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Jusmag property sale set this year

Wednesday, April 29, 2009 [ ]

STATE-RUN Bases Conversion and Development Authority (BCDA) said it is eyeing to dispose of the Joint US Military Advisory Group (Jusmag) property this year on top of the 8.38-hectare North Bonifacio lots announced earlier.

Aileen Zosa, BCDA vice president for business development, told reporters that the agency has yet to determine whether to undertake a regular bidding or use the National Economic and Development Authority’s (NEDA) Detailed Guidelines for Competitive Challenge Type Procedure for Public-Private Joint Ventures in disposing of the 35-hectare Jusmag property.

Zosa said Jusmag is appraised at between P10,000 and P15,000 per square meter, as the property is raw land.

She said Jusmag and several adjacent Fort Bonifacio properties are undergoing master planning, which would be completed by end-May.

With a master plan, the price of the property would go up, she said.

Zosa said Filipinas Dravo and Parsons Brinkerhoff are jointly working on Jusmag’s master plan, and they would recommend possible land use, densities, road networks, utilities, leasing plan, among others. This master plan would as well give a financial projection of the minimum bid price, she said.

“[BCDA will have] a better idea of the target [disposition] price after May,” she said.

Zosa also said the master plan would include the expansion of Lawton Avenue to six lanes to improve transportation access in the area.

She said BCDA already has the land titles to the Jusmag lots. Jusmag was previously a subject of a case between the government and some retired military officials claiming ownership of the property.

-- Ben Arnold O. de Vera


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