Image via WikipediaSIX FIRMS have expressed interest in challenging the unsolicited bid of SM Land Inc. to develop the 33.1-hectare Bonifacio South property.
Ayala Land Inc., Filinvest Land Inc., Jones Lang La Salle Leechiu, Megaworld Corp., Robinsons Land Corp. and Rockwell Land Corp. all bought bidding documents for the project, according to Aileen Zosa, executive vice president and spokesperson of the Bases Conversion and Development Authority.
Of the six that purchased the terms of reference for the eligibility requirements, she said three companies—Ayala, Filinvest and Rockwell—sent representatives to the pre-eligibility conference last September 3.
Daewoo International was also present at the conference, but did not buy the eligibility documents, she said. SM Land was likewise in the conference.
“These developments are strong indications of the confidence of private business in the Philippine real estate market and in the Aquino government as a whole,” Zosa said in a statement issued yesterday.
The property up for development is made up of parcels of land currently occupied by the Army Support Command (Ascom) and Special Services Unit (SSU) of the Philippine Army and the Bonifacio Naval Station (BNS) and Philippine Marine Corps (PMC) of the Philippine Navy.
The Bonifacio South master plan provided for the development of the BNS/PMC/Ascom/SSU area into a medium- to high-density residential and mix-use complex, with a strong institutional component and a maximum allowable gross floor area of 1.36 million square meters.
The entire property is located along Lawton Avenue, separated from the Jusmag property by the National Mapping and Resource Information Authority area and a six-hectare strip of land retained by the Philippine Army.
SM Land’s unsolicited proposal for the development of the property offered an upfront cash payment of P2 billion upon signing of the joint-venture contract with the Bases Convertion and Development Authority (BCDA).
The property developer likewise committed yearly revenues amounting to P25.9 billion for 20 years for a present value of P36,900 a square meter.
Apart from these commitments, SM Land also offered to advance the funds needed to replace the military facilities that would be affected by the development. No amount was pegged for this part of the venture as the BCDA was still reviewing how much the transfer would cost.
Zosa said that for SM Land to get the project, it should match the best offer to be made by the challengers. If SM Land is unable to match, the company with the best technical and financial proposals will be awarded the contract.
Abigail L. Ho
September 6, 2010
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