BCDA sets bidding for ‘primest lot’ in Fort Boni

The Bases Conversion Development Authority (BCDA) has announced that the bidding process for the “primest lot” in Fort Bonifacio worth over P1 billion will begin this month.

BCDA vice president Aileen Zosa said they expect the third bidding to be successful because they have relaxed the terms of reference (TOR).

Zosa clarified that the specific clause they are modifying is the part referring to the mode of payment. In order to protect the interest of the government, Zosa said they are only relaxing the terms for straight sale payable in six months.

“We are looking at relaxing the terms of reference a bit but we will not lower the minimum bid price of P160,000 per square meter,” BCDA president Narciso Abaya said.

 With the sale, BCDA is expected to earn a minimum of P1.9 billion.

During the last bidding held in December, only one of the 10 firms which expressed interest in buying the property submitted a bid.

According to Abaya, most interested parties are questioning the provision for mortgage. Under the old terms of reference, the buyer must provide a P4-billion credit line.

Abaya said they are considering relaxing that provision since they have already obtained a loan for the completion of their road project in Subic, Clark and Tarlac.

“During the first bidding, that was the most contentious issue so we are looking at relaxing that,” Abaya explained.

Even with two failed biddings, Abaya said they are not worried that they will not be able to dispose of the property.

“The real estate sector is still rising and there are many promising new developments within The Fort,” he said.

“We want to make sure that the owner of the lot will develop it accordingly since it will be beside the new Philippine Stock Exchange and Shangri-La. We want it to blend with the developments in the area,” Abaya added.