BCDA sets Bonifacio South bidding in October

Posted at 09/24/12 7:49 AM

MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) is planning to conduct the bidding for the 33.1-hectare Bonifacio South property next month, an official said.

“We will finalize the terms of reference within this month so we can bid it out next month,” BCDA president and chief executive officer Arnel Paciano Casanova told reporters in a chance interview.

He said the property which is located along Lawton Avenue, Bonifacio Global City (BGC) is being reappraised.

The BCDA announced earlier this month it would put to auction the Bonifacio South property after scrapping the Swiss challenge for the unsolicited proposal of SM Land, Inc. to develop the area.

The BCDA’s decision was made in line with a directive from the Office of the President.

In August 2010, real estate firms were asked to submit proposals to challenge the unsolicited proposal of SM Land for the property.

The proceedings were put on hold however, with a review by Malacanang of the lease and other issues.

Even with the unsolicited bid of SM Land put aside, the latter can still participate in the bidding for the property.

Casanova said competitive bidding for the property would allow the BCDA to get both the best price and development for the asset.

He noted that top real estate developers participated in the recent tender of a portion of the Food Terminal, Inc., which allowed the government to get good value for that property.

The BCDA intends to develop the Bonifacio South property into a medium to high density residential and mixed use area.

Firms that have indicated interest to develop the property earlier are Ayala Land, Filinvest Land, Jones Lang La Salle - Leechiu, Megaworld, Robinsons Land and Rockwell Land.

Apart from the Bonifacio South property, Casanova said the BCDA is likewise planning to hold the tender for the 1,000 square meter property beside the Everest Academy in BGC next month.

The property has been designated for institutional use.