The Bases Conversion and Development Authority and Filinvest Land Inc. signed a landmark joint venture partnership to develop a 288-hectare parcel of Clark Green City in ceremonies held at the BCDA Corporate Center in Taguig City.
The deal is 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,” said BCDA president and chief executive Arnel Paciano Casanova in a statement over the weekend.
“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,” he said.
Filinvest Land under the joint venture has the right to develop the property and manage it for 50 years, renewable for another 50 years. BCDA will own 45 percent of the joint venture while Filinvest Land owns 55 percent.
“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,” said Filinvest Land president and CEO Josephine Gotianun-Yap.
She said the company would soon be mapping out development plans for the project. “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,” she said.
She added the comprehensive planning for the development would be programed in the next nine months, with development to start within the next two years.
Clark Green City is envisioned to be a modern, sustainable community that promotes inclusive growth among all stakeholders.
Casanova noted that Clark Green City would benefit from the development track record of Filinvest Land.
“Filinvest Land Inc.—as the developer of the 244-hectare Filinvest City in Alabang and the P5-billion business process outsourcing complex called Filinvest Cyberzone Cebu—will bring its expertise in the development of large master-planned township projects to Clark Green City,” he said.
The Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone in Tarlac province.
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 a year to the national economy, or roughly four percent.
Filinvest Land Inc. currently has over 100 projects in 39 cities and municipalities nationwide.