AlloyMTD allots P13 billion for national gov’t center in Clark
KUALA LUMPUR — Construction firm AlloyMTD Group is planning to allot around P13 billion for the first phase of the National Government Administrative Center (NGAC) in Clark, Pampanga.
AlloyMTD Philippines President Patrick Nicholas P. David said about 70% or P9.5 billion will be sourced through bank loans, while the rest will be internally generated funds.
Mr. David said AlloyMTD, the Philippine unit of Malaysian investment holding company MTD Capital Bhd., is currently in talks with two local banks.
“We are waiting for the final approval... in the next month or so,” Mr. David told reporters Tuesday night.
MTD Capital won the bid to develop the 220- hectare NGAC, designed to be a hub for administrative government offices. The company broke ground for the first phase in January.
Phase 1-A will cover 40 hectares and will consist of an Olympicsized stadium with 20,000 capacity; a hub for athletic and aquatic sports; and a village for athletes competing in the Southeast Asian Games.
The company is targeting to complete Phase 1- A by Oct. 15 2019, in time for the Southeast Asian Games scheduled to start on Nov. 30, 2019.
Mr. David said the stadium will similar to Malaysia’s National Stadium which has an 85,000 capacity. The sports complex was designed by MTD.
“It will be a challenge but we have to deliver,” Mr. David added.
Phase 1-A will also include development of residential units for around 1,000, which will cater to government workers who may opt to transfer to Clark next year.
Meanwhile, Phase 1-B will cover the initial construction of government offices and residential spaces on a 20-hectare property. It is expected to be finished by 2020.
There will be five phases of development for the NGAC project, which was patterned after Malaysia’s Putrajaya and Sejong City in South Korea.
Initially estimated to cost P120 billion, the project cost may escalate in the coming years, Mr. David said.
“We will have to review the market every now and then,” he said, noting the project will have to complement the government’s master plan for the Clark Special Economic Zone.
MTD Capital has created a joint venture company with the Bases Conversion and Development Authority for the NGAC project. The Philippine Competition Commission approved the joint venture on March 13, saying it “will not have any substantial structural effect on the market.”