By Lailany P. Gomez | October 1, 2013
| BusinessWorld Online
SM Land Inc. submitted an unsolicited
proposal to the Pasay City government to invest P54.5 billion for the
reclamation and development of 300 hectares of Manila Bay in the western part
of the city.
Pasay City administrator Dennis
Bernard Acorda said in a notice of unsolicited proposal and invitation for
competing proposals SM Land was planning a joint venture agreement to reclaim
and develop 300 hectares of foreshore and offshore areas of Manila Bay.
SM Land offered to undertake and fully
finance the project, including the costs of all permits and clearances from
government agencies and the expenses to comply with all the government and
legal requirements.
“There will be no expense on the part
of the city government as its contribution to the joint venture will be its
authority, rights and privilege to undertake reclamation project in its
jurisdiction under existing laws,” Acorda said.
He said under the SM Land proposal,
the Pasay City government would be allocated at least 153 hectares or 51
percent of the area to be reclaimed including roads and open spaces.
The project is expected to be
completed within seven years from the issuance of the city government of the
notice to proceed and with a cost estimated at P54.5 billion, according to the
proposal.
Acorda said interested parties might
avail themselves of the copies of the more detailed notification of receipt of
unsolicited proposal and invitation for competing proposals from the office of
the city administrator, upon payment of the non-refundable bid document fees.
The Pasay City government’s
public-private partnership selection committee said counter-proposals could be
submitted by companies that had undertaken and completed a similar reclamation
project with an area of not less than 120 hectares preferably within the Manila
Bay area.
Acorda said the prospective bidders
should have a minimum net worth of P50 billion and should show proof, duly
supported by bank statements, Bureau of Internal Revenue, and certifications
acceptable to the Pasay City government, “that it can raise the total funding
needed to complete the project within the specified timeframe.”
Interested parties were given until
Oct. 4 to submit counter-proposals to the city government.
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