THE state-owned Bases Conversion Development Authority (BCDA) announced on Friday that three of the country’s biggest property players have secured bid documents for the joint venture partnership that will develop the 288-hectare Clark Green City (CGC).
The three are Ayala Land Inc. (ALI), Filinvest Land Inc. (FLI), and Megaworld Corp.
The CGC is a 9,450-hectare master-planned property within the Clark Special Economic Zone in the province of Pampanga.
CGC is envisioned to be the country’s first smart, green and disaster-resilient metropolis. Of the 9,450 hectares, the BCDA has put up for development an initial 288 hectares.
BCDA president and chief executive officer Arnel Paciano Casanova said 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, 2015.
Similarly, the new deadline for the submission of eligibility documents and final proposal is September 8, 2015 at 12:00 noon from the original date of July 3, 2015.
He added that there are other interested proponents who have expressed interest to purchase the TOR but are still undertaking their due diligence in the 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.
“It will also provide equal opportunity to other interested proponents to be able to purchase the TOR and participate in the bidding,” he said.
The BCDA is looking to partner with a well-established corporation with proven track record in the development, marketing, management, and leasing of large mixed-use developments.
It can be recalled that 16 firms attended the pre-bid conference held on June 09.
The partnership shall be in the form of a joint venture corporation (JVC) to be owned 45 percent by BCDA and 55 percent by the winning bidder. The joint venture agreement (JVA) will have a period of 50 years renewable for another 50 years.
The JVC shall have the full development and usufructuary rights over the 288-hectare property.
Earlier, 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 noted 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,” he said.
The minimum acceptable bid is set at P160 million or approximately $3.6 million, and the winning bidder shall be responsible for forming the JVC pursuant to the JVA to be signed with the BCDA.