By Louella D. Desiderio (The Philippine Star) | Updated June 2, 2015 - 12:00am
MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) is inviting firms once again for the development of the first lot to be offered in Clark Green City.
In an invitation published yesterday, the BCDA is looking for local or foreign real estate developers interested to be its partner in the development of a 288-hectare portion of the Clark Green City.
The Clark Green City is a 9,450-hectare property within the Clark Special Economic Zone in the province of Tarlac, intended to be developed as the country’s first smart, green and disaster-resilient metropolis.
“BCDA is looking to partner with a well-established corporation with proven track record in the development, marketing, management and leasing of large property mixed-use development,” the state-run firm said.
The partnership will be in the form of a joint venture corporation, with 45 percent to be owned by the BCDA and the rest accounted for by the winning bidder.
The joint venture agreement will have a period of 50 years and renewable for another 50 years.
The minimum acceptable bid for the joint venture agreement is set at P160 million, and the firm with the highest offer will be declared the winning bidder.
In April, the BCDA offered for bidding the development of the 254-hectare portion of Clark Green City under a joint venture.
As the property failed to attract bids during the auction, the BCDA decided to revise the terms of the bidding by widening the size of the lot offered, reducing the minimum bid price from P500 million, and dropping the earlier condition which required the winning bidder to infuse P2.5 billion as initial paid up capital.
For the new bidding, interested firms may purchase the Terms of Reference (TOR) at the BCDA Corporate Center in Bonifacio Global City in Taguig City until July 1, for a non-refundable fee of P500,000.
The TOR may also be viewed at the BCDA’s website. “Interested proponents who have bought the TOR during the first bidding are no longer required to purchase the TOR to participate in this bidding,” the BCDA said.