John Hay starts bid process for new mixed-use proj

MANILA, Philippines - John Hay Management Corp. (JHMC) is looking for firms interested in the long-term lease and development of the 25,000-square meter Sheridan Drive Center within the John Hay Special Economic Zone (JHSEZ).

In an invitation posted on the Bases Conversion and Development Authority’s (BCDA) website, JHMC said the property would be offered for bidding on an “as-is, where-is” basis.

“The Sheridan Drive Center shall be a mixed-use development following the live, work and play concept while, at the same time, promoting and preserving the JHSEZ’s eco-tourism theme,” it said.

As a mixed-use development, the property should have at least 40 percent of the area used for a hotel or accommodation facility, a minimum of 10 percent allocated for office space, and no lower than 20 percent for commercial or retail.

The lease would be for a period of 25 years, renewable for another 25 years upon agreement of the parties.

For Parcel 1 or the first phase of development covering 10,000 sqm, the minimum acceptable lease is P28 million, exclusive of 12 percent value-added tax (VAT), representing rent from the effective date of the lease until April 15, 2018.

For the whole property, the acceptable annual lease should not be less than P20 million exclusive of 12 percent VAT and should commence on April 15, 2018, or upon turnover of Parcel 2 to the winning bidder, whichever comes first.

The annual lease would be subject to five percent escalation every year, and would need to be paid in advance on or before the anniversary date of the contract of lease.

The winning bidder would need to remit to JHMC in advance the lease for Parcel 1 on the execution of the contract.

Firms interested in the property may purchase the terms of reference (TOR) at the JHMC Office Complex in JHSEZ in Baguio until June 19, for a non-refundable fee of P100,000 payable to JHMC in manager’s check.

The TOR may also be viewed on the websites of the BCDA and JHMC at www.bcda.gov.ph and www.jhmc.com.ph, respectively.

Only those who have purchased the TOR, however, will be allowed to participate in the bidding.

The pre-bid conference will be held on May 22, at the Bell House in JHSEZ in Baguio.

The deadline for the submission and opening of the bids is on June 22.

The JHMC, which is responsible for the administration of the JHSEZ as well as protection of the forest reservation within the area, is part of the BCDA Group.

Created by Republic Act 7227, the BCDA is mandated to transform former US military bases into alternative productive civilian use.