CEBU, Philippines — State-run Bases and Conversion and Development Authority (BCDA) has started the competitive challenge process for the lease and redevelopment of the Mile Hi property in Camp John Hay in Baguio City.
In a notice, the BCDA said it is inviting interested private sector firms to submit comparative proposals for the lease and development of the 6,647-hectare Mile Hi property in John Hay Special Economic Zone.
BCDA received an unsolicited proposal to lease and develop the six thousand six hundred forty-seven (6,647)-square meter Mile Hi Property in Camp John Hay from the Consortium of Istana Development Corp. and Meridian Commercial Centers Inc. both companies registered with the Philippine Securities and Exchange Commission and are authorized to engage in the real estate business.
Following successful negotiations between the BCDA and the project proponent, the proposal will be going through a competitive challenge.
Information on the project proponent was not available yesterday.
Under the competitive challenge, the original proponent will have the right to outbid a challenger’s offer that the BCDA determines as superior or more advantageous to the government.
“BCDA, regardless of the results of the submission of comparative proposals, assumes no responsibility whatsoever to compensate or indemnify any private sector entity for expenses incurred in the preparation of the comparative proposals,” the BCDA said.
The subject of the bid is the fixed lease payment for the lease of the property, with the minimum amount for the initial year set at P2,100 per square meter per year.
The fixed lease payment will be subject to an annual escalation rate of three percent beginning on the third year from the signing of the contract.
Interested private sector entities may participate in the competitive challenge by submitting their letter of interest to BCDA and purchasing the terms of reference for a non-refundable fee of P50,000.
A pre-bid conference for the project will be held at the BCDA Corporate Center in Taguig on May 19.
The deadline for submission of eligibility documents and financial proposals and opening of documents is on June 19.
The notice of award will be issued on July 28, followed by the signing of the lease contract after 30 days.
“This strategic redevelopment of Mile Hi underscores our commitment to unlocking the full potential of Camp John Hay. By attracting private sector investment and creating new commercial opportunities, we are not only enhancing the camp’s appeal as a premier destination but also generating employment and stimulating economic activity for the benefit of the community and the nation,” BCDA president and CEO Joshua Bingcang said.
The BCDA, which took over Camp John Hay following the recovery of the property earlier this year, is looking to position the area as a new investment hub and premier ecotourism destination.