Friday, 5 March 2010

Four firms submit bids for JUSMAG property

Jennifer A. Ng
Business Mirror

State-owned Bases Conversion and Development Authority (BCDA) said four of the five firms declared eligible to bid for the 34.5-hectare prime Jusmag property in Fort Bonifacio, Taguig City submitted their bids on Wednesday.

BCDA executive vice president and spokesman Aileen Zosa said the four firms that tendered their bids are Ayala Land Inc., the consortium of Filinvest Land Inc. and Filinvest Alabang Inc., Megaworld Corp. and Robinsons Land Corp. Only Rockwell Land Corp. did not pursue its bid.

Zosa said the bids are being evaluated and announcement of the results of the bidding will be on or before March 17 while the target date for the joint-venture signing is set before the end of April.

“The planned development of the Jusmag property is primarily for residential use, retail will be allowed only as support for the residential development,” she said.

Zosa said the minimum investment commitment of the winning private sector partner is P18.8 billion over a period of 20 years. The minimum value/price for the property has been set at P19,000 per square meter while the minimum up-front cash is P2.2 billion, inclusive of replication fund. The BCDA said it expects to generate much more than the minimum bid price.

“The development will include the widening of Lawton Avenue to six lanes, then to eight lanes,” she said.

Of the 34.5-hectare Jusmag property, 20.76 hectares are buildable while 2.02 hectares are reserved for recreation and open spaces. About 0.62 hectare is reserved for utilities and 11.05 hectares are reserved access lots, including the 0.97-hectare area reserved for the widening of Lawton Avenue.

She noted that the maximum allowable gross floor area for the said property is 1.383 million sq m.

The property, which used to be the headquarters of the Joint US Military Assistance Group in the country, is on Lawton Avenue in Fort Bonifacio, Taguig City at the back of posh Forbes Park village.

The privatization of the Jusmag property is in line with the third phase of BCDA’s asset disposition program.

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