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THE
Bases Conversion and Development Authority (BCDA),
invoking a technicality, has rejected Chinese developer
Shimao Group’s unsolicited proposal for an 8-hectare
property in North Bonifacio that it previously reserved
for the Chinese conglomerate.
The BCDA
now plans to offer the property to any and all comers in
a public bidding.
Aileen
Zosa, BCDA vice president for business development, said
they are offering a choice of an outright sale or a
joint venture or a combination of both to the successful
bidder.
“Flexibility will. . . be enjoyed by the bidders on the
distribution of the floor areas among the different
lots/blocks of the property, as long as the proposals
comply with the master plan, the prescribed land uses
and the design standards and guidelines of
Bonifacio
Global City,”
she said.
The
winning bidder will be responsible, however, for
obtaining the necessary approvals for their detailed
development plan from the Taguig local government and
the Planning Review Board of Bonifacio Global City.
The
Shimao Group proposal was rejected after the National
Economic and Development Authority failed to issue its
Guidelines on Joint Ventures, which would have included
a prescribed Swiss-challenge process for unsolicited
proposals.
“BCDA
did not have solid legal basis to undertake a Swiss
challenge on Shimao’s unsolicited proposal. Thus, BCDA
is now opting to simply bid out the North Bonifacio
property this year,” said Zosa. The Chinese group can
join the bidding, she added.
Shimao
earlier expressed interest in investing between $2
billion and $4 billion in the construction of a high-end
hotel and mixed-use buildings in the area.
The
property—“ideal for mixed-use development”—called North
Bonifacio Lots covers 8.38 hectares including roads and
open/green spaces, with a maximum allowable gross floor
area equivalent to 5.16 hectares.
“With
the prevailing momentum of development in the area, we
are expecting the North Bonifacio property to fetch at
least P34,000 per sq m on a raw-land basis, and more
than P100,000 per sq m on a developed basis,” she added.
Zosa
said major developments will be undertaken this year on
the adjacent lots of the North Bonifacio property,
including the Metrobank at the
Iconic Tower that will
also house the Grand Hyatt Hotel, major avenues and
utility networks, to enhance the area including the
North Bonifacio Lots.
Also to
be developed in the surrounding areas is a 7-hectare
area jointly-owned by BCDA and the National Police
Commission and a 8.5-hectare area by the Fort Bonifacio
Development Corp. |
