Posted on August 21, 2011 09:24:44 PM [ BusinessWorld Online ]
THE STATE agency behind the Clark Freeport is selling off a 40-hectare tourism complex in the area with existing structures in a bid to have a private developer run it as a “prime tourist and recreation destination in Central Luzon,” a notice published yesterday showed.
A 40-hectare tourism complex in the Clark Freeport has been put on the auction block.
The property, which already has a 7-storey hotel and several villas that are either fully furnished or still unfinished, will be offered under a 50-year contract, renewable for another 25 years, Clark Development Corp. (CDC) said in the notice.
Only developers that have managed or owned an accommodation with at least 250 rooms with a minimum 5-star caliber for at least a year will be allowed to participate in the auction.
Formal notices of interest are due by Aug. 26 and bid documents will only be sold until then.
The floor price was not specified in the notice.
Earlier, the state agency had attempted to privatize the 215-hectare casino-resort, Mimosa Leisure Estate, within the Clark Freeport area in Pampanga.
It was not immediately confirmed, however, whether the 40-hectare facility is part of the larger Mimosa Leisure Estate.
The 215-hectare property has been on the auction block after three failed attempts to sell it since 2003.
In 2008, CDC came close to awarding the property but voided a contract with bid winner Waterfront Philippines, Inc. when the firm, unable to secure a casino operation license, did not pay on time.
Waterfront Philippines would have paid P1.5 billion for the property according to its 2008 contract.
Korean consortium Hanwool I&D was being considered for the site in 2010. -- Eliza J. Diaz
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