Clark Green City project attracts interest from PH, foreign firms

Reuters

Posted at Feb 13 2015 06:05 PM | Updated as of Feb 14 2015 02:05 AM

MANILA - The Philippines will hold a tender within the first quarter of the year for the right to develop a portion of a 9,500-hectare (23,475-acre) former US base into a masterplanned city north of the capital, a government official said on Friday.

The Clark Green City project has piqued the interest of major Philippine property firms and foreign companies such as Sumitomo Corp, Hitachi Ltd, Farglory Land Development Co Ltd and Mitsubishi Corp, said Arnel Paciano Casanova, president of the state-run Bases Conversion and Development Authority (BCDA).

BCDA will publish on Feb. 19 the auction terms for the development rights of a 200-hectare parcel of the mixed-use project. Both foreign and local investors may submit bids.

"We are also doing parallel discussions with foreign partners who could locate in the special economic zone," Casanova told reporters.

The BCDA, tasked with converting former military bases into masterplanned communities and business districts, also plans to get joint venture partners to develop the rest of the 1,300-hectare phase 1 of Clark Green City.

The agency expects private firms to spend a total of 59 billion pesos ($1.33 billion) to develop the 1,300-hectare parcel, almost four times the size of New York's Central Park, Casanova said.

Clark Green City is targeted to generate 1.57 trillion pesos worth of economic activity annually and create nearly a million jobs when development is complete, government studies show.