BCDA pushes back auction of Everest property in BGC

MANILA, Philippines - Bidding for the 1,000 square meter (sqm) property beside the Everest Academy in Bonifacio Global City (BGC) may have to wait until next year as the Bases Conversion and Development Authority (BCDA) needs to finish preparations for the auction of the 33.1-hectare Bonifacio South property first.

“We have no definite schedule for the (bidding of the) property beside Everest yet because we want to focus on Bonifacio South first,” Nena Radoc, BCDA vice president and chief finance officer said in a telephone interview.

“If we can’t have the bidding for Everest this year, then we’ll have it early next year,” she said further.

The BCDA said earlier it was looking to hold the auction for the 1,000 sqm property beside the Everest Academy in the third quarter.

The property is suitable for institutional use.

Radoc said the BCDA wants to focus on the Bonifacio South property located along Lawton Avenue in BGC first since it is the bigger property.

She said the state-run corporation is currently working on the terms of reference of the Bonifacio South bidding.

She also said that the plan is to conduct the auction for the Bonifacio South this year.

The BCDA is holding an auction for the  Bonifacio South property after putting aside the Swiss challenge for the unsolicited proposal of SM Land, Inc. to develop the area.

The plan to conduct the bidding for the property is in line with a directive from the Office of the President.

In August 2010, real estate firms were asked to submit proposals to challenge the unsolicited proposal of SM Land for the property but the proceedings were put on hold with a review by Malacanang of the lease and other issues.

The BCDA intends to develop the Bonifacio South property into a medium to high density residential and mixed use area.

BCDA president Arnel Casanova said earlier they expect to get a good price for the Bonifacio South property, citing the winning bid for the development of the Food Terminal Inc. (FTI).

In August, Ayala Land Inc. won the bidding for the 74-hectare FTI property after offering P24 billion.