The Bases Conversion and Development Authority (BCDA), as lessor, and Stern Real Estate and Development Corporation, as lessee, have formally executed a Contract of Lease for a 1,500‑square‑meter commercial lot, in addition to the existing leased area of Le Monet Hotel within the John Hay Special Economic Zone (JHSEZ).
The agreement, signed by BCDA President and CEO Joshua M. Bingcang and Stern Real Estate Executive Vice President Eric Owen G. Singson, Jr., grants Stern Real Estate a 25-year lease term. The property will be developed into retail and commercial spaces designed to complement existing hospitality and service facilities in the area, while strictly adhering to Green Development Principles and advancing gender-sensitive development.
The signing was witnessed by Manjit Singh Reandi, President and Chief Executive Officer of the John Hay Management Corporation (JHMC), underscoring collaborative stewardship and the shared commitment to sustainable growth in Camp John Hay.
Under the contract, Stern Real Estate is required to comply with all applicable environmental laws, rules, and regulations, including standards set by the proper authorities. This provision reflects the shared vision of BCDA and JHMC to champion sustainable development practices within the JHSEZ, ensuring that investments remain aligned with ecological responsibility and stakeholder welfare.
