Manila, Philippines - De La Salle University is heading to Bonifacio Global City.
Bases Conversion and Development Authority (BCDA) on Saturday said it awarded the last remaining vacant lot at the Institutional Area of Bonifacio Global City (BGC) to lone bidder DLSU.
"We welcome De La Salle University to the Bonifacio Global City and we are confident that the presence of De La Salle, one of the country’s prestigious universities, will play a major role in affirming the BGC as not just as a premier business, commercial and residential area but a premier institutional area as well,” BCDA president Arnel Casanova said.
De La Salle will pay an annual lease of P3.948 million for the 1,395 square-meter property. This will be subject to an annual escalation of 5% starting on the second year.
Upon signing of the contract, BCDA said DLSU will immediately remit an advance payment equivalent to the annual lease for the first four years with an annual escalation of 5%.
The Armed Forces of the Philippines will benefit from the deal, since 50% of the lease remittances will go to the AFP Modernization Program.
At present, the University of the Philippines also has a lot in the institutional area of BGC where it plans to put up a satellite campus called UP Professional Schools and offer post-graduate courses in Law, Business Administration, Statistics, Engineering and Architecture.