Vol. XXI, No. 194 [ Business World Online ]
Monday, May 5, 2008 | MANILA, PHILIPPINES
CLARK DEVELOPMENT Corp. (CDC) will raise more than P2 billion from the sale of three prime properties inside the Clark Freeport Zone in Pampanga this year.
Mimosa Golf and Leisure Resort, one of the prime properties
that CDC is selling this year. — Mimosa Leisure Park
The properties up for bidding are the 210-hectare Mimosa Golf and Leisure Resort Estate, and two other lots measuring 309 hectares and 60 hectares, CDC Assistant Vice-President Bernardo Angeles said in a statement last week.
In a separate interview, a CDC official who asked not to be named said the agency expects to generate P1.4 billion from the Mimosa property alone.
Proceeds of the sale of the three properties, he said, would be used to partly develop 27,000 hectares of undeveloped land outside the Freeport Zone.
"The revenues will be used to put up tourism, commercial and residential properties in this area, which is still within the Clark Special Economic Zone," the official said.
The source said 17 local and foreign property developers from China, Japan, Korea and the United States have expressed interest to bid for the three state-owned properties.
Mr. Angeles said the CDC board had decided to bid out the properties to get the most advantageous terms for the government, ruling out any negotiated contracts. The pre-bidding conference for Mimosa will be held on May 6.
He said prospective investors who have responded to the prequalification bidding process consisted of industry leaders in property development, upscale housing, golf operations, and resort and hotel business.
"This shows that the CDC has attracted major industry players here and abroad whose investments would definitely speed up the transformation of certain nonproductive areas within the Clark ecozone into viable business concerns," he said.
The CDC intends to lease out the 60-hectare lot for a period of 50 years. It is intended for tourism, and high-end residential and recreational development. Mr. Angeles said around 40 single-detached houses in the area can either be rehabilitated or demolished by the investor to give way to new structures. — Bernardette S. Sto. Domingo
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