Nichols Loop back on BCDA’s auction block

The Bases Conversion and Development Authority’s (BCDA) Nichols Loop property is back on the auction block.

The property, for which the first bidding failed due to lack of proposals submitted, will be auctioned off on October 17, BCDA vice president Nena Radoc said in an interview.

“If [rebidding is] successful, we hope to sign the contract on or before December 10,” Radoc said.

Radoc expressed hopes that interested bidders would submit their proposals in time for the second bidding.

The first bidding for the Nichols property, which is fit for institutional use, failed because only one bid was submitted on time during the August 22 auction.

Radoc said a second proposal was submitted late and so could not be accommodated.

Three companies had bought bid documents for the first bidding.

The Nichols property comprises the 5,005-square-meter driving range and the 5,389-sqm Nichols Loop in Pasay City. The floor price for the asset is P89.59 million.

The BCDA also plans to auction off a 1,000-sqm property in BGC, which is fit for institutional use. The BCDA has yet to finalize the valuation of the property.

Bigger properties, for which the BCDA can rake in P12 billion, may be bid out as well, once approved by the Office of the President, BCDA president Arnel Paciano Casanova said earlier.

BCDA had already successfully auctioned off two assets located in Taguig City and is set to name the winners. Radoc said the BCDA is done with initial documentary verification for the two properties.

“Post-qualification has started and once completed, we will announce the winning bidder,” Radoc said.