BCDA expects to earn P5B in 2008 revenues

The Bases Conversion and Development Authority (BCDA) expects to earn P5 billion in revenues this year following the recent sale of its 1.2-hectare Government Center for Investment (GCI) lot to the Net Group and the favorable debt restructuring with the Camp John Hay Development Corp. (CJHDevCo) and the sub-lease agreement with Ayala Land Inc., the real-estate arm of conglomerate Ayala Corp.

In an interview with The STAR, BCDA vice president Aileen R. Zosa disclosed that half of the BCDA’s projected net revenues this year would already come from the P2.032 billion winning bid of the Net Group for the 1.2-hectare GCI lot.

The BCDA, Zosa said, has already gotten an initial P600-million downpayment from the Net Group, with the balance expected to be fully paid this month.

The successful third debt restructuring of the CJHDevCo’s outstanding P2.686 billion unpaid lease rentals, Zosa said, would also allow the BCDA to collect a partial payment of P280.341 million from CJHDevCo this year and P50 million in rental payments this year from the Ayala Group for its sublease of 12 hectares of the Camp John Hay property.

Other sources of income this year, Zosa elaborated, would come from additional real estate dispositions and positive revenue inflows from its Fort Bonifacio joint ventures.

The BCDA, Zosa said, is set to bid out by August this year an 8,700-square meter institutional and parking complex near the East Gate for which it hopes to get at least P6 million including a five- percent share of parking revenues.

Also lined up for further disposition and development, Zosa said, is 8.5 hectares in the North Bonifacio area in which the Chinese Shimao Group has already expressed interest in.

Development in the North Bonifacio area, Zosa said, is expected to pick up with the development of the 8th Avenue area and roadway in cooperation with the Metrobank Group which already has development in there including the new St. Luke’s Medical facility.

Another 8.3 hectares of the North Central Business District is also up for disposition and development.

The BCDA, Zosa continued, also wants to dispose of a one-hectare property in the Villamor Airbase, fronting the still unopened Ninoy Aquino International Airport (NAIA) Terminal 3.

Further north, Zosa said, the BCDA also expects to generate additional revenues from the reopening and resumption of operations of the Poro Point Special Economic Zone and Freeport.