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GT Capital eyeing Pasay reclamation

By Jenniffer B. Austria | Nov. 18, 2013 at 12:02am [ ]

GT Capital Holdings Inc., the holding company of tycoon George Ty, has expressed interest to contest the P54.5-billion offer of SM Group for the 300-hectare reclamation project in Pasay City.

GT Capital became the second company to contest the unsolicited proposal of SM Land, after developer Ayala Land asked Pasay City Mayor Antonino Calixto to extend the Nov. 4 deadline for the submission of counter bids.

GT Capital president Carmelo Maria Luza Bautista said in an interview the company was very much interested in participating in the bidding for the proposed reclamation of Manila Bay in the western section of Pasay City. “We are very much interested in the project. We wrote Mayor Calixto to express our interest on the project,” Bautista said.

Bautista said GT Capital was interested in the project because it already has an existing 300-hectare reclaimed property along Roxas Boulevard. He said the company was in talks with various parties as possible partners for the proposed project.

The company, which owns Federal Land Inc., said it was also open to possible partnership with other interested bidders, including Ayala Land Inc. and SM Land Inc.

Bautista, however, said it would take several months before the company could come up with a masterplan for the project and was thus supporting Ayala Land’s proposal to delay the bidding schedule.

SM Land earlier submitted an unsolicited proposal to reclaim 300-hectares of land for P54.5 billion.

Ayala Land’s proposal to extend the deadline for the submission of a counter bid was earlier rejected by the Pasay City government.

The Pasay City government published the notice of unsolicited proposal and invitation for competing proposals on Oct. 1 and gave all interested parties until Nov. 4 to submit counterproposals to the bids and awards committee

Meanwhile, Bautista said GT Capital was on track to hit a net income of P9.5 billion this year, after consolidated profit in the first nine months grew 44 percent to P7.7 billion from P5.3 billion a year ago.

Nine-month consolidated revenues surged 362 percent to P77.2 billion from P16.7 billion year-on-year, on larger income contributions from banking and insurance subsidiaries and higher real estate revenues from property unit.

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