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Four listed firms again vying for a Fort Bonifacio lot

Posted on 10:20 PM, March 04, 2010 [ BusinessWorld Online ]


FOUR LISTED firms are again competing against each other for the contract to develop another military-owned lot in Fort Bonifacio, the state agency in charge of the auction yesterday said.

Ayala Land, Inc., Megaworld Corp., Robinsons Land Corp., and the consortium of Filinvest Land, Inc. and Filinvest Alabang, Inc. met a March 3 deadline for proposals after hurdling eligibility screening, the Bases Conversion and Development Authority (BCDA) said in a statement.

All firms previously came head to head when the 8.38-hectare "North Bonifacio" lot was bid out, with MegaWorld emerging as the winner.

This time the four are vying for a 34.5-hectare portion of the JUSMAG (Joint United States Military Advisory Group) land which lies along Lawton Ave. behind Forbes Park. The property has been tagged for residential use.

Ayala Land, Megaworld, and Robinsons Land have said this particular lot would complement their portfolios as they already have developments in the area.

Mybelle V. Aragon-Gobio, Robinsons Land vice-president, said the firm has five residential properties there with four already launched.

"Experience and financial capabilities, we have that," she added in a telephone interview.

Officials of the other firms could not be immediately reached to comment.

The state agency reiterated the lot’s floor price: P19,000 per square meter or a total of P6.55 billion. Bidders must also commit to invest at least P18.8 billion over 20 years.

Only 20.76 hectares of the JUSMAG lot can be built on with the rest reserved for open spaces, utility infrastructure, and the widening of Lawton Ave.

Rockwell Land Corp., declared eligible as well, did not submit a proposal, the BCDA said.

San Miguel Properties, Inc., meanwhile, was booted out of the auction for not having experience in a similar project that should cost at least P9.4 billion, BCDA Vice-President Aileen R. Zosa said in a text message.

Share prices of San Miguel Properties stood unchanged yesterday at P38.50.

Ayala Land share prices dipped 2.3% to P10.75.

Robinsons closed 3.6% higher at P14.25 yesterday; Megaworld’s rose by 1.5% to P1.32 apiece, while Filinvest Land likewise increased, by 2.3%, to P0.90. -- Jessica Anne D. Hermosa

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