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Remaining Boni lots for sale

BY IRMA ISIP [ ] October 11, 2011

THE Bases Conversion and Development Authority (BCDA) is disposing of the remaining lots in Fort Bonifacio, according to Dean Santiago, vice president of BCDA.

Santiago said the BCDA has come out with the terms of references (TOR) on the sale of the last three small parcels of property that are ideal for commercial and support facilities for developments within the former military installation.

Santiago said the BCDA hopes to generate less than P500 million from the outright sale of the lots that include two properties with an area of 1,200 to 1,500 square meters each in Fort Bonifacio – the East Gate property and Sampaguita Ramp – and the one-hectare driving range at Villamor.

"This is part of the regular disposition of BCDA properties," said Santiago.

He said the Villamor property is ideal for institutions and schools as it is near the Philippine State College of Aeronautics. He added that the Sampaguita ramp is ideal for small commercial development.

Santiago said the East Gate lot is suited for parking.

He said the BCDA hopes to sign the contracts by early January.

He said the developments are mid-sized properties and that the BCDA does not expect to attract big real estate developers.

BCDA has generated a total of P51.307 billion from the disposition of Metro Manila camps from May 1993 to July 2011 and has remitted a total of P33.131 billion to the National Treasury covering the proceeds from both sale and non-sale transactions.

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