By Leslie D. Venzon
MANILA, Feb. 23 (PNA) — Several local and international real estate developers have expressed interests in mixed-use developments, as the government gears up for the 254-hectare first phase of the Clark Green City estimated to cost USD 2 billion.
Bases Conversion and Development Authority (BCDA) president and chief executive officer Arnel Paciano Casanova said they will be tendering out the terms of reference (TOR) for the project on Feb. 26.
“The submission of bids is somewhere in April. We will allow some time for interested investors to look at the TOR and for them to buy the documents and prepare for the bid,” Casanova told reporters on the sidelines of Philippine Infrastructure seminar in Makati City on Monday.
Casanova said both international and major developers in the Philippines, including Robinsons Land Corp., Ayala Land Inc., Megaworld Corp., Filinvest Land Inc. and Century Properties Group Inc., have already expressed interests to participate in the development of the first parcel of the Clark Green City.
“It’s a new city. You have industrial estate, residential, commercial, institutional and open spaces… For the 254 hectares, we are expecting at full development it could be USD 2 billion,” he said.
Casanova said they are looking at possible joint venture partner who can bring in the capital, its technical expertise and management competence for the first parcel of the 9,450-hectare Clark Green City.
He said the state-owned BCDA, on the other hand, will provide the franchise and the property.
Casanova stressed that the BCDA has a track record in developing the Bonifacio Global City (BGC), noting the Clark Green City will adopt a BGC model.
“We want to do everything, we want to sign contracts within the year. I believe that once the first contract is signed, this would create a momentum that would spur the development of all these infrastructures, even the airport,” he added.
Casanova said the development of the project’s first phase can take 10 years, while the entire city will be about 30 to 40 years.
“We are positive that it could attract a lot of investors,” he said. (PNA)