Wednesday, July 09, 2008 [ sunstar.com.ph ]
CLARK FREEPORT -- The Clark Development Corporation (CDC) has awarded a multibillion-peso contract for the lease, development, operations and management of the former Mimosa Leisure Estate here to Waterfront Philippines, Inc. (WPI), CDC president Levy Laus said.
Laus said the award, which was approved by the CDC board after a thorough bid evaluation and post qualification, is worth about P1.5 billion in going-concern value (GCV) to be paid by WPI to CDC.
He said the CDC will also earn a minimum annual guaranteed lease starting at P160 million over a 50-year term of the award, which is renewable for another 25 years.
In addition, he said the WPI will also invest P1 billion in the estate within a period of five years.
Last week, Laus signed a US$1-billion lease agreement with Berthaphil, Inc. for the development of a 58-hectare lot into a suppliers' park for a Texas Instrument plant, one of the world's leading microchips manufacturer, in Clark.
The CDC president inked the lease agreement with Berthaphil chairman and founder Andre Hercs in New York City in the presence of President Gloria Macapagal-Arroyo and members of her Cabinet and Pampanga lawmakers.
Laus said after the acceptance of the notice of award (NOA), the CDC and WPI will enter into a 90-day memorandum of understanding (MOU) which will mature into a lease agreement upon the delivery of the initial commitments by WPI.
As provided, WPI will initially pay CDC an upfront amount of P770 million within 90 days from signing of the MOU. The amount includes P450 million as the required minimum GCV payment, P160 million as security deposit and P160 million as advance lease rental.
WPI was among the 10 bidders that submitted their letters of intent for the project. However, only eight firms attended the pre-bid conference on May 6, 2008.
During the bid submission and opening last June 6, only Hanwood I&D Corporation and WPI submitted their respective bids.
Laus said the opening of bids was witnessed by members of the CDC Board and representatives from the Office of the Government Corporate Counsel, Commission on Audit, Clark Investors and Locators Association, Metro Angeles Chamber of Commerce and Industry and the Pampanga Chamber of Commerce and Industry.
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