MANILA, Philippines – The Bases Conversion Development Authority (BCDA) reported on Friday, June 26, that 3 key property players in the country have already secured bid documents for the joint venture partnership in developing the 288-hectare Clark Green City.
Ayala Land Incorporated, Filinvest Land, Incorporated, and Megaworld Corporation secured the bid documents. The 3 firms are among the 16 earlier reported that expressed interest in bidding for the project. (READ: 16 prospective bidders eye Clark Green City)
The minimum acceptable bid is set at $3.6 million.
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 CEO Arnel Paciano D. Casanova also announced that upon the request of an interested proponent, BCDA has extended the deadline for the issuance of the terms of reference (TOR), as well as the submission of eligibility documents and final proposals.
The new deadline for the issuance or purchase of the TOR is September 3, 2015 from the original date of July 1.
The new deadline for the submission of eligibility documents and final proposal is 12 noon of September 8, from the original date of July 3.
There are other interested proponents who have expressed interest to purchase the TOR but are still undertaking their due diligence in preparation of their bids.
“BCDA is extending the deadlines to give more time to interested proponents to conduct due diligence on matters relating to the property and the TOR and to secure necessary eligibility documents for their bids,” Casanova said.
He added that the decision to move the deadlines will also provide an equal opportunity to other interested proponents to be able to purchase the TOR and participate in the bidding.
The BCDA 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 (JVC) to be owned 45% by BCDA and 55% by the winning bidder.
The joint venture agreement (JVA) will have a period of 50 years and renewable for another 50 years. The winning bidder shall be responsible for forming the JVC pursuant to the JVA to be signed with the BCDA.
The joint venture corporation shall have the full development and usufructuary or limited rights over the 288-hectare property.
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 earlier said.
Casanova said the development of Clark Green City will definitely boost the economy of Central Luzon. “It will serve as an economic driver that is expected to generate jobs and attract investments in the region.” – Rappler.com