BCDA hopes to attract foreign investors to Clark Green City

Posted at 06/03/2014 11:21 AM | Updated as of 06/04/2014 9:15 AM
An artist's perspective of Clark Green City

MANILA, Philippines - The Bases Conversion and Development Authority is eyeing foreign and local real estate developers and industrial park builders for the first phase of the development of Clark Green City.

This after NEDA Board, chaired by President Benigno Aquino, last week approved the master development plan and Phase 1 of Clark Green City.

BCDA president and CEO Arnel Casanova said it will start tendering 1,300 hectares out of the 9,450 hectares of Clark Green City by the third quarter of 2014 to international and domestic investors.

"We are now preparing the Terms of Reference (TOR) and once finalized, we hope to start the process for the first phase by the third quarter," he said in a statement.

BCDA is hoping to attract real estate developers, industrial park builders, township builders, and institutional developers for Phase 1 of Clark Green City.

Casanova said the initial 1,300 hectares will be divided into several lots/packages.

He noted that 100 percent foreign-owned companies can invest in Clark Green City since it is a special economic zone.

The BCDA chief estimated the development of the first phase will cost P59 billion, which will be shouldered mainly by international and local private sector proponents.

"We have been given the green light to plant the seeds of growth and development for the future generation. This is the first time the Philippines is building a new city from the ground up. Clark Green City will serve as the urban core of the Central Luzon metropolis," Casanova said.

Clark Green City is envisioned to be the Philippines' first "green" and "smart" city. Casanova said the project is also expected to boost the country's competitiveness, in light of the ASEAN integration next year.

"It will open up the region to global trade and investments owing to the world-class infrastructure that is already within reach like the Clark International Airport, the Subic Bay Seaport and the Subic-Clark-Tarlac Expressway (SCTEX),” he said.

As of now, the University of the Philippines is the first locator in Clark Green City. Last month, the BCDA and UP signed a memorandum of understanding for the former to provide an area for the establishment of a UP campus in the city.

Based on the Clark Green City District Plan, it will have five districts for government, business, academic, agri-forestry research and eco-tourism.

At full development, Clark Green City is expected to contribute approximately P1.57 trillion per year to the Philippine economy and generate 925,000 jobs.