Property firms eye Clark dev’t project

Sixteen of the biggest names in the real estate, construction and other related industries are keen on helping develop a 288-hectare block within the Clark Green City, an interest that the Bases Conversion and Development Authority (BCDA) is hoping to translate to concrete bid offers after the agency had “sweetened” the terms of the bidding.

BCDA president and CEO Arnel D. Casanova said that among those that expressed interest were Ayala Land Inc., Century Properties Inc., Daichi Properties Inc., Esca Inc., Federal Land Inc., Filinvest Land Inc., First Philippines Industrial Park, Hitachi Asia, Jones Lang LaSalle Inc., Megaworld Corp., MGS Construction Inc., MTD Phils. Inc., Nuevo Centro Inc., ProdigyAE Inc., Rockwell Land Corp. and Sudeco. Representatives of these companies attended the pre-bid conference held prior to the actual bidding exercise for the 288-ha lot.

Casanova expressed optimism that more developers would participate in the bidding after the state agency significantly slashed the “restrictive” P2.5-billion upfront payment to only P160 million and included flexibility in the development of the master plan for the Clark Green City. The move was made after the first bidding exercise failed to secure offers from the private sector for the development of a 254-ha property within the Clark Green City, the first lot to be put on the auction block by the state agency.

“We will form a company to head the project and sell the 55-percent stake and from thereon, make the decisions for the investments needed over the years. We need flexibility for real estate,” he added.

The P160 million, a figure based on the appraised value of the land, will serve as the payment for the 55-percent stake in the planned joint-venture company.

Casanova, however, said he was optimistic that land values would appreciate by up to 10 times once all the road projects were in place and as soon as the first constructions have been completed.