6 real estate giants keen on Fort Bonifacio lot

MANILA, Philippines - Six real estate giants including San Miguel Properties Inc. and Ayala Land Inc. have expressed interest in buying the P6.55-billion state-owned land in Fort Bonifacio, the Bases Conversion Development Authority (BCDA) said yesterday.

In a statement, BCDA said that six firms have given their eligibility documents to vie for the chance to enter a joint venture with them for the development and privatization of the former US military facility within the property.

Aside from San Miguel and Ayala, the other firms which submitted documents before the Jan. 14 deadline were Rockwell Land Corp., Filinvest Land Inc., Robinsons Land Corp., and Megaworld Corp.

The firms which expressed interest but did not submit the required eligibility documents are Century City Development Corp., Nuvoland, Jones Lang La Salle Leechiu, IPM Realty and Development Corp., The Rufino Group and JTKC Land Inc. Bases Conversion and Development Authority (BCDA) vice president for business development Aileen Zosa said that of the 34.5-hectare area for disposition, 20.76 hectares are buildable, 2.02 hectares are reserved for recreation and open spaces, 0.62 hectares is reserved for utilities, and 11.05 hectares are reserved access lots, including the 0.97-hectare area reserved for the widening of Lawton Avenue.

She noted that the maximum allowable Gross Floor Area (GFA) for the said property is 1.383 million square meter.

The minimum value/price for the property is P19,000 per square meter. The BCDA is expected to generate at least P6.55 billion for the said property.

Proponents declared eligible by BCDA are expected to submit their final technical and financial proposals not later than March 3, 2010.

Once declared eligible, the private sector participants may purchase Volume 2 — tender documents, for a non-refundable fee of P50,000, which details the technical and financial proposal requirements.