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BCDA seeks developer of 5-hectare C-5 lot in Taguig

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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