By Richmond S. Mercurio (The Philippine Star) | Updated September 9, 2015 - 12:00am
MANILA, Philippines - Filinvest Land Inc. (FLI) of the Gotianun family has bagged the deal to develop the initial 288-hectare lot in Clark Green City along with state-owned Bases Conversion and Development Authority (BCDA).
BCDA said yesterday FLI was declared the winner as it was the lone proponent that submitted a valid bid in the amount of P160 million.
The terms of reference for the auction of the lot required minimum acceptable bid of P160 million.
Other property giants Ayala Land Inc. and Megaworld Corp. earlier secured bid documents for the selection of BCDA’s joint venture partner in the development of the 288- hectare lot.
“We are excited to move forward with our new joint venture partner and start building what will be known as the country’s first-ever smart, green and disaster-resilient metropolis that is expected to significantly improve the lives of our countrymen,” BCDA president and CEO Arnel Paciano Casanova said.
Casanova said FLI as BCDA’s partner would play a significant role in accelerating the development of Clark Green City.
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“We are happy to have Filinvest to be a partner because this will bring the strengths of BCDA as the developer of the Bonifacio Global City, and Filinvest as the developer of the 244-hectare Filinvest City in Alabang and recently the newest Cebu business district—a P5-billion business process outsourcing (BPO) complex called Filinvest Cyberzone Cebu,” he said.
Clark Green City is envisioned to become the most modern metropolis and a center of economic development in the country.
The partnership between BCDA and FLI is set to be in the form of a joint venture corporation to be owned 45 percent by the state-run agency and 55 percent by the Gotianun-led firm.
The joint venture agreement has a term of 50 years, renewable for another 50 years.
“The joint venture corporation shall have the full development and usufructuary rights over the 288-hectare property,” BCDA said.
Casanova said the usufructuary right would be converted to full land ownership if and when the law so allows in the future, subject to mutual agreement of the two parties.
The BCDA said it is now building the main access roads leading to Clark Green City together with the Department of Public Works and Highways.
In April this year, the BCDA offered for bidding the development of the 254-hectare portion of Clark Green City under a joint venture.
The BCDA decided to revise the terms as the property failed to attract bids during the auction.