BCDA to bid out 1.2-ha prime property in Global City

The Bases Conversion and Development Authority (BCDA) is set to bid out 1.2 hectares of prime property in the Bonifacio Global City which is expected to generate at least P1.8 billion.

BCDA President and CEO Narciso Abaya said the property is available for lease or joint venture.

It is part of BCDA’s Asset Disposition Program (ADP) Phase III. The property is the expanded big delta lots formerly known as the Government Center for Investment.

"It is located right beside the city center of the Bonifacio Global City," Abaya said.

The BCDA expects to earn about P1.8 billion from the 12,036 square meter property over a 25-year term on a present value basis, based on a floor price of P150,000 per square meter.

BCDA vice president for Corporate Planning and Business Development Aileen Zosa said the property is like the gate to the City Center along 5th Avenue.

It was initially intended to bring together several government agencies such as the Department of Trade and Industry, the Board of Investments, the Trade and Investment Development Corp. (Tidcorp), Department of Finance and the Securities and Exchange Commission.

The said property, Zosa said, is ideal for mixed land use. "The developer will have flexibility in their development since the property is mixed use and is of considerable size," she added.

Interested proponents are encouraged to submit their Letters of Interest to the BCDA and purchase the Terms of Reference (TOR) for the ADP Phase III that outlines, among others, the requirements that would enable proponents to participate in the bidding.

Zosa said the TOR for ADP Phase III would be ready for distribution to interested proponents starting 21 July 2006 at the BCDA office.

"We are optimistic that a good number of firms would be interested in the property," Zosa said.