By Ayen Infante
The Daily Tribune, Friday, August 13, 2010
After the successful sale of the former Joint US Military
Advisory Group (Jusmag) property, the state-owned Bases
Conversion and Development Authority (BCDA) said it is
readying the disposition through joint venture of another
significant parcel in Bonifacio South.
BCDA has published a notice of invitation to firms seeking
to challenge the unsolicited proposal of SM Land Inc. (SMLI)
for the 33.1-hectare military area in Bonifacio South.
The property is composed of lands presently occupied in part
by the Army Support Command and Special Services Unit of the
Philippine Army and in part by the Bonifacio Naval Station
and Philippine Marine Corps of the Philippine Navy.
These lands were transferred and subsequently titled to BCDA
for disposition or sale. The property lies outside the areas
earlier identified by President Aquino for long-term lease to
generate funds to be used in augmenting the AFP modernization
budget in his State of the Nation Address.
The joint venture proposal submitted to BCDA by SMLI would be
subject to competitive challenge as required under the National
Economic and Development Authority joint venture Guidelines.
SMLI’s proposal offers an upfront cash of P2 billion upon
signing of the JV contract and secured yearly revenues, totaling
P25.9 billion for 20 years, for a present value of P36,900 per
square meter. Investment commitment of SMLI for the project
stands at a minimum of P20 billion.
SMLI has also committed to advance the funds for and undertake
the replication of military facilities affected by the
development of the property. Final determination of the
replication cost of affected military facilities is currently
being undertaken.
Under the BCDA law, bulk of the disposition proceeds from Fort
Bonifacio and Villamor Air Base will go to the AFP Modernization
Fund which urgently needs more cash infusions as well as the AFP
replication and relocation expenses. As of December 31, 2009,
BCDA has generated P46.495 billion in disposition proceeds.
Under the Bonifacio South master plan, the proposed area for
disposition would be developed into a medium- to high-density
residential and mix use complex, with a strong institutional
component and has a maximum allowable gross floor area of 1.355
million sq.m.
The property is located along Lawton Avenue and is separated
from the JUSMAG property by the NAMRIA area and a sic-hectare
strip of land retained by the Philippine Army.
The 2009 bidding for the JUSMAG property under Annex A of the NEDA
JV Guidelines yielded a present value of secured net cash inflows
of P31,111 per sq.m., under which the upfront cash was P1.5 billion
upon contract signing, secured yearly revenues totaling P20 billion
over 22 years and P700 million will be advanced for the replication
of the military quarters occupying the JUSMAG property. Minimum
investment for the development of the JUSMAG property is P22 billion.
The projected yields under proposals submitted by interested private
sector proponents for both JUSMAG and the new area are way above
third party appraisals of P15,000 per sq.m. and P8,000 per sq.m.,
respectively, conducted on the properties in 2009.
BCDA is confident that in this disposition, the government will be
able to take advantage of the strong real estate sector at present.
The disposition will also answer in part the urgent need for funds
for the AFP Modernization Program and other government projects.
Sunday, August 22, 2010
BCDA seeks challengers to SM bid
By Abigail L. Ho
Philippine Daily Inquirer, Friday, August 13, 2010
THE BASES Conversion and Development Authority is seeking
challengers to the unsolicited proposal of SM Land Inc.
for a joint venture to develop a 33.1-hectare property in
Bonifacio South.
The property up for development is composed of parcels of
land currently occupied by the Army Support Command (Ascom)
and Special Services Unit (SSU) of the Philippine Army and
the Bonifacio Naval Station (BNS) and Philippine Marine
Corps (PMC) of the Philippine Navy.
The Bonifacio South master plan provided for the development
of the BNS/PMC/Ascom/SSU area into a medium- to high-density
residential and mix-use complex, with a strong institutional
component and a maximum allowable gross floor area of 1.355
million square meters.
The entire property is located along Lawton Avenue, separated
from the Jusmag property by the National Mapping and Resource
Information Authority area and a six-hectare strip of land
retained by the Philippine Army.
In its unsolicited proposal, SM Land offered an upfront cash
payment of P2 billion upon the signing of the joint venture
contract with the BCDA.
It also committed secured yearly revenues amounting to P25.9
billion for 20 years or P36,900 per square meter.
