BCDA expects P7 billion from Jusmag sale

MANILA, Philippines - State-owned Bases Conversion Development Authority (BCDA) will earn almost P7 billion with the privatization of the 34-hectare JUSMAG property in Fort Bonifacio.

In a press briefing, BCDA president Narcisso Abaya said that they will bid out the property and enter into a joint venture project with the winning bidder. He said that almost all the major players in the local real estate industry have expressed interest in developing the land which is located at the back of Forbes Park.

Abaya said that they expect to award the land by March. The BCDA has already published the notice for bidding in major newspapers yesterday.

Abaya said that BCDA has already disposed of all the major lots in the North Bonifacio area. He said that only 93 hectares are yet to be privatized. Aside from JUSMAG, these are the Marines headquarters and the NOVAI.

As of Oct. 31, BCDA’s total revenue stood at P5.544 billion. The biggest chunk of the revenue came from the advances on the development of the Northern Central Business District which amounted to P2.235 billion.

For her part, BCDA vice president for Business Development Aileen R. Zosa said the disposition of the JUSMAG property involves the joint venture development and privatization of the 340,000-square meter area with a minimum value of P19,000 per square meter.

Zosa said interested private sector entities may participate in the selection for BCDA’s joint venture partner by submitting their letters of interest to BCDA and purchasing the terms of reference (TOR) for P50,000.

She added that once declared eligible, the private sector participants may purchase the tender documents for P50,000, which details the technical and financial proposal requirements. 

The eligibility documents will be ready for distribution to interested private sector next week. The tender documents shall be issued simultaneously to all eligible private sector participants at a later date coinciding with the issuance of the Notice of Eligibility/Ineligibility to the participating private sector entities.