By Richmond S. Mercurio (The Philippine Star) | Updated September 10, 2015 - 12:00am
MANILA, Philippines - State-owned Bases Conversion and Development Authority (BCDA) is teaming up with UK-based firm M Health Ltd. (MHL) for the development of a 160-hectare health project in Clark Green City.
In a statement, BCDA president and chief executive officer Arnel Paciano Casanova said the state-run agency inked an agreement with MHL to assure a healthy living environment and self-sufficient community in Clark Green City.
Under the memorandum of understanding, Casanova said MHL is tasked to conduct a pre-investment feasibility study, business plan and conceptual plan for the 160-hectare area within a period of 12 months, extendable for another 12 months.
“MHL has the expertise, capabilities and commitment to cooperate with BCDA to jointly undertake the development of a 160-hectare healthy living community that offers a sustainable and self-sufficient community that has a balanced residential, commercial, and leisure facilities, as well as one that acknowledges that social health is the foundation for physical well-being,” Casanova said.
BCDA will assign development and leasehold rights to MHL for 50 years, renewable for another 50 years.
The partnership will also establish a framework that will serve as guide for the incorporation of a joint venture company with BCDA holding a 45 percent stake and MHL a majority 55 percent share.
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“Clark Green City is an exciting development for us as it is the city of the 22nd century. This memorandum of understanding is an important first step and the beginning of journey,” MHL chief executive officer Simon Lovegrove said.
MHL is involved in managing healthcare projects and services and has already delivered 150 healthcare projects over the past 30 years in more than 50 countries including the British Virgin Islands, Malaysia, Indonesia and Central Europe.