Sta. Lucia is scheduled to undertake a study to determine the best use, development and business plan for the said property.
After the completion of the study, BdO and Sta. Lucia will then executive a joint venture agreement specifying the terms and conditions of the said project.
Early this year, BDO was involved in the formation of BdO Realty Corp. when it acquired a significant equity share of the realty company which is controlled by the SM Group of taipan Henry Sy.
BDO Realty Corp. was formed mainly to manage the real estate properties of the BdO Group either singly or in joint venture with other parties, in order to maximize the value of their assets.
Since last year, BdO declared plans to put up a property development company to actually take care of all the bank’s bad assets which are mainly in property collateral and the like.
Bad assets, or real and other properties owned or acquired (ROPOA) reportedly reached P5.6 billion in the first semester of 2003.
Last month, the commercial bank of the SM Group acquired Banco Santander Philippines Inc. (BSPI) for P2.56 billion. BSPI is the local commercial bank subsidiary of foreign banker, Banco Santander Central Hispano SA (BSCH).