Also, SM Land also offered to advance the funds needed to
replicate the military facilities that would be affected by
the development.
No amount has been set for this part of the venture, as the
BCDA was still determining the cost of the replication project.
SM Land’s proposal, however, was still subject to competitive
challenge under Annex C of the National Economic and Development
Authority Joint Venture Guidelines.
The BCDA expects yields from the Bonifacio South development to
be significantly higher than third-party appraisals of the property.
An appraisal done on the property last year placed its value at
only P8,000 per square meter, vis-à-vis SM Land’s offer of P36,900
per square meter.
Philippine Daily Inquirer, Friday, August 13, 2010
THE BASES Conversion and Development Authority is seeking
challengers to the unsolicited proposal of SM Land Inc.
for a joint venture to develop a 33.1-hectare property in
Bonifacio South.
The property up for development is composed of parcels of
land currently occupied by the Army Support Command (Ascom)
and Special Services Unit (SSU) of the Philippine Army and
the Bonifacio Naval Station (BNS) and Philippine Marine
Corps (PMC) of the Philippine Navy.
The Bonifacio South master plan provided for the development
of the BNS/PMC/Ascom/SSU area into a medium- to high-density
residential and mix-use complex, with a strong institutional
component and a maximum allowable gross floor area of 1.355
million square meters.
The entire property is located along Lawton Avenue, separated
from the Jusmag property by the National Mapping and Resource
Information Authority area and a six-hectare strip of land
retained by the Philippine Army.
In its unsolicited proposal, SM Land offered an upfront cash
payment of P2 billion upon the signing of the joint venture
contract with the BCDA.
It also committed secured yearly revenues amounting to P25.9
billion for 20 years or P36,900 per square meter.
Also, SM Land also offered to advance the funds needed to
replicate the military facilities that would be affected by
the development.
No amount has been set for this part of the venture, as the
BCDA was still determining the cost of the replication project.
SM Land’s proposal, however, was still subject to competitive
challenge under Annex C of the National Economic and Development
Authority Joint Venture Guidelines.
The BCDA expects yields from the Bonifacio South development to
be significantly higher than third-party appraisals of the property.
An appraisal done on the property last year placed its value at
only P8,000 per square meter, vis-à-vis SM Land’s offer of P36,900
per square meter.
SM Land offers P20 billion for BCDA property
By BERNIE CAHILES-MAGKILAT
Manila Bulletin, Friday, August 13, 2010
SM Land Inc. has offered to invest P20 billion for the development
of the 33.1 hectare prime government property south of Fort Bonifacio
and a secured yearly revenues totaling P25.9 billion over a 20-year
period.
The state-owned Bases Conversion and Development Authority (BCDA)
Thursday announced that SMLI’s unsolicited joint venture proposal
would be subject to competitive challenge as required under Annex
C of the NEDA Joint Venture (JV) Guidelines.
SMLI’s proposal includes an upfront cash of P2 billion upon signing
of the JV contract and secured yearly revenues, totaling P25.9
billion for 20 years, for a present value of P36,900 per square
meter. Investment commitment of SMLI for the project stands at a
minimum of P20 billion.
The property is composed of lands presently occupied in part by
the Army Support Command (ASCom) and Special Services Unit (SSU)
of the Philippine Army and in part by the Bonifacio Naval Station
and Philippine Marine Corps of the Philippine Navy.
These lands were transferred and subsequently titled to BCDA for
disposition/sale pursuant to the BCDA charter (R.A. 7227), which
was passed into law in 1992 during the administration of President
Corazon Aquino. These lands are outside the areas earlier
identified by President Noynoy Aquino for long-term lease to
generate funds to augment the AFP Modernization budget in his
State-of-the-Nation Address (SONA).
BCDA said that SMLI shall advance the funds for and undertake the
replication of military facilities affected by the development of
the property. Final determination of the replication cost of
affected military facilities is currently being undertaken.
Under the BCDA law, bulk of the disposition proceeds from Fort
Bonifacio and Villamor Air Base goes to the AFP Modernization Fund
which urgently needs more cash infusions as well as the AFP
replication and relocation expenses.
As of December 31, 2009, BCDA has generated P46.495 billion in
disposition proceeds.
