RLC unit to develop BGC lot

MANILA, Philippines - A subsidiary of Robinsons Land Corp. has been awarded the contract to develop A 5,000 square meter (sqm) prime lot located along Lawton Avenue in Bonifacio Global City (BGC), the Bases Conversion and Development Authority (BCDA) said.

According to the BCDA, Altus San Nicolas Corp. has signed Aug. 14 the contract for the long-term lease and development of a prime lot located along Lawton Avenue, south of BGC.

“We are confident that the development of the 5,000-sq.m. Lawton Corporate Center Lot by Altus will augur well for the country’s economy as the development will serve as a catalyst to generate more jobs and investments in the area,” BCDA president and chief executive officer Arnel Paciano Casanova said.

The property is located along Lawton Avenue and between the National Mapping and Resource Information Authority and McKinley West, a high-end mixed-use development of  BCDA and Megaworld Corp.

The contract was awarded to Altus following its P560.800 million bid, inclusive of 12 percent Value-Added Tax (VAT) for the property.

The BCDA set a minimum bid price of P560 million, inclusive of 12 percent VAT for the property, covering advance lease payment for 14 years.

Under the Terms of Reference, the lease for the 15th year is pegged at P50 million, inclusive of 12 percent VAT, and subject to an annual escalation rate of three percent, payable in advance on or before the anniversary date.

The lease of the property, which covers 25 years, is renewable for another 25 years.

In lieu of lease renewal, Altus has the option to purchase the property based on its fair market value upon the expiry of the initial lease period. Developments which could be undertaken in the area are commercial or retail spaces as well as offices and business process outsourcing facilities.

The BCDA is mandated to transform former US military bases into alternative productive civilian use.

Since its creation in 1992 until last year, the BCDA has generated P60.21 billion from the disposition of former camps, with P25.36 billion of the said amount remitted to the National Treasury to support the Armed Forces of the Philippines.