A CONSORTIUM consisting of South Korean and Filipino companies is investing P4.8 billion for an affordable housing complex in New Clark City, the Bases Conversion and Development Authority (BCDA) said.
“The BCDA is seeking to partner with a consortium of South Korean and local companies to develop a 6.1-hectare affordable housing complex in New Clark City, aiming to address the housing shortage and foster sustainable urban growth,” it said on Saturday.
The consortium includes Sta. Clara International Corp., Saekyung Realty Corp., and Korea Overseas Infrastructure and Urban Development Corp.
The project is expected to feature 12 high-density residential buildings with 3,320 units. Some 2,600 units will go on the open market, while the remaining 720 units will be offered under the Pambansang Pabahay Para sa Pilipino (4PH) Program.
“Beyond addressing housing needs, this project, if realized, will generate jobs, attract investment, and drive economic growth in Central Luzon,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement.
The project is also expected to incorporate green spaces and parks, road networks and stormwater drainage systems, fire protection measures and disaster-ready structures, retail and commercial spaces, and sports and leisure facilities.
In 2023, BCDA entered a memorandum of understanding with the Department of Human Settlements and Urban Development (DHSUD) to develop the initial housing units for the 4PH Program inside New Clark City.
CAMP JOHN HAY
In a separate statement, the BCDA said that investments in Camp John Hay have hit P1 billion in the two months since it regained full control of the property in January.
“This reflects the business sector’s trust and confidence in the BCDA’s track record and its plans of transforming the iconic destination into a premier ecotourism and investment hub,” it said.
To date, the BCDA has signed 75 residential and commercial lease agreements in Camp John Hay, totaling P1 billion in investments.
Of the contracts signed, 70 were residential lease agreements signed with Filipino and foreign nationals, including Koreans, while the remainder were commercial lease agreements.
“Numbers don’t lie. Breaching a billion mark in just two months is proof that Camp John Hay is thriving as more and more investors are seeing its potential of becoming the country’s next ecotourism and investment hub under the management of BCDA,” Mr. Bingcang said.
“More exciting things will be announced soon, as we are set to close more contracts and deals in the next weeks,” he added.
The BCDA said some of the investments have come in, including those from Metro Pacific Investments Corp. subsidiary Landco Pacific Corp., Stern Real Estate Development Corp., Amare La Cucina, Golfplus Management, Inc. (GMI), DuckWorld Philippines, and Top Taste Trading, Inc.
The BCDA is also conducting a review of the comprehensive master plan of the John Hay Special Economic Zone.
In January, the BCDA projected that investments in Camp John Hay will hit P10 billion under its management. — Justine Irish D. Tabile