Robinsons Land unit to develop prime Bonifacio South lot

Posted at 08/19/14 10:33 AM

MANILA, Philippines - A subsidiary of Robinsons Land Corp. won the right to lease and develop a prime lot along Lawton Avenue, south of Bonifacio Global City.

The Bases Conversion and Development Authority (BCDA) said RLC unit Altus San Nicolas Corporation signed last week the contract for the long-term lease and development of the Bonifacio South lot.

"We are confident that the development of the 5,000-sq.m. 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,” BCDA President and CEO Arnel Paciano D. Casanova said in a statement.

The 5,000-sq.m. Lawton Corporate Center lot is located between the National Mapping and Resource Information Authority (NAMRIA) and McKinley West.

Altus' winning bid was P560.8 million, including 12 percent VAT, for the first 14 years of the lease. The lease for the 15th year is at P50 million, including VAT, and subject to an annual escalation rate of 3 percent.

Casanova said that the lease is for 25 years and renewable for another 25 years. In lieu of lease renewal, Altus has the option to purchase the property based on its fair market value upon the expiry of the initial lease period.