Tuesday, April 8, 2008 [ philstar.com ]
State-run Bases Conversion Development Authority (BCDA) expects to earn more than P13 billion from the sale of its two properties in Fort Bonifacio.
“We are scheduled to sell Jusmag (Joint US Military Advisory Group) and the BNS marine headquarters early next year,” BCDA vice president Aileen Zosa told The STAR in an interview.
The undeveloped raw land is valued at P20,000 per square meter. Zosa said the value of the land may still go up depending on market demand.
The Jusmag property is 35 hectares while the marine headquarters is 33 hectares.
Using the current market value of P20,000 per square meter, the 68-hectare property is worth P13.6 billion.
Zosa said the 68-hectare land is for mixed use but it will predominantly be residential.
BCDA has been wanting to sell Jusmag for years but retired military officials who are housed in the area wanted to retain ownership of the property.
Last year, the Supreme Court ruled in favor of BCDA and asked the occupants to leave the military facility.
“We are now in the process of canceling the titles issued to the former occupants. We will be finished mid-this year,” Zosa explained.
Meanwhile, Zosa said they are negotiating with the military for the replication of the structures within the marine headquarters.
BCDA is required to replicate the existing military structures before it can sell or develop the land.
Zosa said one option is to require the developers to replicate the military facilities.
“If the Philippine army will agree, we would like to put all the military offices in one compound,” Zosa said.
The Philippine army property sits at a 100-hectare lot inside Fort Bonifacio.
BCDA is eyeing Chinese firm Shimao Group as a potential developer.
“The Shimao Group is most qualified and possesses the financial and capability and track record to compete for the development of any property in Fort Bonifacio,” Zosa said.
The Shimao Group is one of the biggest real estate developers in China.
The Shimao Group owns three listed companies namely the Shimao Property Hongkong, Shimao Stock, Shanghai and the Shimao International Off-shore in Hongkong.
The firm is involved in the development of high-end residential and commercial properties and five-star hotels.
It owns hotels in Australia, Russia , China and other countries in Southeast Asia.
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