Wednesday, July 1, 2015

3 property giants secure bid for Clark Green City


Three of the biggest developers in the Philippines bought bid documents for a parcel of Clark Green City (CGC) in Pampanga.

Spanning 9,450 hectares in total, CGC is a former military base located at the Clark Special Economic Zone. It is poised to be a disaster-resilient metropolis with environmentally sustainable design. 

The government instrumentality Bases and Conversion Development Authority (BCDA) stands in charge of developing the former base in partnership with the winning bidder. 

BCDA held a pre-bid conference on Tuesday, June 9, which sixteen firms attended. Of the sixteen, three major players – Ayala Land Inc., Filinvest Land Inc., and Megaworld Corp. – secured bid documents for a 288-hectare section of CGC, pegged at a minimum acceptable bid of P160 million. 

All sixteen firms expressed interest in becoming a joint partner in CGC's development, according to Arnel Casanova, President and CEO of BCDA. However, the firms are still in the process of doing due diligence for their respective bids, said Casanova.

To this end, BCDA has pushed back the deadline for securing bid documents and other requirements.

Casanova has issued that "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."

The deadline for issuance or purchase of the TOR is now on September 3, 2015. The deadline for eligibility documents and the final proposal is on September 8, 2015, at 12:00 noon.

The winning bidder will own 55 percent of the Joint Venture Corporation (JVC) resulting from the partnership, while the BCDA will own 45 percent. 

CGC is projected to "serve as an economic driver that is expected to generate jobs and attract investments in the region," stated Casanova.


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