MANILA - Property giant Megaworld Corp. of tycoon Andrew Tan has been awarded the contract to develop the 8.38-hectare property of the Bases Conversion Development Authority (BCDA) in the Bonifacio Global City.

BCDA declared Megaworld as the winning private proponent in a proposed joint venture with the government for the development of the prime Bonifacio property.

Signing of the joint venture agreement is scheduled on October 8, 2009 upon approval by the Office of the Government Corporate Counsel of the draft contract.

Megaworld trumped rival Robinsons Land Corp. in a competitive challenge for the joint venture project by increasing its cash offer to P3.1511 billion, slightly higher than the latter's P3.1507 billion.

Megaworld said it would spend P20 billion to transform the BCDA property into a mixed-use complex, with focus on the residential component.

The company is one of the most profitable real estate players in the Philippines, with cash resources of P15.7 billion as of end June 2009. It pioneered the development of community townships that fit a "live-work-play-learn" mold.

To date, Megaworld has 5 township projects within Metro Manila, as well as stand-alone projects in the Makati central business district.