BCDA seen raising P47B from sale of BGC lot | Inquirer Business
Close  

BCDA seen raising P47B from sale of BGC lot

Court junks claim of retired officers
By: - Reporter / @amyremoINQ
/ 12:11 AM February 22, 2016

STATE-RUN Bases Conversion and Development Authority (BCDA) has secured rightful possession of a 47-hectare property in Fort Bonifacio that could generate an estimated P47 billion for the government.

This was after the Supreme Court denied with finality the motion for reconsideration sought by the Navy Officers’ Village Association Inc. (Novai), which earlier claimed ownership of the property, the BCDA said in a statement on Saturday.

ADVERTISEMENT

The two-page notice issued by the Supreme Court Second Division read: “Acting on petitioner’s motion for reconsideration of the decision dated 3 August 2015, which denied the petition for review on certiorari, the Court further resolves to deny the motion with finality, the basic issues raise therein having been duly considered and passed upon the Court in the aforesaid decision and no substantial argument having been adduced to warrant the reconsideration sought.”

BCDA president and CEO Arnel D. Casanova lauded the Supreme Court for the favorable ruling as this would benefit the Armed Forces of the Philippines and the national government.

FEATURED STORIES

“With the Supreme Court ruling, the BCDA can now proceed in disposing the 47-hectare property and generate billions of pesos to fund the AFP Modernization Program and bankroll government programs and projects,” Casanova said.

The 475,009-square-meter Novai property is now estimated to be worth more than P47 billion based on the current selling price of approximately P100,000 a square meter. The development of this property will see the rise of high-end residential buildings with a mix of commercial and institutional components, according to Casanova.

This property was the subject of an earlier dispute as it was being claimed by Novai. A Supreme Court decision, however, upheld an earlier ruling by the Court of Appeals (CA) to cancel ownership of Novai, which had claimed ownership of the property situated inside the former Fort Andres Bonifacio Military Reservation. Recently, the SC denied with finality the appeal made by the group of retired military officers.

In recovering the land, the government will now be able to pursue development plans to further strengthen the agency’s contribution to the improvement of the country’s defense capabilities and internal security.

Casanova earlier said they were looking to dispose in smaller parcels the 47-hectare land and bid these out for long term lease and development instead of an outright sale as this strategy was expected to generate bigger revenues for the government. This was similar to what the BCDA has been doing for the remaining parcels of land within the Bonifacio Global City (BGC).

ADVERTISEMENT
Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

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: Bases Conversion and Development Authority, Business, economy, News
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.