By Othel V. Campos | Aug. 20, 2014 at
12:01am [ manilastandardtoday.com ]
State-owned Bases Conversion and
×Development Authority and Altus San Nicolas Corp., a subsidiary of Robinsons
Land Corp., recently signed a contract for the long-term lease and development
of a prime lot along ×Lawton Avenue in Bonifacio Global City.
“We are confident that the development
of the 5,000-square-meter Lawton Corporate Center lot by ×Altus will augur well
for the country’s economy as the development will serve as a catalyst to
generate more jobs and investments in the area,” said BCDA president and chief
executive Arnel Paciano Casanova.
Altus submitted the winning bid of
P560.8 million during the Aug. 14 auction.
The bid called for the advance lease
and development of the lot for the first 14 years at a minimum bid of P560
million, inclusive of 12-percent value added tax.
Casanova said the lease covered a
period of 25 years and would be renewable for another 25 years.
Under the terms of reference, the
lease for the 15th year is P50 million and subject to an annual escalation rate
of 3 percent, payable in advance on or before the anniversary date.
Altus has the option to purchase the
property based on its fair market value upon the expiry of the initial lease
period.
The Lawton Corporate Center lot is
located along ×Lawton Avenue, between the ×National Mapping and Resource
Information Authority and McKinley West, a high-end mixed-use development which
is a joint-venture project of BCDA and Megaworld Corp.
_______________________________________________________________
