3 big groups eye BCDA lot in Taguig

MANILA, Philippines - Three real estate firms have expressed interest in developing a 5.2-hectare prime property in Taguig City offered for bidding by the Bases Conversion and Development Authority (BCDA). 

BCDA president Arnel Paciano Casanova said the three are Filinvest Land Inc., R-II Builders Inc. and Robinsons Land Corp. They showed interest by purchasing the terms of reference for the long-term lease and development of the Pamayanang Diego Silang Commercial Lots in Brgy. Ususan, Taguig.  

In a statement, Casanova said: “The location of the property has a captured market and ideal for a  commercial complex that would cater to the needs of the residents  living within the area.” 

The property is located in the immediate vicinity of a number  of residential condominium developments such as Acacia Estates, Grace  Residences, Rosewood Pointe, Royal Palm Residences, Cypress Towers,  and Pamayanang Diego Silang. 

Aside from general commercial use, Casanova said the property could be developed for residential use, general institutional use, as well as  for recreation use. 

The property would be leased for 25 years and renewable for another 25  years, upon mutual agreement of the BCDA and the winning bidder. 

BCDA Asset Disposition Program Committee chairman Nena Radoc said the winning bidder will be required to pay upon contract signing the lease payments  for the first three years amounting to P93 million,  inclusive of 12-percent value-added tax (VAT). 

For the fourth year, the minimum annual fixed lease has been set at  P53 million inclusive of 12-percent VAT, based on a  Gross Floor Area (GFA) of 37,000 square meters (sqm) or lower. 

For GFA developed in excess of 37,000 sqm, the winning bidder must  also pay an additional lease equivalent to 70 percent of the average  lease per square meter as of the year of completion of such additional  GFA.  The fourth year fixed lease must be payable in advance, on or before  the third anniversary of contract signing. 

The succeeding annual lease payment would be subject to five percent  escalation every three years and payable in advance, on or before the anniversary date.