[ manilastandardtoday.com ] September 8, 2010
by Jenniffer B. Austria
Filinvest Land Inc., the property unit of taipan Andrew Gotianun Sr., has expressed interest to develop two lots in Fort Bonifacio, Taguig City.
Filinvest Land said in a disclosure to the stock exchange that it submitted an unsolicited proposal to transform the 101,181-square meter diplomatic and consular area in the former military camp into a mixed-use type of development. It said it team up with affiliate Filinvest Alabang Inc. to develop the property.
Filinvest Land earlier said it was interested in bidding for a separate 33.1-hectare Fort Bonifacio property. The company is one of six builders that may counter SM Land Inc.’s P47.9-billion offer for the land, said Bases Conversion Development Authority vice president Aileen Zosa.
Filinvest Land said it obtained documents from them and participated in the pre-eligibility conference held on Sept. 3.
SM Land earlier submitted an unsolicited proposal to develop the 33.1-hectare property. It offered an upfront cash of P2 billion on signing of the joint venture contract and secured yearly revenues for the government amounting to P25.9 billion in 20 years. SM Land also committed to invest P20 billion to develop the property.
Other developers that also expressed interest in the piece of land were Robinsons Land Corp., Ayala Land Inc., Megaworld Corp., Jones Lang LaSalle-Leechiu and Rockwell Land Corp.
The 33.1-hectare area is composed of lands presently occupied in part by the Army Support Command and Special Services Unit of the Philippine Army and by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.
Filinvest Land increased 1.6 percent to P1.30 Tuesday from P1.28 apiece Monday.
Filinvest Land’s 12-month share price estimate was raised 24 percent by CLSA Asia-Pacific Markets analyst Leo Venezuela, who cited “better landbank management.”
“Our target price remains realizable given Filinvest Land’s very inexpensive valuation,” said Venezuela, who forecast the stock will rise to P1.78 a share. The brokerage kept a “buy” rating on the shares, he said.
Filinvest Land is one of the country’s leading full range property developers with a diverse portfolio of real estate projects. The company has developed more than 2,000 hectares of land and created over 600,000 sq. m. of prime office, residential and retail spaces over the past four decades.
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