The Bases Conversion and Development Authority (BCDA) has secured a significant P5.1-billion agreement with a South Korean real estate investment management firm to develop a major golf course and residential villa estate within New Clark City.
The partnership, signed between BCDA, Korea Real Estate Investment & Trust (KOREIT) Asset Management, and Sky Blue New Clark City Golf & Resort Corp., covers the development of a 150-hectare estate within the BCDA property.
The project is slated to begin commercial operations by the first quarter of next year and includes several key components:
The BCDA estimates that the development is set to create 1,200 direct and indirect jobs and will significantly "boost the Philippines’ sport and tourism infrastructure."
KOREIT, through its Philippine subsidiaries Eagle-K GC Corp. and Eagle-K RV Corp., will be fully responsible for the development and management of the sprawling estate.
BCDA President and Chief Executive Officer Joshua M. Bingcang highlighted the deal as a major vote of confidence in the emerging metropolis.
“KOREIT’s entry shows the level of confidence that major global investors place in New Clark City. This strengthens our investment pipeline and supports our goal of building competitive, sustainable growth centers,” Bingcang said.
He noted that the partnership "reflects growing interest from international institutional investors in New Clark City’s long-term development plan."
The project is expected to generate significant economic activity in Tarlac and surrounding areas, supporting local businesses and employment. It is also projected to attract both domestic and international visitors, positioning New Clark City as a rising sports and lifestyle destination.
“This project goes beyond building new facilities. It creates jobs, opens opportunities for local communities, and supports regional growth. It is another step in making New Clark City a world-class, sustainable district,” Bingcang concluded.
