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Megaworld secures dev’t deal for Jusmag property


03/19/2010 [ tribune.net.ph ]

Property developer Megaworld Corp. has won the contract to develop the prime 34.5-hectare former property of the Joint United States Military Assistance Group (Jusmag) along Lawton Avenue in Fort Bonifacio, Taguig City at the back of posh Forbes Park.

Bases Conversion and Development Authority (BCDA) executive vice president Aileen Zosa said Megaworld gave the top bid for the competitive selection for BCDA’s joint venture development partner following the declaration of Megaworld’s proposal as the most advantageous proposal and after the completion of the post-qualification as provided for in the terms of reference.

Zosa stressed that the competitive selection process was started in December 2009, went through an eligibility phase in January 2010, and on to the submission of final and technical proposals last March 3.

“This bidding which spans almost five months will culminate in the signing of the joint venture agreement before end-April 2010,” Zosa added.

Megaworld’s bid price of P31,111 per square meter (sq.m.) for the 345,042-sq.m. Jusmag property outbid the proposals of the consortium of Filinvest Land Inc. and Filinvest Alabang Inc. which offered P26,187.51 per sq.m.; Ayala Land Inc., P25,100 per sq.m.; and Robinsons Land Corp.’s P23,888 per sq.m.

In the Megaworld proposal, the nominal value of secured net cash inflows to BCDA amounts to P22.29 billion over 23 years compared to the consortium of Filinvest Land Inc. and Filinvest Alabang Inc., P17.03 billion; Ayala Land Inc., P13.766 billion; and Robinsons Land Corp., P12.59 billion.

Zosa said that the planned development of the Jusmag property is “primarily residential, with retail use only allowed as support to the residential area.”

She noted that the maximum allowable gross floor area for the said property is 1.383 million sq.m.

The minimum investment commitment of the winning private sector partner Megaworld Corp. is P18.8-billion over a period of 20 years.

Zosa said that the development of the Jusmag property would generate funds for the AFP modernization program and BCDA’s conversion program.

She added the development of the property would be a significant contribution to the government’s economic program, considering the job creation and multiplier effects arising from the development.

Ayen Infante

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