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.