By Mario J. Mallari
Tribune, Friday, August 13, 2010
At least three private firms have expressed interest in leasing
the Navy real estates, Navy chief Rear Admiral Danilo Cortez
disclosed yesterday.
“There are a lot that are presenting intention to participate to
the proposal (to lease the Navy headquarters. We have received
(such interest from) three private firms,” Cortez told Camp
Aguinaldo reporters.
In his first State of the Nation Address last month, President
Aquino mentioned that a private consortium is willing to shell
out $100 million for the relocation of the Navy headquarters plus
monthly increments.
“We have to get the most of it from our real estate,” Cortez said.
The Jose Andrada Naval Station, which serves as the headquarters
of the Philippine Navy, is occupying 1.13 hectares of prime land
along Roxas Boulevard in Manila, adjacent to the Cultural Center
of the Philippines Complex in Pasay City.
Aside from the Navy headquarters, also being considered for lease
are Navy prime lots in Fort Bonifacio in Taguig City and other
camps in Cebu and Palawan provinces.
The Navy leadership came up with the idea to lease its properties
to help generate funds to finance its eyed modernization.
“For the improvement of the Navy and modernization, they (proposals)
are okay to us,” Cortez said.
He said during talks with Navy personnel, the idea was welcomed as
“we will be transferring to a better building (that is) more
comfortable and modernize our equipment.”
Navy spokesman Lt. Col. Edgard Arevalo said one of the options that
were broached in the proposal to lease the Navy properties is the
direct acquisition of items from the private consortiums instead of
paying rentals.
“One option is for them to pay rentals…another option is they will
give us just in kind…so they will not be giving us money,” he
explained.
Arevalo, though, admitted that the Navy leadership is more keen on
receiving items instead of cash.
“The better option now being studied is in kind because that is faster
and it might lessen the thoughts of other people, their apprehensions
about how the amount will be received,” he said.
Sunday, August 22, 2010
SM in Bonifacio South bid
BY BEN ARNOLD O. DE VERA
Manila Times, Friday, 13 August 2010
State-owned Bases Conversion and Development Authority (BCDA) on
Thursday announced that it is looking for a joint venture partner
in developing a portion of the southern section of Fort Bonifacio
after receiving an unsolicited proposal from the SM group of
companies.
BCDA published a notice of invitation for comparative proposals
for the privatization and development of the 33.1-hectare Bonifacio
South property covering the Philippine Army Support Command (ASCOM)
and Special Services Unit (SSU) and the Philippine Navy’s Bonifacio
Naval Station (BNS) and Philippine Marine Corps (PMC).
BCDA said these areas are not part of the properties that President
Benigno Aquino 3rd earlier said would be leased to generate funding
for the modernization of the Armed Forces of the Philippines (AFP).
BCDA said SM Land Inc. has submitted an unsolicited proposal to
develop the area, with an investment commitment of at least P20
billion.
The company’s proposal offers upfront cash worth P2 billion upon
the signing of the joint venture contract as well as secured annual
revenues for 20 years totaling P25.9 billion—f for a present value
of P36,900 per square meter.
It also pledged to replicate military facilities that would be
affected by the disposition.
SM Land’s proposal will be subject to competitive challenge under
Annex C of the National Economic and Development Authority’s (NEDA)
Joint Venture Guidelines.
Under the master plan for Bonifacio South, 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.
Manila Times, Friday, 13 August 2010
State-owned Bases Conversion and Development Authority (BCDA) on
Thursday announced that it is looking for a joint venture partner
in developing a portion of the southern section of Fort Bonifacio
after receiving an unsolicited proposal from the SM group of
companies.
BCDA published a notice of invitation for comparative proposals
for the privatization and development of the 33.1-hectare Bonifacio
South property covering the Philippine Army Support Command (ASCOM)
and Special Services Unit (SSU) and the Philippine Navy’s Bonifacio
Naval Station (BNS) and Philippine Marine Corps (PMC).
BCDA said these areas are not part of the properties that President
Benigno Aquino 3rd earlier said would be leased to generate funding
for the modernization of the Armed Forces of the Philippines (AFP).
BCDA said SM Land Inc. has submitted an unsolicited proposal to
develop the area, with an investment commitment of at least P20
billion.
The company’s proposal offers upfront cash worth P2 billion upon
the signing of the joint venture contract as well as secured annual
revenues for 20 years totaling P25.9 billion—f for a present value
of P36,900 per square meter.
It also pledged to replicate military facilities that would be
affected by the disposition.
SM Land’s proposal will be subject to competitive challenge under
Annex C of the National Economic and Development Authority’s (NEDA)
Joint Venture Guidelines.
Under the master plan for Bonifacio South, 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.
BCDA subjects Boni land bid to Swiss challenge
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.
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.
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.
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