“Filinvest is the lone proponent that submitted a valid bid for the development premium in the amount of P160 million payable upon signing of the contract,” BCDA said in a statement.
BCDA Presdent-CEO Arnel Paciano Casanova said, “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.”
The project would cover an initial 288 hectares. “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,” Casanova said.
He added that the country’s envisioned most modern metropolis is seen to become the “center of economic development in the country.”
The joint venture partnership between the BCDA and the winning bidder will be in the form of a joint venture corporation to be owned 45 percent by the BCDA and 55 percent by Filinvest. The agreement lasts 50 years, renewable for another 50,” Casanova also said.
He said the JVC will cover the full development and usufructuary rights over the 288-hectare property.
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 together with the Department of Public Works and Highways is now building the main access roads leading to Clark Green City.
BCDA has also teamed up with Pag- IBIG Fund to build some 2,000 affordable mixed income housing units for the future employees working in Clark Green City. The housing project will make Clark Green City inclusive and affordable for the minimum wage earners and even cater to the 85,000 workers in the Clark Freeport Zone.
Last August, the BCDA and the University of the Philippines signed an agreement for the establishment of a UP Clark Green City Campus in a 70-hectare area. Groundbreaking is seen in the first quarter of 2016.
Also last month, the Government of Japan (GOJ) through the Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) forged a cooperation agreement with the BCDA.
According to Casanova, the involvement of the JOIN will lead to multiple joint venture partnerships that will serve as a vehicle for the formation of Japanese consortium and investments in the field of power, transportation, tollways, industrial zones and economic centers.
“Government of Japan will help transform Clark Green City into a major economic center of the ASEAN economic bloc,” he said.
The entire Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone in the province of Tarlac.
At full development, Clark Green City will have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in the county’s Gross Domestic Product (GDP).
Located at the Clark Special Economic Zone, Clark Green City is positioned strategically between highly urbanizing cities of San Fernando, Angeles and Olongapo in Central Luzon as well as the cities of San Carlos, Dagupan and Urdaneta in Northern Luzon.
It is also near the Clark International Airport and the Subic Seaport.
The strategic location and its connectivity to major cities in Central Luzon through the country’s expressways like NLEX, SCTEX, TPLEX and soon the CLEX will allow the convergence from north, east, south, and west, and serve a catchment population of some 12 million people.
Filinvest Land, Inc. is one of the leading real estate developers in the Philippines. It is also a pioneer in the development of very large master- planned township developments which provide a convenient mix of commercial, industrial and residential uses. Filinvest Land, Inc. currently has over 100 projects located in 39 cities and municipalities nationwide.
