The Bases Conversion and Development Authority (BCDA) has successfully secured its first-ever long-term residential lease agreement with Metro Pacific Investment Corp. (MPIC) Director Victorico “Ricky” Vargas, signaling a bold step forward in the redevelopment and revitalization of this iconic destination.
Following the Supreme Court victory allowing BCDA to recover the Camp John Hay property, the MPIC director signed a fresh 25-year residential lease contract with the state-run agency for two Forest Cabin units, which he previously leased with CJH Development Corporation (CJH DevCo).
This affirmation and vote of confidence underscores BCDA’s stellar track record and vision to unlock the full potential of John Hay as a premier investment and tourism destination.
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.
This partnership not only highlights the growing investor confidence in the Camp John Hay area but also marks a milestone in the project’s development, blending residential living with the natural beauty and eco-tourism opportunities 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 CEO Joshua M. Bingcang said.
Engr. Bingcang emphasized BCDA’s dedication to ensuring a cooperative and harmonious business atmosphere in the years to come. He also shared that more contracts of this nature are expected to be signed soon.
Moreover, Bingcang urged individuals who had signed lease contracts with CJH DevCo to engage with BCDA to facilitate a smooth transition.
On 12 December 2024, the Supreme Court upheld an arbitral ruling that ordered CJH DevCo to vacate the property it previously leased from BCDA, reinforcing the importance of upholding legal agreements.
Also present during the signing ceremony were BCDA Chairperson Hilario B. Paredes and Head of Landco Lifestyle Ventures Mr. Patrick Gregorio.