Total tenants’ investment in Camp John Hay in Baguio City has so far reached P1 billion since the government recovered the property from a private sector developer, the Bases Conversion and Development Authority (BCDA) said on Sunday.
In a statement, the state-run BCDA said it had signed 75 residential and commercial lease agreements in the former US military rest and recreation facility.
The 75 contracts were signed over the last two months, of which 70 were residential lease agreements with local and foreign investors that included Koreans, while five were commercial lease agreements.
Investments in John Hay were placed by Metro Pacific Investments Corp. subsidiary Landco Pacific Corp., Stern Real Estate Development Corp., Amare La Cucina, GolfplusManagement Inc. (GMI), DuckWorld Philippines and Top Taste Trading Inc.
Landco Pacific is the interim manager of the John Hay Hotels, while the consortium of GMI and DuckWorld PH are overseeing the operations and maintenance of John Hay Golf.
On January 15, BCDA said Amare La Cucina and Top Taste Trading signed separate lease agreements to locate their restaurants in Camp John Hay.
In a report by Malaya Business Insight on January 14, Joshua Bingcang, BCDA president and CEO, said they are conducting a review of the master plan for the John Hay Special Economic Zone to make sure it is in line with the United Nations’ 17 Sustainable Development Goals.
The BCDA regained control of Camp John Hay from CJH Development Corp., following a decision by the Supreme Court that allowed the government to recover a 247-hectare leased area from CJH Development.
