MANILA, Philippines - The Bases
Conversion and Development Authority (BCDA) is planning to conduct the bidding
for the 33.1-hectare Bonifacio South property next month, an official said.
“We will finalize the terms of
reference within this month so we can bid it out next month,” BCDA president
and chief executive officer Arnel Paciano Casanova told reporters in a chance
interview.
He said the property which is located
along Lawton Avenue, Bonifacio Global City (BGC) is being reappraised.
The BCDA announced earlier this month
it would put to auction the Bonifacio South property after scrapping the Swiss
challenge for the unsolicited proposal of SM Land, Inc. to develop the area.
The BCDA’s decision was made in line
with a directive from the Office of the President.
In August 2010, real estate firms were
asked to submit proposals to challenge the unsolicited proposal of SM Land for
the property.
The proceedings were put on hold
however, with a review by Malacanang of the lease and other issues.
Even with the unsolicited bid of SM
Land put aside, the latter can still participate in the bidding for the
property.
Casanova said competitive bidding for
the property would allow the BCDA to get both the best price and development
for the asset.
He noted that top real estate
developers participated in the recent tender of a portion of the Food Terminal,
Inc., which allowed the government to get good value for that property.
The BCDA intends to develop the
Bonifacio South property into a medium to high density residential and mixed
use area.
Firms that have indicated interest to
develop the property earlier are Ayala Land, Filinvest Land, Jones Lang La
Salle - Leechiu, Megaworld, Robinsons Land and Rockwell Land.
Apart from the Bonifacio South
property, Casanova said the BCDA is likewise planning to hold the tender for
the 1,000 square meter property beside the Everest Academy in BGC next month.
The property has been designated for
institutional use.
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