Yujuico group bags P560-M Mile-Hi John Hay dev’t
A real estate consortium that includes the Yujuico family has clinched a contract for the P560-million redevelopment of Mile-Hi property at Camp John Hay in Baguio City.
The Bases Conversion and Development Authority (BCDA) signed a 25-year lease agreement with Meridian Commercial Centers Inc. (MCCI) and Istana Development Corp. (IDC) to transform the 6,647-square meter property into an upscale commercial hub while preserving its historical significance and promoting the local economy.
IDC and MCCI aim to incorporate sustainable design features to reduce greenhouse gas emissions, water and energy consumption and waste generation, according to a BCDA statement.
This involves maximizing access to natural light, enhancing natural ventilation, implementing thermally efficient building designs and envelopes, integrating solar-oriented architecture and installing green roofs and walls.
Yujuico family-led MCCI is a 100-percent Filipino-owned real estate company headquartered at the DoubleDragon Center West in DD Meridian Park, one of the commercial properties under the listed company DoubleDragon Corp., owned by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong.
The Yujuicos—one of the 50 richest families in the Philippines, based on the latest Forbes ranking—have an interest in DoubleDragon’s real estate investment trust DDMP REIT Inc.
Under the deal, MCCI will manage leasing, tenant management and facility maintenance.
IDC manages business offices and residential units for lease at Eastwood City Cyberpark in Quezon City. It will manage the project design, construction and overall implementation at Mile-Hi.
The consortium plans to apply water-sensitive urban design and low-water-demand plant species in landscaping. This is while avoiding water—and chemical-intensive facilities, such as swimming pools.
“Mile-Hi will once again be a place that welcomes visitors, strengthens local livelihoods and sustains the spirit of Baguio for generations to come,” BCDA president and CEO Joshua Bingcang said during the signing held on Monday.
MCCI president Jesus Emmanuel Yujuico vowed to collaborate with the BCDA and John Hay Management Corp. to realize this vision.
“We thank BCDA’s leadership for its confidence in our vision that seeks to balance heritage, sustainability and innovation,” Yujuico said.
The state-run firm awarded the contract to IDC and MCCI after initiating a competitive challenge for the iconic property in May.
The two companies submitted an unsolicited proposal to the BCDA for the lease and redevelopment of the Mile-Hi property located at the John Hay Special Economic Zone.
The BCDA said earlier the undertaking was expected to attract a significant influx of tourists and further solidify Camp John Hay’s standing as a leading leisure destination in the Philippines.
The Mile-Hi property was named as such for its unique elevation—approximately one mile above sea level. Once a popular indoor recreation center, it featured a bowling alley, billiard and ping-pong tables, arcade games and a snack bar.
“The Mile Hi project builds on the BCDA’s strong track record in Camp John Hay, where over P1 billion in investments has been generated since the property’s recovery,” the BCDA had said.
