The minimum bid for Phase 1 of the Clark Green City project has been lowered to P160 million from P500 million in an attempt to attract more investors, reports indicate.
The BCDA also removed the P2.5 billion initial cash investment.
This developed after bidding for the project was held last month, but no offers were submitted, according to the BCDA.
Initially, Phase 1 of the said development was projected at a total cost of P59 billion through the Public-Private Partnership scheme.
However, the BCDA has scaled down the project from an initial 36,000 hectares to 9,450 hectares with its Phase 1 measuring only 288 hectares.
The BCDA is looking for a joint venture partner for the development of 288 hectares out of the total 9,450 hectare-Clark Green City, the state-run firm said.
The BCDA also said it expanded the offered lot size under a 55:45 joint venture agreement to 288 hectares from the original size of 254 hectares.
The BCDA said it has scheduled a pre-bidding conference on June 10.
Interested parties can purchase the revised terms of reference starting June 1until July 1.
A statement emanating from the BCDA said:
“The eligible bidder who offers the highest bid shall be declared the winning bidder subject to post qualification. The winning bidder shall be responsible for forming a joint venture company pursuant to the joint development agreement to be signed with the BCDA.”
Clark Green City, located within the Clark Special Economic Zone (formerly called Clark sub-zone), is envisioned to be the first smart, green and disaster-resilient metropolis in the country.
