MANILA - Property firm Filinvest Land, Inc. is joining the bid to develop the 8.38-hectare North Bonifacio lots in Bonifacio Global City in Taguig.

In a disclosure to the stock exchange, the Gotianun-led firm said it submitted on June 5 requirements to participate in the competitive challenge process to Bases Conversion and Development Authority, which is in-charge of the privatizing the property.

In April, competitor Megaworld Corp had made a bid of P33,283.88 per square meter, which FLI and other bidders have to match or beat. Thereafter, Megaworld would decide to match the others' bid for it to bag the deal.

BCDA, which scheduled the bidding next month, will award the project to the best bidder.

The North Bonifacio lots are worth a minimum of P2.7 billion.

BCDA is targetting to raise P4 billion this year from the sale of its two major remaining properties, namely, the 35.5-hectare Jusmag area located at far southern part of Fort Bonifacio and the 8.3-hectare North Bonifacio lots.