Vol. XXI, No. 132
Tuesday, February 05, 2008 | MANILA, PHILIPPINES
THE BASES Conversion Development Authority (BCDA) will rebid its P1.9-billion prime property in the Bonifacio Global City within the first quarter after two failed biddings last year.
BCDA Vice-President Aileen Zosa said BCDA is set to publish an invitation to bid by mid-February.
The state’s bidding rules provide for a negotiated deal following two failed auctions, but in the case of the BCDA’s property — also known as the big delta lots — a third bidding will be conducted "to avoid any speculation," officials said.
The delta lots, also known as the site for a proposed Government Center for Investments, is valued at no less than P160,000 per square meter by the BCDA.
Ms. Zosa said her agency expects ample interest from prospective developers for the 1.2-hectare expanded big delta lots.
"We hope to name the winning bidder by March and have the contract signing by April," she said in an interview.
BCDA, which oversees development of former military lands, is selling its properties as part of the state-owned agency’s asset disposition program.
The big delta lots, considered as among BCDA’s prime properties, had earlier attracted the country’s top real estate developers.
Ms. Zosa said she expects a number of these companies to participate again in the third bidding.
BCDA last year said it would review its terms of reference in a bid to attract more property firms.
The proposals for the development of the big delta lots must include a development plan indicating proposed land use and corresponding gross floor areas for each use, conceptual design, features and amenities timetable for development.
The proposed development of the property involves medium- to high-density mixed-use projects, which may include — but will not be limited to — commercial, residential, recreational and institutional uses.
Top real estate developers including Ascendas, Ayala Land, Inc., Century Properties, Inc., Filinvest Land, Inc., IPM Realty Corp., Landco Pacific, ML&H Corp., Net-Trump Group, Philtown, Inc., and Robinsons Land, Corp. earlier expressed interest to develop the property. Their interest, however, was hinged on the terms of the bidding.
BCDA earlier said it expected to raise at least P7 billion in revenues this year from the sale of five premium properties in Fort Bonifacio Global City including the big delta lots.
These lots would be disposed of either as developed properties or via straight sale.
Others include the 1.3-ha. Villamor Driving Range for P195 million; the 7-ha. North Bonifacio Lots for P2 billion; the 6.7-ha. NCBD lots for P3 billion; and the 2.1-ha. PA SEG property for P150.24 million.
BCDA is targeting total revenues of about P7.275 billion.
The agency earned an estimated P900 million in revenues last year through the sale of various properties in Serendra, Market! Market! Mall, McKinley Hills and Villamor Airbase.
[ Published by : bworld.com.ph ] February 5, 2008
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