By Zinnia B. Dela Peña (The Philippine Star) Updated March 19, 2010 12:00 AM
MANILA, Philippines - Upscale property developer Megaworld Corp., owned by tycoon Andrew Tan, bagged yesterday the contract to develop the 34.5 hectare Jusmag property in Fort Bonifacio into a mixed-use complex, at an estimated cost of at least P22 billion.
In a statement, the state-run Bases Conversion Development Authority (BCDA) said it has awarded the property to Megaworld after it submitted the highest bid of P31,111 per square meter, besting the bids tendered by three other real estate heavyweights – Ayala Land, Robinsons Land and Filinvest Land.
Megaworld’s offer, amounting to P10.73 billion, topped Filinvest’s P26,187.51/sqm; ALI’s P25,100/sqm and RLC’s P23,888/sqm bids.
The BCDA had earlier set a floor price of P19,000/sqm for the prime lot.
The property, located at the back of the posh Forbes Park, will be developed over a 20-year period. This brings to more than 100 hectares the total development portfolio of Megaworld in the burgeoning Fort Bonifacio, a former military complex.
Megaworld’s ongoing projects in the area are the 50-hectare McKinley Hill and the five-hectare Forbes Town Center. Megaworld is also the joint venture partner of BCDA in the development of a 15.4-hectare central business district project in the northern portion of Fort Bonifacio.
Out of the entire Jusmag property, 20.76 hectares are buildable, 2.02 hectares are reserved for recreation and open spaces, 0.62 hectare for utilities, and 11.05 hec-tares are reserved access lots, including the 0.97-hectare area reserved for the widening of Lawton Avenue.
The BCDA is expected to generate at least P6.55 billion in proceeds for the sale of the property.
Menwhile, Megaworld has committed to invest at least P15.6 billion over 20 years to develop the 8.38 hectare North Bonifacio Central District into a mixed-use complex.
Megaworld said it is confident about the long-term development potential of the property and remains firmly committed to the Bonifacio Global City as the upcoming premier central business district in the country.
The company’s proposal for the North Bonifacio lots is a mixed-use development of more than 500,000 square meters of gross floor area and is predominantly residential.
Megaworld currently has five townships within Metro Manila, as well as stand-alone projects in the Makati central business district. It also has about 275,000 square meters of business process outsourcing (BPO) office space and expects to complete another 60,000 square meters by yearend.
The company is launching five new residential condominium projects this year estimated to generate around P12 billion in sales. – with Ma. Elisa Osorio