Malaysian firm to close P13.7-B financing deal for Clark dev’t project » Manila Bulletin Business

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Malaysian firm to close P13.7-B financing deal for Clark dev’t project

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By Bernie Cahiles-Magkilat

Kuala Lumpur  — Alloy MTD, the joint venture partner of government-owned Bases Conversion Development Authority (BCDA) in the development of the National Government Administrative Center (NGAC) in Clark New City, is expected to close a financing  deal for the P13.7-billion development of the Phase 1 of the Philippines’ integrated government operations hub, south of Manila.

Patrick Nicholas David, president of MTD Philippines, Inc., the local unit of Alloy MTD Group,  said they are going to close the deal next month or so.

David refused to disclose these local banks.

Of the P13.695-billion total cost for Phase 1, David said 75 percent or P9.5 billion is debt financing and 25 percent or R4 billion is equity.

“We have two facilities in place and we are waiting for the approval of their respective boards,” he said.

The NGAC, envisioned to be 220 hectares, is the biggest government center project of Alloy MTD in the Philippines so far.

Phase 1 will have two phases, Phase 1A will comprise 40 hectares and Phase 1B with another 20 hectares.

Development of phase 1 A is being accelerated for the SEA Games in  2019, David said.

“So we have to deliver on October 15, 2019 because it has already been set for the 30th SEA Games on November 30 under President Duterte,” he said.

“So today, we have 66 earth moving equipment on the ground doing cut and fill and compacting,” he said.

As such, the biggest components of Phase 1 A are the  sports facilities — athletics stadium and the aquatics stadium. The Athletics Stadium will be certified to world standards, 9-lane Class 1 track with Olympic size  seating capacity of 20,000 people. The Aquatics facility will be the site of water sports competition like swimming.

“We will have 10-lane competition pool. There will be a dive pool, 25x25x5,” he said.

MTD will also construct an athletes housing, Athletic Village, that can accommodate 1,000 athletes and officials and two government offices.

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