The state-owned Bases Conversion Development Authority (BCDA) is in search of a partner to develop a portion of Clark Green City, the agency announced.
“We are inviting both local and foreign real estate developers to be BCDA’s partner in the development of a 254-hectare portion of the Clark Green City,” BCDA President Arnel Paciano D. Casanova said.
The area to be developed is comparable in size to Bonifacio Global City in Taguig.
The Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone in the province of Tarlac, Philippines.
It is envisioned to be the country’s first smart, green and disaster-resilient metropolis.
According to Casanova, 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 (JV) Corporation to be owned 45 percent by BCDA and 55 percent by the winning bidder. The winning bidder shall infuse the total initial paid-up capital of the corporation in the amount of P2.5 Billion.
Casanova said this is not the first time that BCDA has entered into a joint-venture corporation in the development of a similar-sized property. “The BCDA and Bonifacio Land Corporation has forged a joint-venture corporation called Fort Bonifacio Development Corporation (FBDC), which has successfully developed the 240-hectare Bonifacio Global City,” Casanova said.
Bonifacio Land Corporation is composed of a consortium of Ayala Land, Inc. (ALI) and Evergreen Holdings, Inc. of the Campos Group.