Pasay seeks comparative proposals for condo project

MANILA, Philippines - The city government of Pasay is seeking comparative proposals for the P4.2-billion condominium project proposed by SM Development Corp. (SMDC).

In a Notice of Unsolicited Proposal and Invitation for Comparative Proposals, Pasay City administrator Dennis Bernardo Acorda invited interested and qualified parties to apply for eligibility and submit comparative proposals for the Public-Private Partnership (PPP) project.

Acorda, who also heads the city government’s PPP selection committee, said the project involves the construction of a condominium project with amenities and facilities.

 The project consists of three condominium buildings with 13 floors each including basement with a saleable area of approximately 62,739 square meters. The buildings would feature parking lots, facilities and amenities.

Interested bidders, he said, have until Dec. 1 to submit their eligibility documents.

In order to qualify, interested proponents should have a net worth of at least P20 billion and should have undertaken and completed a similar project costing at least 50 percent of the total project cost. The bidders must have existed for at least five years.

He pointed out that the proposals to be submitted by interested proponents would be compared with the joint venture agreement entered into by the Pasay city government and SMDC.

Under the agreement, the city government would provide the 12,525 square meter property worth P820.32 million located in the Central Business Park while the developer would shell out the construction and development cost worth P3.34 billion.

The winning proposal would have to make an upfront payment of P1 billion by way of guaranteed amount within seven days from the issuance of the Notice to Proceed and should complete the project within a period of five years.

In terms of sharing the proceeds, the city government of Pasay should have a share of 19.72 percent while the proponent would have 80.28 percent.