MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) has decided to hold an open competitive bidding for the 33.1 hectare Bonifacio South property.
This comes as the BCDA terminated the "Swiss Challenge" for the BNS/PMC/ASCOM/SSU property, after SM Land Inc. submitted an unsolicited bid for the property in 2010.
The BNS/PMC/ASCOM/SSU property covers land 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.
In a letter to SMLI Vice President David Rafael last August 15, the BCDA said "the Office of the President has decided to put the development of the subject property on public bidding. 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 BCDA also invited SMLI to participate in the bidding for the property.
BCDA President and CEO Arnel Paciano D. Casanova said the decision to set aside SMLI's unsolicited proposal was pursuant to the directive issued by the Office of the President.
"Transparency, which is the heart of public bidding, will ensure that everything is above board. This in turn will encourage the best bidders to compete in a level playing field," he said.
The BNS/PMC/ASCOM/SSU property is located at the southern side of Bonifacio Global City and between Newport City and McKinley West and near posh Forbes Park.
The BCDA board is expected to approve the terms of reference for the bidding soon.
Casanova expects the BNS/PMC/ASCOM/SSU property to attract interest from top real estate developers, following the successful bidding of the FTI complex.
"We expect the open competitive bidding of this prime property to attract the country's top real estate developers and unlock the best value for government," Casanova said.
Top property developers, who are reportedly interested in the property, include Ayala Land Inc., Filinvest Land Inc., Megaworld Corporation, Robinsons Land Corporation and Rockwell Land Corporation.