MVP Group inks 25-yr John Hay lease, BCDA’s first
The Bases Conversion and Development Authority (BCDA) on Saturday said it had signed its first long-term residential lease agreement covering one of its properties inside Camp John Hay following their recovery of the estate.
The BCDA said the 25-year agreement with the Pangilinan-led Metro Pacific Investment Corp. (MPIC) involves two units at the Forest Cabin complex.
Located within the expansive 247-hectare Camp John Hay, the Forest Cabin complex covers a 1.47-hectare area and features 56 well-appointed dwelling units, each averaging 270 square meters.
The BCDA said the signing of the agreement was an affirmation and a vote of confidence underscoring their track record and vision to unlock the full potential of John Hay as a premier investment and tourism destination.
BCDA, however, did not disclose details on how much MPIC would pay over the 25-year period.
Stable environment
BCDA said the partnership highlights the growing investor confidence in the Camp John Hay area but also marks a milestone in the project’s development.
“BCDA remains fully committed to ensuring that your conditions will improve even more in the years ahead. Our goal is not only to grow together but to provide a stable and thriving environment for all our partners,” BCDA president and chief executive officer Joshua Bingcang said in a statement.
The lease agreement follows the earlier appointment of the MVP group as interim manager of The Manor and The Forest Lodge hotels.
The BCDA is making another go of redeveloping Camp John Hay after running into legal problems with the former lessee, the Camp John Hay Development Corp. (CJHDevco) of businessman Robert John Sobrepeña, which failed to pay regular payments to the state-run agency.
SC decision
Last month, the BCDA announced it had secured a decision from the Supreme Court, which reinstated an arbitration ruling that voided the Camp John Hay development lease.
The SC decision mandates the eviction of CJHDevco from the former American rest and recreation base, with the BCDA required to reimburse the developer’s investments.
Redevelopment efforts of the property have since been kickstarted by the BCDA, including management transitions for the the CAP-John Hay Trade and Cultural Center, Camp John Hay Golf Course and Commander’s Cottage, which hosts a museum.
