This means that Singapore-based Capilion Corp. Pte. Ltd. which has committed to invest P7 billion for the longterm lease and development of a three-hectare lot in the area will have to scout for another site.
That is if the council resolution will “hold legal water” with the Clark Development Corp., said a councillor.
“Whereas, it has been a matter of policy that no structures or edifices will be built or established in the aforesaid area which is significant as a buffer zone since the American time,” the resolution stated. “Whereas, the structures will disturb the aesthetic structure of the area…a great concern with regard to traffic gridlock may occur in case of business establishments be constructed in the said area,” it added, as it cites “certain environmental issues with regard to the construction of those structures which may result to the cutting of aged old trees.”
The resolution was co-sponsored by Councilors Amos B. Rivera, Maricel G. Morales, Bryan Matthew C. Nepomuceno and Alexander P. Indiongco. It was seconded by Councilors Arvin M. Suller, Danica A. Lacson, Carmelo G. Lazatin, Jr. and Carlito M. Ganzon.
Cleared
Meanwhile, the Clark Development Corp. (CDC) said the area earmarked for the Capilion project has been cleared for mix-land used by the CDC Board.
Noel Tulabut, CDCExternal Affairs Department assistant manager, also said a “traffic study plan” was required by CDC and such study will be submitted by Capilion to CDC which is a requirement by CDC.
On the environmental impact, Tulabut said “nothing has been earmarked for cutting or transfer and if and when the project begins, CDC will require Capilion to submit its plan.” He said “CDC would not hesitate to impose sanctions just in case there would be any violations.”
CDC President-CEO Arthur P. Tugade has said Capilion is the biggest contract to be signed by his administration in terms of employment generation with a projection of 75,000 that can be accommodated within seven years.
Capilion was established in 2006 in Singapore to act as an international private equity and corporate finance advisory firm. It is part of the Capilion Group of Companies, Capilion Financial Ltd. and Capilion RE Engineering Ltd.
The Capilion Group has businesses involved in private equity, corporate services, real estate, financial securities, ship ownership, shipping and shipbuilding, infrastructure development and clean and renewable energy projects.
Capilion has presented to CDC demand drafts worth $4.9 million to represent the firm’s advance lease, security deposit and performance security plus a reservation for another 8,639 square meters adjacent to its property.
Capilion also presented a bank certification confirming the firm’s fund of P2 billion for the property development in Clark.
