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BCDA postpones bidding for Global City property

By Louella D. Desiderio (The Philippine Star) | Updated October 2, 2013 - 12:00am

MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) has extended the deadline to submit bids for the 5.2-hectare prime lot in Bonifacio Global City, following a request from an interested firm.

“We postponed the bidding to October 3,” BCDA Asset Disposition Program Committee chair Nena Radoc said in a text message yesterday.

The deadline for the submission of bids for the lease and development of the Pamayanang Diego Silang Commercial Lots in Brgy. Ususan in Taguig City was originally scheduled on Sept. 26.

Radoc said the BCDA decided to move the deadline for submission of bids to a later date to allow all interested firms to give their proposals, as one prospective bidder requested for an extension.

She declined to name the firm that made the request.

The three real estate developers that expressed interest by purchasing the Terms of Reference for the lease and development of the property are Filinvest Land Inc., R-II Builders Inc. and Robinsons Land Corp.
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The property being offered for bidding is ideal for a commercial complex as it is located in the immediate vicinity of a number of residential condominium developments such as DMCI’s Acacia Estates, SMDC’s Grace Residences, Rosewood Pointe, Royal Palm Residences, Cypress Towers, and Pamayanang Diego Silang.

The property up for bidding could be developed for residential use, general institutional use, as well as for recreation.

The BCDA intends to lease the property for 25 years, renewable for another 25 years, subject to an agreement with the winning bidder.

Upon contract signing for the lease and development of the property, the winning bidder would have to pay the lease payments for the first three years amounting to P93 million, inclusive of 12 percent value-added tax (VAT).

For the fourth year of the lease, the minimum annual fixed lease has been set at P53 million inclusive of 12 percent VAT, based on a Gross Floor Area (GFA) of 37,000 square meters (sqm) or lower.

For GFA developed in excess of 37,000 sqm, the winning bidder would have to pay an additional lease equivalent to 70 percent of the average lease per square meter as of the year of completion of such additional GFA.

The winning bidder has to give the payment for the fourth year fixed lease in advance, on or before the third anniversary of contract signing.

The succeeding annual lease payment, meanwhile, would be subject to five percent escalation every three years and must be settled on or before the anniversary date.

Created by Republic Act 7227 or the Bases Conversion and Development Act of 1992, the BCDA is mandated to transform former military bases and properties into alternative civilian use.
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