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Philippine property firm Filinvest Land Inc submitted the lone bid for the right to develop a portion of a former U.S. military base into a master-planned city north of the capital, a government official said on Tuesday.
Filinvest Land offered to pay 160 million pesos ($3.4 million) to win the contract while other qualified bidders Ayala Land Inc and Megaworld Corp did not submit offers, said Arnel Paciano Casanova, president of state-run Bases Conversion and Development Authority (BCDA). The 288-hectare (711-acre) parcel, twice the size of London's Hyde Park, was the first lot of the total 9,500-hectare (23,475-acre) Clark Green City project to go on auction.
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