3 big groups eye BCDA lot in Taguig
MANILA, Philippines - Three real estate firms have expressed interest in developing a 5.2-hectare prime property in Taguig City offered for bidding by the Bases Conversion and Development Authority (BCDA).
BCDA president Arnel Paciano Casanova said the three are Filinvest Land Inc., R-II Builders Inc. and Robinsons Land Corp. They showed interest by purchasing the terms of reference for the long-term lease and development of the Pamayanang Diego Silang Commercial Lots in Brgy. Ususan, Taguig.
In a statement, Casanova said: “The location of the property has a captured market and ideal for a commercial complex that would cater to the needs of the residents living within the area.â€
The property is located in the immediate vicinity of a number of residential condominium developments such as Acacia Estates, Grace Residences, Rosewood Pointe, Royal Palm Residences, Cypress Towers, and Pamayanang Diego Silang.
Aside from general commercial use, Casanova said the property could be developed for residential use, general institutional use, as well as for recreation use.
The property would be leased for 25 years and renewable for another 25 years, upon mutual agreement of the BCDA and the winning bidder.
BCDA Asset Disposition Program Committee chairman Nena Radoc said the winning bidder will be required to pay upon contract signing the lease payments for the first three years amounting to P93 million, inclusive of 12-percent value-added tax (VAT).
For the fourth year, the minimum annual fixed lease has been set at P53 million inclusive of 12-percent VAT, based on a Gross Floor Area (GFA) of 37,000 square meters (sqm) or lower.
For GFA developed in excess of 37,000 sqm, the winning bidder must also pay an additional lease equivalent to 70 percent of the average lease per square meter as of the year of completion of such additional GFA. The fourth year fixed lease must be payable in advance, on or before the third anniversary of contract signing.
The succeeding annual lease payment would be subject to five percent escalation every three years and payable in advance, on or before the anniversary date.
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