The government will bid out a 33-hectare property at Fort Bonifacio before the end of the year, setting aside a 2-year-old offer from Henry Sy's SM Group.
Sy offered P2 billion in cash upfront and P26 billion over 20 years for the property, valuing it at P36,900 per square meter.
Under government rules, unsolicited bids are open to a so-called "Swiss challenge," wherein other property developers have to match or exceed the Sy group's offer. - Top Story, ANC, September 13, 2012
For more on ANC's Top Story, go to http://anc.abs-cbnnews.com/shows/4/top-story