Vol. XXII, No. 43 [ BusinessWorld Online ]
Wednesday, September 24, 2008 | MANILA, PHILIPPINES
STATE-RUN BASES Conversion and Development Authority (BCDA) will bid out an 8.4-hectare former military property in Taguig next month.
BCDA Vice-President Aileen R. Zosa said the starting price for the lots in Fort Bonifacio is P34,000 per square meter.
If the whole property — the size of around 20 football fields — is sold at the floor price, it can fetch roughly P2.85 billion.
"[We’re expecting bids] from large developers like Megaworld [Corp.] and Ayala [Land Inc.]," Ms. Zosa said in a telephone interview on Monday.
China-based Shimao Group had submitted a proposal covering only seven hectares of the lots even before the bidding was opened, but the BCDA rejected the proposal in the absence of clear rules on unsolicited proposals.
BCDA said it would invite the Chinese group to participate in the coming bidding.
"We will also start the disposition [of a one-hectare property] in Villamor Airbase," Ms. Zosa said, noting that the lot is currently occupied by a golf driving range. She declined to go into details.
The BCDA, the agency tasked to transform former US military bases for civilian use, is expected to hit its P5-billion revenue target this year, Ms. Zosa said.
She said the BCDA made P2 billion when the Net Group won the contract to develop several Taguig lots in April.
"We still don’t know the full extent of the impact of the US financial crisis [on the Philippines] but there’s still a lot of interest in the real estate sector," Ms. Zosa said. — Jessica Anne D. Hermosa