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Clark City auction to start in Q3

By Othel V. Campos | Jun. 04, 2014 at 12:01am [ manilastandardtoday.com ]

State-owned Bases Conversion and Development Authority said Tuesday it will offer an initial 1,300 hectares in the proposed Clark Green City project to foreign and local investors by the third quarter.

“We are now preparing the terms of reference and once finalized, we hope to start the process for the first phase by the third quarter,” BCDA president and chief executive Arnel Paciano Casanova said.

He said the National Economic and Development Authority board chaired by President Benigno Aquino III approved the master development plan and the start of the first phase of the Clark Green City last week.  The whole project will cover 9,450 hectares.

Casanova said BCDA would subdivide the first phase of the project into several parcels, where investors would include real estate developers, industrial park builders, township builders and institutional developers.

He said Clark Green City would provide opportunity for a 100-percent foreign-owned company to invest in urban development in the Philippines, as the entire area is a special economic zone.

Casanova said the Clark Green City project was expected to accelerate the inflow of foreign direct investments in the Philippines.

He said the agency expected some P59 billion worth of investments for the development of the first phase of the project.

“We have been given the green light to plant the seeds of growth and development for the future generation. This is the first time the Philippines is building a new city from the ground up. Clark Green City will serve as the urban core of the Central Luzon metropolis,” Casanova said.

He said Clark Green City would play a crucial role in enhancing the country’s competitiveness, especially once the economic integration of the Association of Southeast Asian Nations was implemented.

“It will open up the region to global trade and investments owing to the world-class infrastructure that is already within reach like the Clark International Airport, the Subic Bay Seaport and the Subic-Clark-Tarlac Expressway,” he said.

Casanova said Clark Green City would be the country’s first green and smart metropolis.
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