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Robinsons pursues FTI asset

By Jenniffer B. Austria | Posted on August 13, 2012 | 12:01am
[ manilastandardtoday.com ]

Robinsons Land Corp., the real estate unit of conglomerate JG Summit Holdings Inc., said it will aggressively bid for 74 hectares of the 103-hectare Food Terminal Inc. complex which the government is set to sell in an auction Tuesday.

Robinsons Land president Frederick Go said in an interview at the sidelines of the National Retailers Conference the company would participate in the public auction of the government property.  “Yes we will be submitting a bid,” he said.

Go said the company was seeking to transform the property into a mixed-use project with retail, office and residential developments.

Robinsons Land now has 32 shopping malls all over the country, including the newly opened Robinsons Magnolia located along Aurora Boulevard corner Hemady Street in Quezon City.

Robinsons Land, however, is expected to face strong competition from other real estate firms that also wanted to develop the FTI complex.

The government’s Privatization and Management Office said the public auction of 74 hectares of the 103-hectare agro-industrial complex Food Terminal Inc. in Taguig City is all set on Aug. 14, after it was postponed by almost a week to allow bidders more time to evaluate other information about the property.

The PMO said its bids and awards committee would start the bidding at 9 a.m. with a brief review of the bidding procedures that would benefit the media, public sector observers, and bidders who did not attend the pre-bid conference on July 20.

“However, bidders are aware that all clarification should already have been submitted to the PMO BAC five calendar days before the Aug. 14 bid submission deadline,” PMO chief Karen Singson said.

Singson said in pursuant to the bidding rules, auction participants would have until 11:30 a.m. Tuesday to submit their proposals to the PMO BAC in Makati City.  These documents will be immediately opened after the deadline of submission.

PMO said for the sale of the FTI complex, the government will use a two-envelope bidding procedure where bidders were required to submit their technical proposal separate from their price proposal.

Singson advised participants to synchronize their watches with the PMO clock and to send their duly authorized representatives to attend and witness the bid proceedings.

The public auction of the FTI will be held at AIM Conference Center Manila in Makati City.

Last month, Singson said the sale of the industrial complex would finally push through after seven property developers qualified for the auction.

The bidders that will try to outbid each other include Robinson’s Land, Empire East Land, Ayala Land Inc., Rockwell Land Corp., Century Properties Group Inc., SM Land Inc. and Filinvest Land Inc.

The government is looking to sell the parcel of the industrial estate at a floor price of P10.2 billion, lower than the P12-billion valuation of the property. Proceeds of the sale would go to the Comprehensive Agrarian Reform Program and the Agriculture Department.

The government has been trying to sell the FTI complex since 2009. Previous attempts, however, resulted in failed biddings.

FTI is a 103-hectare agro-industrial commercial estate that was originally built to be a food processing and consolidation center for agricultural products. It houses more than 300 small-to-medium scale companies engaged in different industries such as manufacturing, garments and electronics.

The PMO said of the 103-hectare property, it would bid out only 74 hectares.  The remaining parcels will be used for other purposes.

Currently in the works is the Integrated Bus Terminal, a joint project of the Transportation and Public Works departments, which will be allotted five hectares within the complex. With Maria Bernadette Lunas
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