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BCDA: Big firms keen on 33-hectare property

By Julito G. Rada | Posted on Jan. 07, 2013 at 12:01am
State-run Bases Conversion and Development Authority expects top foreign and local real estate firms to join the auction for a 33.1-hectare property in Taguig City.
 “We are optimistic that the top real estate companies, both foreign and local, will participate in the bidding of Bonifacio South Pointe,” BCDA president and chief executive Arnel Paciano Casanova said over the weekend, adding the country’s economic fundamentals pointed to a healthy and promising real estate environment this year.
BCDA published the terms of the bidding for a joint-venture partner to develop the property in local and foreign papers.
The BCDA invited bidders to apply for eligibility and submit proposals for a 55-percent share in an incorporated joint venture, in which the BCDA will hold a 45-percent share. The joint venture will own and develop the property.
BCDA also said the terms of reference for the bidding can be purchased until Feb. 15, 2013.
BCDA Asset Disposition Program Committee chairman Nena Radoc said interested bidders can submit their letters of intent to her office at the BCDA Corporate Center in Bonifacio Global City and purchase the terms of reference for a non-refundable fee of P500,000, or $12,200.
BCDA said the variable component of the financial bid must be no less than P13.2 billion, or approximately $323,498,748 based on an exchange rate of P41:$1. The agency also said the variable component would be in addition to the fixed component of P8.6 billion, which would be used as working capital of the joint venture corporation.
BCDA said it would hold a pre-bid conference on Jan. 18, 2013 at 1 p.m. at the BCDA Corporate Center to discuss inquiries from interested bidders.
The property is composed of lands presently occupied in part by the Army Support Command and Special Services Unit of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.
The land was transferred and subsequently titled to BCDA for disposition pursuant to the BCDA charter, which was passed into law in 1992 during the administration of the late President Corazon Aquino.
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