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BCDA selling Taguig, Pasay properties for development

Posted on July 17, 2012 11:36:41 PM [ BusinessWorld Online ]

THE BASES Conversion and Development Authority (BCDA) has invited private sector parties to bid for three state-owned properties in Taguig and Pasay cities that are envisioned to be residential, retail and institutional sites. 

According to an invitation notice posted on its Web site yesterday, the state agency will auction off the:

• 3,099-square meter Eastgate Parking Facility along 14th Drive, Bonifacio Global City (BGC);

• 1,244-square meter Sampaguita East Ramp Lot along C-5 Road, Taguig City; and

• 5,005.13-square meter old Nichols Driving Range and the 5,389.00-square meter Nichols Loop along South Luzon Expressway, Pasay City.

The Eastgate property, which has a minimum bid price of P122.41 million, is located near BGC’s Manila Electric Co. substation and is envisioned to be a parking facility with retail spaces.

The Sampaguita property, which comes with a minimum price of P28.76 million, lies across Market! Market! mall and is expected to be a mixed-use complex.

The Nichols properties have a joint floor price tag of P89.59 million and are located near the Sales Interchange and Villamor Air Base. Institutional developments such as schools, hospitals and government offices are envisioned there, BCDA said.

“All these properties are vacant, with no structures or informal settlers,” Nena D. Radoc, BCDA asset disposition program-3 committee chairman, said in a telephone interview yesterday.

The properties’ terms of references will be made available from today until July 31, with pre-bid conferences to be held on July 30 for the Nichols properties, July 31 for the Eastgate property, and Aug. 1 for the Sampaguita property, the notice read.

JUST RIGHT

BCDA said it is confident that these properties will be sold due to their strategic locations and size.

“For one, these properties are located in highly developed areas, and one of the fastest-growing areas in Metro Manila,” Ms. Radoc said.

The Nichols properties are located near the Ninoy Aquino International Airport and Newport City, home to Resorts World Manila, the country’s first privately run casino resort complex, while Sampaguita and Eastgate properties are located near or within BGC, one of the country’s premier commercial and business districts.

“Secondly, their sizes [are] not really that huge... are not ‘unreachable’ in terms of price, and in terms of potential for the purpose they were intended,” Ms. Radoc added.

She said a number of companies had already signified their interest in the properties, though she declined to identify them.

BCDA, which was formed in 1992, is engaged in public-private partnerships involving public infrastructure and real estate, having developed former US military base lands and Metro Manila camps into economic and investment locations, according to the agency’s Web site.

In addition to BCDA-administered zones in Taguig and Pasay cities, the agency is also developing other areas in Pampanga, Baguio City, La Union, and Bataan, and is set to develop the Diosdado Macapagal International Airport in Clark, Pampanga.

Earlier this year, BCDA said it expects to double its full-year revenues to approximately P4 billion on the sale of prime government-owned properties. -- Franz Jonathan G. de la Fuente  
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