Governemnt to redevelop Mile Long property
MANILA, Philippines — The government is planning to transform the 2.9-hectare Mile Long property in Makati City into a high-rise, mixed-used development through a joint venture with the private sector, according to the Department of Finance (DOF).
In an interview, Finance Secretary Carlos Dominguez said the DOF and the Privatization and Management Office (PMO) have decided to redevelop the land instead of selling it.
“It is large enough to have three elements – commercial, office and residential,” he said.
To facilitate the process, Dominguez said the government is considering transferring the property to the Bases Conversion and Development Authority “and have them do” the joint venture.
Dominguez said the BCDA’s earnings from the venture would be used to supply the funds needed by the Government Service Insurance System to take over the management of the military’s pension system, which was earlier estimated to reach at least P7 trillion.
He said Filipino architect Felino Palafox has crafted a conceptual design for the mixed-used property to be developed in Mile Long.
Last August, the Makati regional trial court ordered Sunvar Realty Development Corp. to vacate the Mile Long property for allegedly owing the government P1.656 billion in unpaid rentals.
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