Clark Green City to break ground in early 2016 | Inquirer Business

Clark Green City to break ground in early 2016

BCDA, Filinvest to develop 288 hectares of new urban hub
By: - Reporter / @amyremoINQ
/ 12:17 AM November 16, 2015

THE STATE-RUN Bases Conversion and Development Authority (BCDA) expects to sign by next month a contract with property developer Filinvest Land Inc. to jointly develop the first 288 hectares of Clark Green City.

This will enable the BCDA and Filinvest Land to break ground by early next year, marking the official launch of the country’s first smart, disaster-resilient metropolis, BCDA president and chief executive Arnel Paciano D. Casanova said on the sidelines of an Asia Pacific Economic Cooperation (Apec) meeting last week.

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“We are now focusing on (holding) the groundbreaking (ceremony) for the Clark Green City within the first quarter of 2016 because we are already finalizing the contract with Filinvest. Hopefully, we’ll be signing that (contract) not later than December, and then by January 2016, we’ll have a soft launch of the city—the first 288 hectares. It’s very important for us to make this happen,” Casanova said.

Following the signing of the contract, the BCDA is expected to work on the detailed masterplan as well as the marketing and financing of the development, he said.

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“We’re going to focus on the Phase 1 development of the Clark Green City. Our work is already cut out for us… We’ll assist our joint venture partner. It’s not just Filinvest Land as the BCDA shares in the burden of making the projects successful. Given all the factors and the growth of the economy, we believe that it will be a very successful launch. We want President (Aquino) to lay the time capsule for the new city,” Casanova said.

Filinvest Land tendered its bid to develop 288 hectares of prime land in Clark Green City last September. It was the lone proponent that submitted a valid bid amounting to P160 million, which was payable upon signing of the contract.

Once the contract has been signed, Filinvest will have to forge a joint venture partnership with the BCDA, which in turn will be taking the minority share of 45 percent. The joint venture, which will be valid for 50 years and can be renewed for another 50 years, shall have the full development and usufructuary rights over the 288-hectare property.

Meanwhile, Casanova said they will continue to look at the opportunities in Fort Bonifacio where the BCDA still has a sizeable inventory.

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