MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) is now drafting the terms of reference that will set the stage for the bidding of the 33.1-hectare prime Bonifacio South property, considered one of the agency’s crown jewels, before the end of the year.
BCDA president Arnel Paciano D. Cassanova told reporters that they are now completing the valuation of the property, which is expected to fetch a higher sales price.
SM Land was originally chosen for its unsolicited proposal but the proceedings were put on hold in 2010 pending a policy review by the Office of the President. The BCDA eventually terminated the Swiss challenge for the property and has instead decided to subject it to a competitive bidding.
SM Land valued the property at around P27 billion or P36,900 per square meter.
The BCDA has reportedly set a minimum price range for the property at between P45,000 to P50,000 per square meter following the successful sale of the less attractive Food Terminal lot in Taguig City which was sold for P32,000 per sqm.
“It would definitely be much higher than the value of the FTI lot. We feel that it is more advantageous to the government to conduct open competitive bidding for its land assets. We hope SM would still join the bidding, “Casanova said.
The property is located along Lawton Ave. and is separated from the Jusmag property by the Namria area and a six-hectare strip of land retained by the Philippine Army.
Casanova said he expects the country’s biggest real estate firms to bid for the prime property, considered the last remaining prime lot in Fort Bonifacio. Among the companies that have earlier signed interest in the property include Ayala Land, Robinsons Land, Filinvest Land, Megaworld Corp. and Rockwell Land.