The state-owned Bases Conversion
and Development Authority (BCDA) and Filinvest Land Inc. have closed a landmark
deal for its joint venture partnership for the development of a 288–hectare
parcel of Clark Green City during contract signing ceremonies held at the BCDA
Corporate Center in Taguig City.
This marks the first step toward
the full development of the BCDA’s flagship project—the 9,450-hectare modern,
intelligent and sustainable Clark Green City.
“We celebrate a momentous event
as the signing of this joint venture agreement with Filinvest Land, Inc.
jumpstarts the full development of Clark Green City as the country’s first
smart, green and disaster-resilient metropolis,” announced BCDA President and
CEO ArnelPaciano D. Casanova.
According to Casanova, the Joint
Venture Corporation (JVC) will be owned forty-five percent (45%) by BCDA and
fifty-five percent (55%) by Filinvest Land, Inc. The term of the Joint Venture
Agreement is 50 years renewable for another 50 years. The JVC shall have the
full development and usufructuary rights over the 288-hectare property.
“With the signing of the Joint
Venture Agreement, BCDA generated P160-million for Filinvest’s right to become
BCDA’s partner for the development of the new urban core for innovation,
commerce, trade and industry in the country,” Casanova said.
The signing ceremonies were led
by BCDA president and CEO ArnelPaciano D. Casanova and Filinvest President and
CEO L. Josephine Gotianun-Yap and witnessed by BCDA chairperson Ma. Aurora
Geotina-Garcia and FLI director Joseph M. Yap.
“Together with Filinvest Land,
Inc., we will be building a new global city within the Clark Special Economic
Zone that will pump-prime the economy and provide job opportunities to the
people of Central Luzon and benefit the Filipino nation,” he added.
For her part, Filinvest president
and CEO Gotianun-Yap stated, “As the pioneer developer involved in Clark Green
City, we are excited to be a catalyst of growth in such a visionary endeavor.
At the same time, this is also a prime opportunity for us to expand our geographic
footprint in Northern Luzon.”
The Filinvest chief executive
revealed that the company will soon be mapping out development plans. “Based on
the terms of the joint venture, the Filinvest parcel will have two distinct
components: an industrial zone and a mixed-use development with residential,
office, commercial and institutional elements,” Gotianun-Yap added.
According to Gotianun-Yap, the
comprehensive planning for the development is programmed in the next 9 months
with development to start within the next 2 years.
Clark Green City is envisioned to
be a modern, sustainable community which promotes inclusive growth among all
stakeholders.
Chairperson Ma. Aurora
Geotina-Garcia noted that the signing “marks the first step of BCDA’s biggest
contribution to sustainable urban development in the country.”
Geotina-Garcia added, “Now is the
ripe and opportune time for the government to build a city that will not only
absorb the growth of the population but more importantly, sustain the momentum
of the sterling economic performance that the country is now
experiencing.”
Casanova noted that Clark
Green City will benefit from the development track record of Filinvest Land,
Inc., a leading real estate developer in the country today.
Filinvest Land, Inc.—as the
developer of the 244-hectare Filinvest City in Alabang and the P5-billion
business process outsourcing (BPO) complex called Filinvest Cyberzone
Cebu—will bring its expertise in the development of large master-planned
township projects to Clark Green City,” Casanova said.
The chief executive added, “This
partnership will bring to fruition our vision to create a new metropolis that
will be the center of economic development in the country.”
Geotina-Garcia said, “BCDA is
sharing its vision for Clark Green City with Filinvest—a vision of providing
the future generation an accessible, liveable and sustainable community—one
which is inclusive and will benefit not just the people of the Central Luzon
region but also the rest of the Filipino nation.”
“What we are doing now is that we
are not only building a city but we are creating a legacy which we will leave
to the future generations of Filipinos,” Geotina-Garcia said in closing.
The entire Clark Green City is a
9,450-hectare master planned property within the Clark Special Economic Zone in
the province of Tarlac, Philippines. At full development, Clark Green City will
have some 1.12 million residents, 800,000 workers and contribute a gross output
of approximately P1.57 trillion per year to the national economy or roughly
four percent share in the county’s Gross Domestic Product (GDP).
Filinvest Land, Inc. currently
has over 100 projects located in 39 cities and municipalities nationwide.
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