BCDA, ALI launch new project

The Bases Conversion and Development Authority (BCDA) and Ayala Land Inc. (ALI) recently launched its latest joint venture project - the Serendra retail section dubbed the Piazza.

According to BCDA vice president for business development Aileen Zosa, the Piazza is a 6,400-square-meter mall composed of restaurants, specialty shops and health and beauty centers. It is located at One and Two Serendra and is adjacent to Market Market! Shopping Center.

BCDA expects to generate around P10 million in lease revenues during the first year or at least P250 million in the next 25 years.

BCDA president Narciso Abaya said the lease revenues would be a major boost to the Armed Forces of the Philippines (AFP) Military Modernization Program which gets 50 percent of all BCDA lease income. Abaya said the joint venture project is a success story of public-private partnership.

"It is an indication of Ayala Land’s strong investor confidence in the BCDA," Abaya said.

The BCDA recently turned over P120.5 million to the AFP as part of the AFP’s share from the non-sale proceeds of the former military lands in Fort Bonifacio.

Since the start of its Asset Disposition Program in 1992 until August of 2006, the BCDA has generated a total of P37.430 billion from the disposition of Metro Manila military camp properties.

Of the P37.430 billion, P16.296 billion or 44 percent of the disposition proceeds went to the AFP to finance its modernization program (P6.8 billion) and replication of military facilities (P9.496 billion).

The Piazza has some 40 shops and restaurants already open and more shops and restaurants are slated to open before the start of the Christmas season to take advantage of the increased consumer spending associated during the yuletide season.