BCDA gets P1-B for 2 properties

The Bases Conversion Development Authority (BCDA) has sold two more properties worth almost P1 billion.

BCDA was able to sell its five-hectare Camp Bago Bantay property worth P695 million to Bellevue Properties Inc., while another property — the 6.68 hectare Vetronix Property located at the former Self-Reliance and Development Program (SRDP) Complex at Fort Bonifacio worth P286 million — was sold to Megaworld Corp.

Bellevue Properties Inc. is an affiliate of SM Prime Holdings, Inc. Upon the contract signing, Bellevue paid BCDA an upfront cash of P240 million with the remaining balance to be paid in 36 monthly installments of P12.65 million.

The Camp Bago Bantay property is located behind SM City North near Mindanao Avenue in Quezon City. Megaworld paid the BCDA an upfront cash of P114 million upon signing of the contract with the remaining balance to be paid in three equal installments of P76.4 million for a total of P229.3 million.

The Fort Bonifacio property will be developed by Megaworld principally for residential use with some commercial developments that include retail shops, institutional development such as schools, and sports and recreational development as supports uses.

Megaworld’s timetable for the development of the Fort Bonifacio property is 24 months.

Under Republic Act 7227, the BCDA has been mandated, among others, to manage the asset disposition of former Metro Manila military base lands to raise funds for the Armed Forces Modernization Program.

To date, the BCDA has remitted to the National Government a total of P6.51 billion for the AFMP.