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Minimum Boni South Price Set
Wants JV With Winning Bidder
By BERNIE CAHILES-MAGKILAT
The Bases Conversion Development Authority (BCDA) has set a minimum price range for the prime Bonifacio South property to P45,000-R50,000 per square meter as it pushes for a 45-55 percent joint venture in favor of the winning bidder.
BCDA President and CEO Arnel Paciano D. Casanova said the decision to up the minimum price for the 33.1 hectare BNS/PMC/ASCOM/SSU property in the Bonifacio South was influenced by the high rate fetched for by the sale of the less attractive FTI property in Taguig, which was sold for R32,000 per square.
He noted the recent participation of top real estate developers in the bidding of the 74-hectare portion of the Food Terminal Inc. property in Taguig City reflected the healthy and sound state of the country's real estate sector. Ayala Land Inc. (ALI) bested the other developers in acquiring the FTI property Casanova said they expect to come up with the terms of reference of the property in October this year for the bidding. BCDA is also getting a new appraisal of the property.
The BCDA has also decided to go for a joint venture with the winning bidder of which the BCDA will hold 45 percent stake.
"We believe this is more transparent and would provide the government the maximum benefit," he said.
The last time that BCDA entered into joint venture development for its prime properties was with the Megaworld Corp. for the development of the McKinley Hill.
This decision was reached after the state-owned agency terminated the competitive challenge proceedings also known as "Swiss Challenge" for the Bonifacio South and has instead decided to dispose the said property through open competitive bidding.
The Sy-owned SMLI was originally chosen for its unsolicited proposal but the proceedings were put off in 2010 pending the policy review by the Office of the President on the lease versus joint-venture/sale mode and other issues on relocation and replication, among others.
This resulted in its decision to set aside the unsolicited proposal of SMLI pursuant to the Office of the President's directive.
Casanova noted that it will be more advantageous to government to conduct open competitive bidding for its land assets since it will not only result in getting the best price but the best development for the property.
"Transparency, which is the heart of public bidding, will ensure that everything is above board. This in turn will encourage the best bidders to compete in a level playing field," Casanova said.
The property is located along Lawton Avenue and is separated from the JUSMAG property by the NAMRIA area and a six-hectare strip of land retained by the Philippine Army.
Casanova said BCDA's BNS/PMC/ASCOM/SSU Property will surely elicit keen interest from the country's top real estate developers due to the strategic location and business potential of the area.
"The 33.1-hectare BNS/PMC/ASCOM/SSU Property, which is at the southern side of Bonifacio Global City is between Newport City and McKinley West and near posh Forbes Park," Casanova said.
"We expect the open competitive bidding of this prime property to attract the country's top real estate developers and unlock the best value for government," Casanova said.