By Othel V.
Campos | Posted on Aug. 23, 2013 at 12:02am | manilastandardtoday.com
State-run
Bases Conversion and Development Authority will auction a 5.2-hectare prime
property in Taguig City for the development of a commercial complex.
The BCDA said
it was inviting interested parties to bid for the long-term lease and
development of the 52,225-square-meter Pamayanang Diego Silang commercial lots
in Ususan village, Taguig.
“The property
is located along C5 Road and Levi Mariano Avenue with a number of residential
condominium developments within the immediate vicinity, making the property a
prime location for the development of a commercial complex,” BCDA president and
chief executive Arnel Casanova said.
The BCDA will
hold a pre-bid conference at its office in Taguig to discuss the terms of
reference on Aug. 30.
The long-term
lease covers a period of 25 years that will start with the signing of the
contract and can be renewed for another 25 years upon mutual agreement of the
parties.
Casanova said
the property, which is classified as an urban core zone, should be developed in
accordance with the Comprehensive Land Use Plan of the city government of
Taguig.
He said the
property could be developed into general residential use, general institutional
use, and parks and recreation use aside from general commercial use.
An urban core
zone, under the comprehensive land use plan, is intended for compact and
planned unit developments that provide for the convenient proximity between
workplace, home and amenities. Publicly accessible and functional open spaces
are required for all developments.
The bid
contract requires a minimum lease amount of P93 million, inclusive of
12-percent value-added tax, for the first three years. The amount is payable in
advance upon contract signing, said BCDA asset disposition committee head Nena
Radoc.
She said the
minimum annual fixed lease for the fourth year, under the bid, is P53 million
inclusive of 12 percent VAT, based on a gross floor area of 37,000 square
meters or lower.
She said in
excess of 37,000 sqm, the winning bidder should pay an additional lease
equivalent to 70 percent of the average lease per square meter.
Radoc said
the fourth year fixed-lease should be payable in advance on or before the third
anniversary of contract signing, while the succeeding annual fixed lease should
be subject to five percent escalation every three years, and payable in advance
on or before the anniversary date.
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