Sunday, February 25, 2018
Close  
  • share this

Gov’t revives Swiss challenge for 33-ha BGC property

/ 05:22 AM August 30, 2017

The Duterte administration is relaunching next month a competitive bid process for a 33.1-hectare parcel of land south of the Bonifacio Global City business district in Taguig.

Inquirer sources briefed on the plans said the Bases Conversion and Development Authority (BCDA) would proceed with the Swiss challenge for the 2010 offer of SM Land Inc. for the Bonifacio South Pointe property.

The issuance of the new terms of reference could come as early as Sept. 4, with the deadline for rivals to submit better offers targeted around Oct. 23 this year.

ADVERTISEMENT

The BCDA hopes to wrap up the entire process, including contract signing, by December this year.

SM Land, a subsidiary of property, retail and banking conglomerate SM Investment Corp., had initially offered an upfront cash payment of P2 billion upon signing of the contract and secured yearly revenues amounting to P25.9 billion over 20 years. This gave the land a net present value of P36,000 a square meter.

The BCDA required the winner to invest another P20 billion over the 20-year concession period.

The Swiss challenge process, which lured the interest of builders such as Ayala Land Inc., Megaworld Corp., Filinvest Land Inc., Robinsons Land Corp. and Rockwell Land Corp., was scrapped during the Aquino administration in 2012.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ‘swiss challenge’, Bases Conversion and Development Authority (BCDA), Bonifacio Global City, Bonifacio South Pointe property, Duterte Administration, SM Land Inc.
For feedback, complaints, or inquiries, contact us.
entertainment

Hugh Grant’s quirky sister in ‘Notting Hill,’ dead at 53

February 25, 2018 10:43 AM

newsinfo

Cebu Pacific cancels flights to and from Legazpi

February 25, 2018 10:06 AM

newsinfo

Cloudy Sunday as LPA lingers off Mindanao

February 25, 2018 09:26 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved