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Megaworld, Filinvest to bid for Clark project

/ 01:45 AM April 09, 2015

Two of the country’s biggest real estate developers have expressed their interest to bid for the 254-hectare portion of Clark Green City, touted as the country’s first smart, green and disaster-resilient metropolis, the state-run Bases Conversion and Development Authority (BCDA) said.

Nena D. Radoc, chair of the Asset Disposition Program Committee at the BCDA, said the developers were Filinvest Land Inc. and Megaworld Corp.

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Radoc said the two companies already bought the terms of reference. But the agency hopes that other parties will take part in the bidding exercise. The BCDA will open the bids on April 17.

The winning bidder for the 254-hectare lot in Clark Green City will have to enter into a 55-45 joint venture sharing agreement with the state agency, said BCDA president and CEO Arnel Paciano D. Casanova. The state will take the minority share in the project.

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The investor will have to make an upfront payment of P500 million and must invest an initial P2.5 billion for the development of the property into a mixed use urban project that will include residential, commercial and institutional establishments, Casanova said.

The 254-hectare lot is part of the 9,450-hectare Clark Green City located within the Clark Special Economic Zone, which spans the provinces of Tarlac and Pampanga. It will serve as the urban core of Central Luzon.

Around P59 billion worth of fresh investments would be infused to develop the sprawling estate in the first five years, the bulk of which would be shouldered by the private sector. Once fully developed, Clark Green City is expected to contribute approximately P1.57 trillion a year to the local economy, and generate about 925,000 jobs. Amy R. Remo

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TAGS: Asset Disposition Program Committee, BCDA, Clark project, filinvest, Filinvest Land Inc., Megaworld, Megaworld Corp., Nena D. Radoc, Real Estate
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