BAGUIO CITY – The Bases Conversion and Development Authority (BCDA) has signed lease agreements with a homegrown restaurant and a leisure and tourism company, bringing at least PHP35 million in committed investments to Camp John Hay.
Baguio-based Sizzling Plate will invest PHP15 million to establish a new branch on a 500-square meter property within the reservation.
The homegrown steakhouse, which has served the city’s dining scene for 47 years, is expected to begin operations within a year from the signing of the lease agreement. It currently operates three branches in Baguio.
“Through these lease agreements, we are opening more opportunities for private sector partners to invest in the Bases Conversion and Development Authority (BCDA) properties and develop facilities that respond to the needs of visitors, businesses, and surrounding communities,” BCDA President and Chief Executive Officer Joshua Bingcang said in a statement.
The BCDA also signed a lease agreement with Zoo and Theme Park Services Inc. for the development of an integrated educational family adventure park.
The proposed development will feature a nature adventure park and other facilities under its approved development plan.
The company has committed to invest at least PHP20 million in the property within 10 years from the signing of the agreement.
The project will also adopt green development principles, including measures to reduce greenhouse gas emissions, water and power consumption and waste generation.
The BCDA said the lease agreements are part of its efforts to maximize the use of government properties while creating economic opportunities for surrounding communities.
“These projects will help generate economic activity, create jobs, expand leisure and tourism offerings, and make productive use of our properties,” Bingcang added.
Manjit Singh Reandi, president and CEO of John Hay Management Corp., a BCDA subsidiary, said the company continues to attract investors to the reservation while ensuring that development does not compromise its forest cover and family-oriented character. (Liza Agoot/PNA)
MORE INVESTORS. Homegrown restaurant Sizzling Plate and Zoo and Theme Park Services Inc. are set to bring a combined PHP35 million in investments to Camp John Hay following the signing of lease agreements with the Bases Conversion and Development Authority. The homegrown steakhouse, which has served the city’s dining scene for 47 years, is expected to begin operations within a year from the signing of the lease agreement. (PNA file photo by Liza T. Agoot)