MANILA, Philippines - State-run Bases Conversion and Development Authority (BCDA) has awarded the lease and development of the 5.2-hectare Pamayanang Diego Silang (PDS) commercial lot in Taguig City to the consortium of R-II Builders Inc. and MGS Construction, Inc.
“We issued the notice of award to the consortium of R-II and MGS on Friday,†BCDA Asset Disposition Program Committee chairman Nena Radoc said in a telephone interview.
The consortium is the only bidder for the property.
Radoc said the consortium submitted a bid of P70 million, higher than the P53 million minimum floor price set by the BCDA.
The consortium likewise satisfied all the requirements set in the Terms of Reference for the bidding.
“We are working on signing the contract this month,†she added.
The PDS property located in Brgy. Usuan, is ideal for a commercial complex because of proximity to a number of residential condominium developments such as Acacia Estates, Grace Residences, Rosewood Pointe, Royal Palm Residences and Cypress Towers.
The property can also be developed for residential, institutional or recreational use.
The lot will be leased for 25 years, renewable for another 25 years upon agreement between the BCDA and the consortium.
Upon contract signing for the lease and development of the property, the consortium will have to pay the lease for the first three years amounting to P93 million.
For the fourth year, the minimum annual fixed lease has been set at P53 million.
For the succeeding years, the annual lease payment will be subject to five percent increase every three years and will be due on or before the anniversary date.