Mid-income property developer Filinvest Land Inc., is hoping to start development of the 288-hectare Clark Green City in two years, while it waits for the government to complete its masterplan and construct an access road, a company executive said.
In an interview with reporters on the sidelines of the firm’s annual stockholders’ meeting, FLI President and CEO Josephine Gotianun-Yap told reporters that it would take some time before FLI can start working on the development of the Clark Green City, which it won the bid for earlier this year.
“The Green City will take awhile because the government has to put in the access road, so we have to wait for that,” Gotianun-Yap said.
In January, the Bases Conversion and Development Authority (BCDA) announced that it signed a joint venture deal with FLI to develop a 288-hectare portion of land in Clark Green City. Under the JV, BCDA would receive P160 million from FLI in exchange for the right to develop the land.
As for the masterplan of the development, Gotianun-Yap said they are still waiting for the information that concerns the development from the state-ran agency.
“We’re in the process of getting the information from them,” Gotianun-Yap said.
FLI chairman Jonathan Gotianun clarified that they cannot finalize their own plans for the development until the agency gives them its masterplan.
“They’re supposed to give us their masterplan, so once they do that, then we will give our detailed plan. So right now, the ball is in their court,” Gotianun said.
He pointed out that the masterplan would be developed by the joint venture between the BCDA and the Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development (JOIN).
Last March, BCDA announced that it formed a joint venture with JOIN to create a masterplan for the 288 hectares of Clark Green City. The JV agreement was reportedly worth $2 million.
Gotianun said the JV with the Japanese firm was created in order to encourage more Japanese investments into the country.
The 9,450-hectare Clark Green City is envisioned to be the country’s first smart, green and disaster-resilient metropolis. It is located inside the Clark Special Economic Zone in Tarlac. It is expected to generate approximately P1.57 trillion per year in gross output once fully developed, and it is expected to house approximately 1.12 million residents and 800,000 workers.