A CONSORTIUM of South Korean and local companies plans to invest P4.8 billion in a housing complex at New Clark City, with the Bases Conversion and Development Authority (BCDA) as a partner.
The consortium will develop 6.1 hectares into an affordable housing complex, with 12 high-density residential buildings made up of 3,320 units, the BCDA said in a statement on Sunday,
The BCDA said it is finalizing the terms of the partnership with the consortium of Sta. Clara International Corp. (SCIC), Saekyung Realty Corp. and Korea Overseas Infrastructure and Urban Development Corp. (KIND).
At least 2,600 units across nine buildings will be allocated for the open market, while the remaining 720 units in three buildings will be part of the Pambansang Pabahay para sa Pilipino or 4PH Program.
“Beyond addressing housing needs, this project, if realized, will generate jobs, attract investment, and drive economic growth in Central Luzon,” Joshua Bingcang, BCDA president and chief executive officer, said.
BCDA said apart from residential units, the project will include modern infrastructure and essential amenities, such as green spaces and parks for recreation and wellness, road networks and stormwater drainage systems to enhance resilience, fire protection measures and disaster-ready structures, retail and commercial spaces as well as sports and leisure facilities.
These features will contribute to New Clark City’s goal of becoming a smart, sustainable, and disaster-resilient metropolis, designed to withstand climate challenges while enhancing the quality of life for its residents, Bingcang said.
In 2023, BCDA entered into a memorandum of understanding (MOU) with the Department of Human Settlements and Urban Development, the project’s implementing agency, to develop the initial housing units under the 4PH Program inside New Clark City.
In October 2024, KIND signed an MOU with BCDA to develop affordable housing in New Clark City, and ensure quality living environments for the metropolis’ future residents and workers, Malaya Business Insight reported on Oct. 14, 2024.
Under the MOU, BCDA and KIND will explore innovative solutions for developing housing projects that are both cost-effective and sustainable.
