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3 developers keen on Taguig property

By Othel V. Campos | September 10, 2013 | manilastandardtoday.com

Filinvest Land Inc., Robinsons Land Corp. and R-II Builders Inc. have expressed interest to bid for the development of the 5.2-hectare prime property of state-owned Bases Conversion and Development Authority along the C-5 road in Taguig City.

BCDA president Arnel Paciano Casanova said the three companies purchased the terms of reference for the long-term lease and development of the Pamayanang Diego Silang commercial lots in Barangay Usuan, Taguig.

Casanova said the property is located near residential condominium developments such as Acacia Estates, Grace Residences, Rosewood Pointe, Royal Palm Residences, Cypress Towers and Pamayanang Diego Silang, making it a prime location for the development of a commercial complex.

“The location of the property has a captured market and ideal for a commercial complex that would cater to the needs of the residents living within the area,” Casanova said.

Casanova said aside from general commercial use, the property could be developed into a general residential area, institutional center and parks and recreation.

He said the 25-year long-term lease would begin with the signing of the contract and be renewable for another 25 years, upon mutual agreement of the parties.

BCDA asset disposition program committee head Nena Radoc said the lease payments for the first three years would be P93 million, inclusive of 12-percent value-added tax and payable in advance upon contract signing.

She said the minimum annual fixed lease for the fourth year was set at P53 million, inclusive of 12-percent VAT, based on a gross floor area of 37,000 square meters or lower.

Radoc said for a gross floor area developed in excess of 37,000 sq. m., the winning bidder should pay an additional lease equivalent to 70 percent of the average lease per square meter.

The fourth year fixed lease will be payable in advance on or before the third anniversary of contract signing. The succeeding annual lease payment will be subject to a 5-percent escalation every three years and payable in advance on or before the anniversary date.

The agency set the deadline for submission of the eligibility documents and the final proposals on Sept. 26.
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