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MANILA - The Bases Conversion and Development Authority has junked the improved offer of SM Land Inc. to develop a military lot in Bonifacio South.
Arnel Cassanova, BCDA president and chief executive, on Wednesday told reporters that the agency recommended to President Benigno Aquino III the auction of the 33.1-hectare lot in Bonifacio South.
"There's no contract yet. It's just a process. It can be easily terminated," Cassanova said.
Cassanova had said the review of the SM Land proposal is meant to ensure the greatest and best value for the government.
He did not disclose the improved offer of SM Land, which earlier offered P36,900 per square meter for the project. The present value of the property is about P12 billion.
SM Land had submitted to BCDA an unsolicited proposal to develop the property, with an investment of at least P20 billion.
"If they’re really interested, then submit the best bid," Felicito Payumo, BCDA chairman said.
Earlier, six real estate developers, namely Ayala Land Inc., Filinvest Land Inc., Jones Lang La Salle Leechiu, Megaworld Corp., Robinsons Land Corp., and Rockwell Land Corp., purchased the Terms of Reference for the Eligibility Requirements to challenge the offer of SM Land.
Under the Bonifacio South master plan, the BNS/PMC/ASCOM/SSU lots would be developed into a medium- to high-density residential and mixed-use complex, with a maximum allowable gross floor area of 1.355 million square meters.
The property is located along Lawton Avenue and is separated from the 34.5-hectare Joint US Military Advisory Group property by state-owned National Mapping and Resource Information Authority’s property and a six-hectare piece of land retained by the Philippine Army.
Megaworld had won the contract to develop the Jusmag property.
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