number of residential condominium developments. Aside from general commercial use, the property can be developed for residential, institutional and parks and recreation use, Casanova said.

The long-term lease is for 25 years, and renewable for another 25 years.

Casanova said the property should be developed in accordance with the Comprehensive Land Use Plan of the local government of Taguig City.

The property is classified as an Urban Core Zone.