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BCDA to bid out P13B property in Bonifacio South

/ 10:52 PM December 17, 2012

The Bases Conversion and Development Authority will tap private investors in developing a P13.3-billion property in Bonifacio South area in Taguig City.

It is plans to bid out the property next year and intends to invite prospective bidders through local and regional publications.

BCDA CFO and vice president Nena Radoc said in a briefing that the state firm would tap a regional publication for the first time.

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The terms of reference for the property renamed Bonifacio South Pointe will be published within the month and the bidding will be held in February.

Radoc said the submission of bids for the 33.1-hectare asset is due in February 2013 and the winning bidder will have to enter into a joint venture with BCDA to develop the property. Any foreign entity with a Filipino partner can join, Radoc said.

BCDA president and CEO Arnel Paciano D. Casanova said there was “no legal impediment” to the auction despite a pending Supreme Court case by SM Land Inc. (SMLI), which was the original proponent of the project.

Casanova said SMLI had filed last month a “petition for mandamus” basically asserting that the BCDA should proceed with SMLI’s unsolicited proposal for developing the project.

In September, BCDA said in a statement that it had terminated the competitive challenge, or “Swiss Challenge,” proceedings for a property in Taguig City.

Instead, the BCDA said it had decided to dispose of the Bonifacio South property through open competitive bidding.

TAGS: Bases Conversion and Development Authority, bidding, Bonifacio South Pointe, Philippines, property, Real Estate
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