Six property developers are challenging the unsolicited proposal of SM Land Inc.’s (SMLI) to develop the 33.1 hectare property in Bonifacio South in Global City.
Bases Conversion and Development Authority executive vice president and spokesperson Aileen R. Zosa identified the six challengers as Ayala Land Inc. (ALI), Filinvest Land Inc. (FLI), Jones Lang La Salle-Leechiu (JLL), Megaworld Corporation, Robinsons Land Corporation (RLC), and Rockwell Land Corporation (Rockwell).
Zosa said the six property developers have purchased the Terms of Reference (TOR) for the Eligibility Requirements – for the Competitive Challenge for the Selection of BCDA’s Joint Venture Partner for the Privatization and Development of the property.
“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,” she said.
Of those who purchased the eligibility documents, ALI, FLI and Rockwell attended the pre-eligibility conference held last 3 September 2010 at the BCDA Corporate Office. Daewoo International attended the pre-eligibility conference but did not purchase the eligibility documents. Also present at the pre-eligibility conference was SMLI.
The 33.1-hectare area is composed of lands presently occupied in part by the Army Support Command and Special Services Unit of the Philippine Army and in part by the Bonifacio Naval Station and Philippine Marine Corps of the Philippine Navy otherwise known as the BNS/PMC/ASCOM/SSU Property.
Under the Bonifacio South master plan, the BNS/PMC/ASCOM/SSU area would be developed into a medium- to high-density residential and mix use complex, with a strong institutional component and has a maximum allowable gross floor area of 1.355 million sq.m.
The property is located along Lawton Avenue and is separated from the JUSMAG property by the NAMRIA area and a 6-hectare strip of land retained by the Philippine Army.
SMLI’s proposal offers an upfront cash of P2 billion upon signing of the JV contract and secured yearly revenues, totaling P25.9 billion for 20 years, for a present value of P36,900 per sq.m. Investment commitment of SMLI for the project stands at a minimum of P20 billion. SMLI shall advance the funds for and undertake the replication of military facilities affected by the development of the property.
For details on SM Residences and Condos, please contact Reby Ramirez @ +63 916.4044.555 / +63 922.883.9308 / +63 919.699.3572 or e-mail her at reby_ramirez@yahoo.com.
Source: Manila Bulletin, 06 September 2010
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