Friday, September 24, 2010

BCDA extends deadline for Bonifacio South

By Ben Arnold O. De Vera
The Manila Times, Tuesday, 21 September 2010

State-run Bases Conversion and Development Authority (BCDA) said it gave prospective bidders for the Fort Bonifacio property it is privatizing another month to prepare their elibility documents.

In a text message on Monday, Aileen Zosa, BCDA executive vice president and spokesperson, said that bidders for the 33.1-hectare Bonifacio South property can submit their eligibility documents until October 20.

The official said the agency granted the extension because bidders had asked for an extension.

Real estate giants Ayala Land Inc., Filinvest Land Inc., Jones Lang LaSalle Leechiu, Megaworld Corp.,Robinsons Land Corp. and Rockwell Land Corp. have expressed interest to challenge SM Land Inc.’s bid to develop the Bonifacio South lot covering the Philippine Army’s Army Support Command (ASCOM) and Special Services Unit (SSU), as well as the Philippine Navy’s Bonifacio Naval Station (BNS) and Philippine Marine Corps. (PMC).

SM Land had submitted to BCDA an unsolicited proposal to develop Bonifacio South for a minimum investment commitment of P20 billion.

The company’s bid offers an upfront cash amounting P2 billion upon signing the joint venture (JV) contract and also secured annual revenues of P25.9 billion, for a present value of P36,900 per square meter, for 20 years.

SM Land’s proposal will be subjected to a Swiss challenge, under Annex C of the National Economic and Development Authority’s JV Guidelines.

Under the Bonifacio South master plan, the BNS/PMC/ASCOM/SSU lots would be developed into a medium- to high-density residential and mixed-use complex, with a maximum allowable gross floor area of 1.355 million square meters.

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