Megaworld gets chance to match Robinsons Land offer

MANILA, Philippines - Megaworld Corp. will be given up to Aug. 28 to match the bid of Robinsons Land Corp. (RLC)  to develop a 8.38-hectare property in Bonifacio North owned by the Bases Conversion and Development Authority (BCDA).

This was revealed to The STAR by BCDA vice president for business development Aileen Zosa who said the BCDA would formally inform Megaworld on Aug. 21 of RLC’s offer and ask if the Andrew Tan-controlled real estate developer would match the upfront payment of P1.1 billion offered by the Gokongwei controlled RLC.

Megaworld made an unsolicited offer of P2.79 billion for the 8.38-hectare property with an upfront cash payment of P700 million.

Zosa said RLC submitted its offer last Friday and the BCDA board discussed it yesterday.

RLC is offering to develop the Bonifacio North property into a mixed-use complex at a cost of P3.15 billion.

Ayala Land Inc., Filinvest Land Inc., and RLC were initially pre-qualified by the BCDA to bid for the Bonifacio North property. Only RLC submitted tender documents.

Bonifacio North properties are located along Eight and Ninth Avenues of Fort Bonifacio.

The BCDA joint venture selection committee had set terms of reference set for the deal which include an upfront payment of P700 million, minimum investment commitment of P15.6 billion, and 20-year and 18-year ceilings for developing and selling the property.