16 prospective bidders eye Clark Green City

MANILA, Philippines – Sixteen firms, mostly the country’s real estate key players, expressed interest in the development of the initial 288-hectare of Clark Green City.

The Bases Conversion Development Authority (BCDA) said the firms, mostly key real estate players in the country, attended on Tuesday, June 9, the pre-bid conference for the selection of joint venture partner in the development of the “green” city.

The Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone, eyed to be the country’s first smart, green, and disaster-resilient metropolis. Of the 9,450 hectares, BCDA has put up for development an initial 288 hectares.

BCDA President and Chief Executive Officer Arnel Paciano D. Casanova said the firms that attended the pre-bid conference and expressed interest to vie as BCDA partner were:

• Ayala Land, Incorporated
• Century Properties, Incorporated
• Daichi Properties, Incorporated
• ESCA Incorporated
• Federal Land, Incorporated
• Filinvest Land, Incorporated
• First Philippines Industrial Park
• Hitachi Asia
• Jones Lang LaSalle, Incorporated
• Megaworld Corporation
• MGS Construction, Incorporated
• MTD Philippines Incorporated
• Nuevo Centro Incorporated
• ProdigyAE, Incorporated
• Rockwell Land Corporation
• SUDECO

Casanova said they welcome the firms and are confident that they will proceed in submitting their respective bids.

BCDA said it is looking to partner with a well-established corporation with proven track record in the development, marketing, management, and leasing of large property mixed-use development.

The partnership shall be in the form of a joint venture corporation to be owned 45% by BCDA and 55% by the winning bidder. The joint venture agreement will have a period of 50 years renewable for another 50 years.

The minimum acceptable bid is set P160 million ($3.55 million). The winning bidder shall be responsible for forming the joint venture corporation pursuant to the joint venture agreement to be signed with BCDA.

Joint venture

The joint venture corporation shall have the full development and usufructuary or limited rights over the 288-hectare property. Casanova said the usufructuary right may be converted to full land ownership if and when the law so allows in the future, subject to mutual agreement of the two parties.

Casanova said this is not the first time that the BCDA has entered into a joint venture corporation in the development of a similar sized property.

He cited the BCDA-Bonifacio Land Corporation joint-venture corporation, Fort Bonifacio Development Corporation (FBDC) that developed the 240-hectare Bonifacio Global City, one of the hottest and expensive real estate properties in the country.

At full development, Clark Green City is estimated to contribute P1.57 trillion ($348.15 billion) per year to the economy and generate 925,000 jobs.– Rappler.com

$1 = P45.08