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Invitation to Apply for Pre-qualification for the Long-term Lease and Development of the Poro Point Lighthouse

Status: Failed

PORO POINT MANAGEMENT CORPORATION
A member of The BCDA Group

 
INVITATION TO APPLY FOR
PRE-QUALIFICATION FOR THE LONG-TERM LEASE AND DEVELOPMENT OF THE PORO POINT LIGHTHOUSE

 

1. The Poro Point Management Corporation (PPMC) is inviting interested private sector participants to pre-qualify 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. Private sector participants who passed the Pre-Qualification Process shall be invited to submit its Financial Proposal.

3. 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.

4. Lease Term: Twenty five (25) years, renewable for another twenty five (25) years upon mutual agreement of PPMC and the Winning Lessee and upon renewal of the Implementing Agreement between PPMC and Philippine Coast Guard (PCG).

5. 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%) every three (3) years.

6. Minimum Investment Commitment: The minimum investment commitment for the property shall be Three Hundred Million Pesos (PhP300,000,000.00).

7. Rent-Free Period: Two (2) Years upon signing of the Contract of Lease.


8. Upon Signing of the Contract of Lease, the Winning Lessee shall remit to PPMC in advance the Fixed Lease for the 3rd and 4th year of the lease, computed with 10% escalation. On or before the fourth (4th) anniversary of contract signing, the Winning Lessee shall remit to PPMC the Fixed Lease Payment covering the fifth (5th) year of the lease, as adjusted based on the 10% escalation rate of every three (3) 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.

9. Interested private sector participants may get the Terms of Reference (TOR) for the subject disposition at the PPMC Administration Building, Gov. Joaquin L. Ortega Avenue, Poro Point Freeport Zone, Poro, City of San Fernando, La Union from October 16, 2015 to November 16, 2015. The TOR may also be viewed in the BCDA and PPMC website at www.bcda.gov.ph and www.poropointfreeport.org, respectively.

10. A Pre-Qualification Conference, in which the Property, the TOR, and inquiries from interested private sector participants will be discussed, will be held on November 4, 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