SC stops bidding of Bonifacio South property

Posted at 01/11/2013 6:19 PM

MANILA, Philippines - The Supreme Court stopped the Bases Conversion Development Authority (BCDA) from bidding out the P13.3 billion Bonifacio South Pointe property.

The High Court's third division granted the temporary restraining order sought by SM Land Inc.

"The Court resolved to issue a temporary restraining order enjoining respondents or any of their representatives or agents from proceeding with the bidding process subject of its 'invitation to bid' and in any way disposing of the subject lot which acts tend to render the Court's resolution of the petition ineffectual, effective immediately until further orders from the Court," the order said.

The SC gave the BCDA up to January 21 to comment on SM's petition.

SM was the original proponent for the development of the Bonifacio South property. The company, owned by tycoon Henry Sy's family, brought the case to the High Court after BCDA decided to hold a public bidding for the property.

Earlier this week, the BCDA published an invitation to bid for the joint development of the 33.1-hectare Bonifacio South Pointe property.

BCDA has said no contract has been awarded to SM. It had claimed SM Land's offer of P36,900 per square meter was too low for the prime property, especially since the nearby areas are now valued at P70,000 to P80,000 price per square meter.

The Bonifacio South Pointe property is composed of areas occupied by the Army Support Command and Special Services Unit of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.

These lands were transferred and subsequently titled to BCDA for disposition under the BCDA charter, which was passed in 1992.