MANILA, Philippines - State-owned Bases Conversion and Development Authority (BCDA) is keen on partnering with foreign or local real-estate developers to develop the prime 33.1-hectare Bonifacio South Pointe.
The BCDA said it has invited bidders to put up a joint-venture company for the development of the property.
In bidding announcement, the BCDA is requesting interested bidders to apply for eligibility and submit bids for a 55-percent share in an incorporated joint venture, in which the BCDA will hold a 45-percent share.
“We are optimistic that the top real-estate companies, both foreign and local, will participate in the bidding of Bonifacio South Pointe,” said BCDA President and CEO Arnel Paciano D. Casanova in a statement.
Casanova noted that the economic fundamentals of the country point to a “very healthy and promising” Philippine real-estate environment in 2013 and beyond.
The BCDA said the variable component of the financial bid must be no less than P13.26 billion or approximately $323.49 million. This variable component will be in addition to the fixed component of P8.6 billion which will be used as working capital of the joint venture.
The agency will hold a pre-bid conference on January 18 to entertain inquiries from interested bidders.
The Bonifacio South Pointe property is composed of lands occupied 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.
These lands were transferred and subsequently titled to BCDA for disposition pursuant to the BCDA charter, which was passed into law in 1992 during the administration of President Corazon Aquino.