“We are finalizing the draft for the contract… And yes, (it will be signed) within the month,” BCDA President and Chief Executive Officer Arnel Paciano D. Casanova said in a phone interview on Tuesday.
The Gotianun-led property developer last September submitted its bid to develop a 288-hectare area in the Clark Green City in Tarlac province. Filinvest Land was the lone proponent that submitted a valid bid amounting to P160 million, payable upon the signing of the contract.
Once the contract is signed, Filinvest Land will form a joint venture (JV) company with the BCDA -- with a 55%:45% ownership structure -- to undertake the project. The JV, will be valid for 50 years and renewable for another 50 years.
Mr. Casanova said the groundbreaking for the project would likely be held in the first quarter of the 2016. He said President Benigno S. C. Aquino III would be invited to lay a time capsule for the project.
The entire 9,450-ha Clark Green City -- envisioned to be the country’s first smart, green and disaster-resilient metropolis -- lies in Clark Special Economic Zone. When fully developed, it will have government; central business; academic; agro-forestry research and development; as well as wellness, recreation and eco-tourism districts.
The BCDA official noted Clark Green City would be disaster-resilient and “will be much safer for people to live.”
By Katrina P. Heredia
December 8, 2015