The government sees a "more advantageous" deal for the development of the Bonifacio South property through an open and competitive bidding, as it declined a P20-billion offer from real estate giant SM Land Inc.
The 33.1-hectare military lot "will surely elicit keen interest from the country's top real estate developers due to the strategic location and business potential of the area," state-run Bases Conversion and Development Authority (BCDA) said in a statement Thursday.
This will allow the government to "unlock the best value for its asset," BCDA President and Chief Executive Arnel Casanova noted.
Citing instructions from the Office of the President, BCDA thus scrapped calls for developers to challenge SM Land's unsolicited proposal in 2010, which had earlier been put off pending a Palace review.
"[T]he Office of the President has decided to put the development of the subject property on public bidding," BCDA said in a letter to SM Land Aug. 15.
"In this light, we regret to inform you that we are terminating the proceedings on the competitive challenge and shall be returning the proposal security..." the letter read further.
BCDA then invited SM Land to participate in the bidding, which Casanova claimed will encourage a "level playing field."
This, as it added that six real estate developers have already expressed interest in the property.
These are Ayala Land Inc., Filinvest Land Inc., Jones Lang La Salle-Leechiu, Megaworld Corporation, Robinsons Land Corporation and Rockwell Land Corporation.
The terms of reference for the bidding is expected to be approved soon, Casanova said.
The Bonifacio South property is located south of Bonifacio Global City, between Newport City and McKinley West and near the posh Forbes Park.
It is composed of properties formerly occupied by the Army Support Command and Special Services Unit of the Philippine Army, the Bonifacio Naval Station, and the Philippine Marine Corps of the Philippine Navy.
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