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Ayala leads Fort bidders

[ ] March 5, 2010

Ayala Land Inc., the Filinvest group, Megaworld Corp. and Robinsons Land Corp. beat the March 3 deadline to submit bids for the contract to develop a 34.5-hectare property in Fort Bonifacio, the Bases Conversion Development Authority said Thursday.

Rockwell Land Corp. and San Miguel Properties Inc. did not pursue their bid for the property.

BCDA executive vice president and spokesman Aileen Zosa said the government agency was evaluating the bids of the four companies and planned to announce the results of the auction on or before March 17, 2010. BCDA hopes to sign a joint venture agreement with the winning bidder before the end of April.

Zosa said the BCDA had required a minimum investment commitment of P18.8 billion for the development of a property over a period of 20 years.

“The development will include the widening of Lawton Avenue to six lanes, then to eight lanes,” Zosa said.

BCDA has set the minimum price for the property at P19,000 per square meter and an upfront cash of P2.2 billion, inclusive of replication fund.

The BCDA had designated 20.76 hectares for mixed-use development, 2.02 hectares for recreation and open spaces, 0.62 hectare for utilities and 11.05 hectares as access lots, including a 0.97-hectare area reserved for the widening of Lawton Avenue.

The maximum allowable gross floor area for the property is 1.383 million sq. m.

The 34.5-hectare Jusmag property lies along Lawton Avenue in Fort Bonifacio, Taguig City at the back of posh Forbes Park.

State-owned BCDA is now pursuing the privatization of the Jusmag property after the Supreme Court restored ownership of the controversial property to the government.

Retired military generals who reside in the earlier contested government’s claim to the lot, resulting in a court case that lasted a few years before it was resolved early last year.

The court ruling canceled the title held by the retired generals.

The government has evicted the retired generals from the Jusmag property and plans to relocate them to another three-hectare property inside the former military camp.

The Jusmag property will form part of the first phase of the proposed Bonifacio South, which includes the 33.6-hectare ASCOM BNS Navy Headquarters and the 25.8-hectare NOVAI property. The two lots are also under court litigation. Julito G. Rada


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