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Re-Invitation to Bid for the Long-term Lease and Development of the Poro Point Lighthouse

Status: Failed

RE-INVITATION TO BID
(Long-Term Lease and Development of the Poro Point Lighthouse)

1. The Poro Point Management Corporation (PPMC) is inviting interested bidders to bid for the long-term lease and development of the approximately six (6) hectares Poro Point Lighthouse located at Poro Point Freeport Zone, Poro, City of San Fernando, La Union on an "as-is, where-is" basis.

2. Property Development: Development of tourism-leisure and entertainment related facilities and amenities and/or facilities and amenities for touristic leisure activities. The land use of the property is Mixed-Use Tourism.

3. Lease Term: Twenty five (25) years, renewable for another twenty five (25) years subject to the approval of Philippine Coast Guard (PCG).

4. Minimum Starting Annual Fixed Lease: The minimum acceptable starting Annual Fixed Lease for the property shall be Five Million Two Hundred Eighty Thousand Pesos (PhP5,280,000.00) subject to an escalation of ten percent (10%) starting on the third (3rd) year and every two (2) years thereafter.

5. Rent-Free Period: One (1) Year (year 1 of the lease term)

6. Upon Signing of the Contract of Lease, the Winning Bidder shall remit to PPMC in advance the Fixed Lease for the 2nd, 3rd and 4th year of the lease, computed with 10% escalation starting on the 3rd year of the lease. On or before the fourth (4th) anniversary of contract signing, the Winning Bidder shall remit to PPMC the Fixed Lease Payment covering the fifth (5th) year of the lease, as adjusted based on the 10% escalation rate every two (2) years. Succeeding payments for the Fixed Lease shall be made every year thereafter, on or before each anniversary of the execution of the Contract of Lease.

7. Interested bidders may purchase the Terms of Reference (TOR) for the subject bidding at the PPMC Administration Building, Gov. Joaquin L. Ortega Avenue, Poro Point Freeport Zone, Poro, City of San Fernando, La Union from January 28, 2015 to February 27, 2015 for a non-refundable fee of One Hundred Thousand Pesos (PhP100,000.00) payable to PPMC in manager's check. The TOR may also be viewed in the BCDA and PPMC website at www.bcda.gov.ph and www.poropointfreeport.org, respectively.

8. A Pre-Bid Conference, in which the Property, the TOR, and inquiries from interested bidders will be discussed, will be held on February 12, 2015, 10:00 AM at the PPMC Administration Building, Gov. Joaquin L. Ortega Avenue, Poro Point Freeport Zone, Poro, City of San Fernando, La Union.



(Sgd.) ENGR. CERILA A. CORPUZ
Chairperson
Asset Disposition Program Committee
Poro Point Management Corporation