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Robinsons unit wins ×Bonifacio lot

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.
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