MVP Group inks 25-year Camp John Hay lease,
MVP Group inks 25-year Camp John Hay lease, BCDA’s first
Forest Cabin deal affirms new vision for Baguio complex, says Bingcang
MANILA, Philippines — The Bases Conversion and Development Authority (BCDA) on Saturday said it had signed its first-ever long-term residential lease agreement in one of its properties inside Camp John Hay following their recovery of the estate.
The BCDA said it inked a 25-year residential lease agreement with the Pangilinan-led Metro Pacific Investment Corp. (MPIC) for two units at the Forest Cabin complex.
MANILA, Philippines — The Bases Conversion and Development Authority (BCDA) on Saturday said it had signed its first-ever long-term residential lease agreement in one of its properties inside Camp John Hay following their recovery of the estate.
The BCDA said it inked a 25-year residential lease agreement with the Pangilinan-led Metro Pacific Investment Corp. (MPIC) for two units at the Forest Cabin complex.
Article continues after this advertisement
The BCDA said the signing of the agreement is 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.
It added that the partnership not only highlights the growing investor confidence in the Camp John Hay area but also marks a milestone in the project’s development, touting that it blends residential living with the natural beauty and eco-tourism opportunities that Baguio is renowned for.
“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.
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 had problems with the development lessee of the property, the Camp John Hay Development Corp. (CJHDevco) of businessman Robert John Sobrepeña, which failed to pay regular payments to the state-run agency.
Last month, the BCDA announced it had secured a decision from the Supreme Court that reinstated an arbitration ruling that voided the Camp John Hay development lease.
The SEC 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 Manor, the Forest Lodge, the CAP-John Hay Trade and Cultural Center, the Camp John Hay Golf Course, and Commander’s Cottage, which hosts a museum.
Source: https://business.inquirer.net/501010/mvp-group-inks-25-yr-john-hay-lease-bcdas-first?fbclid=IwY2xjawHysPtleHRuA2FlbQIxMAABHTNGmEv3JXJEZ7Qfk3REDGxlF1xdmYlem-sIiODqdWjQsvIJX0RZBGAeEA_aem_pvVQvWLBIbeX1Nce4GoKHg
