MANILA, Philippines - State-run Bases
Conversion Development Authority (BCDA) said it is awaiting Malacañang’s
approval of its plan to dispose prime properties.
The sale of idle state assets in the
sprawling Fort Bonifacio complex in Taguig will generate as much as P40 billion
in revenues for the government, its top executive said.
“We are still waiting for the approval
of the President on our disposition plans,” BCDA president and chief executive
Arnel Paciano D. Casanova said.
“We have met with the Executive
Secretary already and with the Department of Finance representative so we
expect the asset disposition plan to be approved within the month,” he added.
BCDA plans to sell the 33.1-hectare
military lot in South Bonifacio and another 25-hectare lot also in Taguig.
Casanova said the proposal sent to
Malacañang lists all the properties the agency wants to develop or sell.
“For Fort Bonifacio, we are hoping to
dispose the property. We could expect about P35 billion to P40 billion,”
Casanova said.
In 2010, SM Land Inc., which handles
the SM Group’s commercial property development, submitted a P47.9-billion
unsolicited offer to develop the 33.1-hectare military lot.
But the potential Swiss challenge did
not push through as the offer underwent reviews by the new administration.
“We have submitted our recommendation
to the President and it is one of those issues we submitted to him,” Casanova
said, refusing to give more details on the asset sale.
But he said the goal is for the
government to receive the best value for the land.
“The general policy really is
competitive bidding because the assumption is the interplay of market forces
would create the best value for the property,” he said.
The South Bonifacio property consists
of lands partly occupied by the Army Support Command and Special Services Unit
of the Philippine Army, and the Bonifacio Naval Station and Philippine Marine
Corps of the Philippine Navy.
Casanova said they are also looking at
some strategic landbanking, which involves prime lots being offered for leasing.
Meanwhile, he said idle assets also in
economic zones like in Clark Field in Pampanga are not for sale but are open
for lease and development deals.
Other assets of BCDA include the Clark
Ecozone, Poro Point, John Hay Special Economic Zone and the Bataan Technopark.
The approval of the asset disposal
plan will allow BCDA to top its performance last year.
Casanova said the agency was not able
to sell any land last year.
Last year, BCDA signed a deal allowing
the Metro Pacific-led Manila North Tollways Corp. to manage and operate the
Subic Clark Tarlac Expressway for 33 years.
“Now we want to dispose major
properties in the area to capitalize on the confidence of the market,” Casanova
said.
Following the financial crisis,
property developers have been launching projects at a brisk pace to take
advantage of robust demand from the residential, office and retail sectors.
Casanova said higher investor
confidence will benefit the property sector, particularly the office segment,
as businesses expand in the country.
BDCA had raised P52.816 billion from
the disposal of military camps in 1993 to November 2011, allowing it to remit
P33.306 billion to the National Treasury.
___________________________________________________________
