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SM Land offers P48 billion for development of Fort Bonifacio lot

By Ma. Elisa P. Osorio (The Philippine Star) Updated August 13, 2010 12:00

MANILA, Philippines - Henry Sy-led SM Land Inc (SMLI) has offered nearly P48 billion to develop a 33.1-hectare lot south of Fort Bonifacio in Taguig City.
The Bases Conversion and Development Authority (BCDA) has called for counter-proposals to SMLI’s unsolicited bid for the property occupied by the Philippine Army and Philippine Navy.
BCDA said interested developers will have to top SMLI’s proposal to put out P2-billion upfront cash upon contract signing and remittances worth P25.9 billion over 20 years. SMLI will also be investing another P20 billion to develop the area, and has promised to advance the funds for relocating the military facilities.
Under the government’s joint venture rules for such “Swiss Challenges,” SMLI will bag the contract if it can match the highest counter-offer.
The property is composed of lands presently occupied in part by the Army Support Command (ASCom) and Special Services Unit (SSU) of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.
Under the Bonifacio South master plan for the lot, the area would be developed into a medium-to high-density residential and mix use complex, with a strong institutional component and has a maximum allowable gross floor area of 1.355 million sq.m.
BCDA is confident that the government will be able to take advantage of the strong real estate sector at present. The disposition will also answer in part the urgent need for funds for the AFP Modernization Program and other government projects.

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