By Ma. Elisa P. Osorio (The Philippine Star) Updated September 14, 2010 12:00 AM
MANILA, Philippines - Henry Sy led SM Group and George Ty’s Metrobank are interested to buy a prime government lot in Roxas Boulevard with an estimated value of P2 billion, a source privy to negotiations said yesterday.
In an interview, the source, who is also interested in participating in the public bidding for the lot, said that the prime lot is a reclaimed area near the SM Mall of Asia.
The more than two-hectare parcel of land is near the Toyota property in Roxas Boulevard and is at the back of the Entertainment City. It is between EDSA and the Le Pavillon of Toyota and is at the vicinity of the Mall of Asia. The Sy family owns the Mall of Asia while the Ty family owns Toyota in the Philippines.
The lot is owned by the Philippine Reclamation Authority (PRA). In a telephone interview, PRA Division Manager for Business Development Nancy L. Bueno confirmed that they are in the process of fixing the bidding for the lot which is located in the Central Business Park One.
Bueno said that there is still no schedule for the bidding because they might even consider simply leasing out the land. She said the bidding may be ready by next month but it will definitely be completed before the end of the year.
Meanwhile, the source said the bidding for this will happen very soon even if there are still constructions on the site because the PRA is digging a deeper drainage system.
The lot contains the drainage system that extends all the way to Pasay City. The drainage is still open and the government hopes to complete their digging project before finally selling the piece of land. Roads will be built on top of the drainage system.
The source said the PRA has assured them that developing the property will not damage the drainage system beneath it because the drainage is deep enough. Also, the businessman said the development will not result in floods or any problems in the reclaimed area.
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