Manila Bulletin, Friday, August 13, 2010
SM Land Inc. has offered to invest P20 billion for the development
of the 33.1 hectare prime government property south of Fort Bonifacio
and a secured yearly revenues totaling P25.9 billion over a 20-year
period.
The state-owned Bases Conversion and Development Authority (BCDA)
Thursday announced that SMLI’s unsolicited joint venture proposal
would be subject to competitive challenge as required under Annex
C of the NEDA Joint Venture (JV) Guidelines.
SMLI’s proposal includes an upfront cash of P2 billion upon signing
of the JV contract and secured yearly revenues, totaling P25.9
billion for 20 years, for a present value of P36,900 per square
meter. Investment commitment of SMLI for the project stands at a
minimum of P20 billion.
The property is composed of lands presently occupied in part by
the Army Support Command (ASCom) and Special Services Unit (SSU)
of the Philippine Army and in part by the Bonifacio Naval Station
and Philippine Marine Corps of the Philippine Navy.
These lands were transferred and subsequently titled to BCDA for
disposition/sale pursuant to the BCDA charter (R.A. 7227), which
was passed into law in 1992 during the administration of President
Corazon Aquino. These lands are outside the areas earlier
identified by President Noynoy Aquino for long-term lease to
generate funds to augment the AFP Modernization budget in his
State-of-the-Nation Address (SONA).
BCDA said that SMLI shall advance the funds for and undertake the
replication of military facilities affected by the development of
the property. Final determination of the replication cost of
affected military facilities is currently being undertaken.
Under the BCDA law, bulk of the disposition proceeds from Fort
Bonifacio and Villamor Air Base goes to the AFP Modernization Fund
which urgently needs more cash infusions as well as the AFP
replication and relocation expenses.
As of December 31, 2009, BCDA has generated P46.495 billion in
disposition proceeds.
SM Land offers P48 B for dev't of Fort Boni lot
By Ma. Elisa P. Osorio
The Philippine Star Business, Friday, August 13, 2010
Henry SY-led SM Land Inc (SMLI) has offered nearly P48 billion to develop a 33.1-hectare lot south of Fort Bonifacio in Taguig City.
The Bases Conversion and Development Authority (BCDA)has called for counter-proposal to SMLI's unsolicited bid for the property occupied by the Philippine Army and Philippine Navy.
BCDA said interested developers will have to top SMLI's proposal to put out P2-billion upfront cash upon contract signing and remittances worth P25.9 billion over 20 years. SMLI will also be investing another P20 billion to develop the area, and has promised to advance the funds for relocating the military facilities.
Under the government's join venture rules for such "Swiss Challenges," SMLI will bag the contract if it can match the highest counter-offer.
The property is composed of lands presently occupied in part by the Army Support Command (ASCom) and Special Service Unit (SSU) of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.
Under the Bonifacio South master plan for the lot, the area would be developed into a medium-to-high-density residential and mix use complex, with a strong institutional component and has a maximum allowable gross floor area of 1.355 million sq.m.
BCDA is confident that the government will be able to take advantage of the strong real estate sector at present. The disposition will also answer in part the urgent need for funds for the AFP modernization program and other government projects.
The Philippine Star Business, Friday, August 13, 2010
Henry SY-led SM Land Inc (SMLI) has offered nearly P48 billion to develop a 33.1-hectare lot south of Fort Bonifacio in Taguig City.
The Bases Conversion and Development Authority (BCDA)has called for counter-proposal to SMLI's unsolicited bid for the property occupied by the Philippine Army and Philippine Navy.
BCDA said interested developers will have to top SMLI's proposal to put out P2-billion upfront cash upon contract signing and remittances worth P25.9 billion over 20 years. SMLI will also be investing another P20 billion to develop the area, and has promised to advance the funds for relocating the military facilities.
Under the government's join venture rules for such "Swiss Challenges," SMLI will bag the contract if it can match the highest counter-offer.
The property is composed of lands presently occupied in part by the Army Support Command (ASCom) and Special Service Unit (SSU) of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy.
Under the Bonifacio South master plan for the lot, the area would be developed into a medium-to-high-density residential and mix use complex, with a strong institutional component and has a maximum allowable gross floor area of 1.355 million sq.m.
BCDA is confident that the government will be able to take advantage of the strong real estate sector at present. The disposition will also answer in part the urgent need for funds for the AFP modernization program and other government projects.
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