The Bases Conversion and Development Authority (BCDA) signed a memorandum of understanding with state-owned Korea Overseas Infrastructure & Urban Development Corp. (KIND) for the establishment of a P9-billion mass housing project for workers of government offices relocating in New Clark City.
Joshua Bingcang, BCDA president and chief executive officer, said the government investment proposes to build the first 3,000 housing units which would also serve minimum wage earners.
Bingcang said the proposal is to build 12 buildings of which three will be dedicated to the Pambansang Pabahay para sa Pilipino program.
The housing community will be contained in a five-hectare site in New Clark City.
“We intend to wrap up our negotiation by the end of the year and in fact, (break ground by) the end of the year,” Bingcang added.
KIND, which has an ongoing project in Mactan, is an agency under the Ministry of Land Infrastructure and Transport of Korea.
Under the MOU, KIND will provide the feasibility study or other technical assistance while supporting potential investment for the housing project. BCDA will provide information so that affordable housing can be well developed in the NCC.
A Korean investor and some financial institutions have expressed strong interest to invest and develop together with the local companies.
