Filinvest, R-II, Robinsons keen on Taguig property

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08:41 PM September 9th, 2013

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By: Amy R. Remo, September 9th, 2013 08:41 PM

Filinvest Land Inc., R-II Builders Inc. and Robinsons Land Corp. have expressed “keen” interest to bid for the long-term lease and development of the Pamayanang Diego Silang (PDS) commercial lots in Taguig City, according to the Bases Conversion and Development Authority (BCDA).

BCDA president Arnel Paciano D. Casanova said these companies had purchased the terms of reference covering the bidding for the 5.2-hectare prime property along the C-5 road.

“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,” Casanova said Monday in a statement.

Casanova explained that the property to be bid out is within 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, thus making the property a prime location for the development of a commercial complex.

Casanova said the long-term lease period is 25 years, which will start upon the signing of the contract. This can be renewed for another 25 years upon mutual agreement of the parties.

Nena D. Radoc, chairperson for Asset Disposition Program Committee at the BCDA, meanwhile, explained that the lease payments for the first three years will be P93 million, inclusive of 12 percent value-added tax (VAT), and payable in advance upon contract signing.

Radoc disclosed that the minimum annual fixed lease for the fourth year will be P53 million inclusive of 12 percent VAT, based on a gross floor area (GFA) of 37,000 square meters or lower.

For GFA developed in excess of 37,000 sqm, the winning bidder will also pay an additional lease equivalent to 70 percent of the average lease per square meter, Radoc added.

The succeeding annual lease payment will be subject to a 5 percent escalation every three years and payable in advance on or before the anniversary date.

Deadline for the submission of final proposals is on Sept. 26.

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