[ Malaya.com.ph [ October 22, 2010
The Bases Conversion and Development Authority (BCDA) has extended the deadline for the submission of eligibility documents by developers who want to challenge the unsolicited proposal of SM Land Inc. (SMLI) for the development of a 33.1-hectare military lot in South Bonifacio, BCDA executive vice president Aileen R. Zosa said.
Zosa said the 30-day extension to November 19 from October 20 would allow more time for the BCDA, the Department of National Defense and the Armed Forces of the Philippines to resolve certain issues on relocation and replication of facilities located on the property, among others.
Zosa said all proponents will be advised of the revised timetable of activities on the bidding process.
This is the second extension from the original deadline of September 20 after one firm sought during a pre-eligibility conference for time to gather requirements from government offices.
Zosa said relocation and replication of the structures occupying the properties are crucial to the development timetable of the winning proponent and that the resolution of these issues will lower the risk for the proponents.
"This will certainly result in a more competitive selection process and will maximize the yield for the government," Zosa said.
Six real estate developers purchased the terms of reference (TOR) for the eligibility requirements for the competitive challenge for the selection of BCDA’s joint venture partner.
These were Ayala Land Inc. (ALI), Filinvest Land Inc. (FLI), Jones Lang La Salle-Leechiu (JLL), Megaworld Corp., Robinsons Land Corp. (RLC), and Rockwell Land Corp. (Rockwell).
The 33.1-hectare area up for bidding is composed of lots currently occupied in part by the Army Support Command and Special Services Unit of the Philippine Army and in part by the Bonifacio Naval Station and the Marine Corps otherwise known as the BNS/PMC/ASCOM/SSU property.
Under the Bonifacio South master plan, the area would be developed into a medium-to high-density residential and mix-use complex, with a strong institutional component. The maximum allowable gross floor area is 1.355 million sq.m.
The property is located along Lawton avenue and is separated from the Jusmag property by the NAMRIA area and a 6-hectare strip of land retained by the Army.
SMLI’s proposal offers an upfront cash of P2 billion upon signing of the JV contract and secured yearly revenues, totaling P25.9 billion for 20 years, for a present value of P36,900 per sq.m. Investment commitment of SMLI for the project stands at a minimum of P20 billion.
SMLI will advance the funds for and undertake the replication of military facilities affected by the development of the property.
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