ALI bags 8.5-ha property near Global City

Leading property developer Ayala Land Inc. (ALI) has bagged another parcel of land bid out by the Bases Conversion Development Authority (BCDA), this time winning an 8.5-hectare lot along the C-5 Road near the Bonifacio Global City.

ALI vice president and chief finance officer Jaime Ysmael said the BCDA, the government arm tasked with the disposition of former military camps and bases, has issued a notice of award to ALI for Lot B, a site adjacent to Lot C, the 9.9-hectare portion also bid out and awarded to ALI under a leasehold structure in 2000.

"The notice of award stated that the board of directors of BCDA found the proposal submitted by Ayala Land as the most favorable to BCDA," he said.

Under Phase I of the BCDA’s asset disposition program, several parcels of land along the C-5 Road straddling the Taguig-Makati areas are being bidded out to the private sector under either sale, lease or joint development agreement.

Ysmael said the bid of ALI for Lot B was made on the basis of a joint development structure, and subject to terms and conditions stated in its bid, including an upfront cash payment of P700 million and a guaranteed annual revenue stream totaling P1.1 billion over an eight-year period.

"The execution of the joint development agreement between Ayala Land and BCDA remains subject to Ayala Land and BCDA agreeing to certain issues," he added.

Lot B was bid out in 2000 with several bidders, including ALI, participating but the BCDA declared a failure of bidding although it allowed new proposals to be submitted this year.

Lot C, meanwhile, was awarded to ALI in 2000 and is now being transformed by ALI into a regional mall development called Market! Market!. The project will complement ALI’s shopping center rental operations on a five-level regional retail hub with multi-modal transport.

The five-level shopping mall will have a gross leasable area of about 150,000 square meters and will be developed in two phases. To be introduced as a "value mall" Market! Market! will be anchored by a department store and a supermarket where apart from the usual retail outlets, specialty stores and restaurants, will have bazaars, a fruit and flower market as well as car accessories and car repair row.