BCDA considers new tack in selling 47-ha BGC lot

STATE RUN Bases Conversion and Development Authority (BCDA) is looking to dispose in smaller parcels the 47-hectare land situated at the Bonifacio Global City in Taguig City to generate bigger revenues for the government.

The said property, the ownership of which was earlier claimed by a group of retired military officers called Navy Officers’ Village Association Inc. (Novai), was valued at about P80,000 to P100,000 per square meter. This meant that, if disposed, the entire property could fetch as much as P47 billion for the agency.

However, BCDA president and CEO Arnel Paciano D. Casanova said they are now studying the possibility of dividing the land into smaller parcels and bid these out instead of long-term leases and development.

“We will need to revisit our strategy because we’re now thinking of whether to dispose this land wholesale or in smaller parcels given the current economic boom. Before, selling land on a wholesale basis is good as it immediately brings you cash inflow. But since we have had exponential increases in revenues, we are now looking at strategic land banking,” Casanova said.

“In BGC, for example, we are no longer selling land anymore. We’re leasing them and we are in fact (putting up) buildings for lease. We are looking at this model because we can earn more in the long run. We don’t lose ownership of the property and at the same time, we are able to generate revenues. Our decision will depend on the economic conditions next year. If the economic conditions will be similar to today, then we will be continuing to land bank,” the BCDA chief added.

The development of the 47-ha land will see the rise of high-end residential buildings with a mix of commercial and institutional components.

This property, situated inside the former Fort Andres Bonifacio Military Reservation, was a subject of an earlier dispute as it was being claimed by Novai. The Supreme Court later upheld a Court of Appeals (CA) ruling that cancelled Novai’s ownership.

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