Manila’s top lot open to foreign bidders

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A $316-million lot in Manila’s upscale neighbourhood of Fort Bonifacio has opened up to local and foreign bidders, the Bases Conversion and Development Authority (BCDA) announced on December 17.

The 33.1-hectare asset is located in South Bonifacio in Taguig City and submissions for bids will be due in February 2013, with the winning bidder entering a joint venture with the BCDA, a government-owned corporation in charge of privatising former US military bases and camps. Foreign entities can also enter the bidding with a Filipino partner.

The South Bonfacio lot is considered the “crown jewel” of the BCDA’s portfolio, and is located along Lawton Ave between Newport City and McKinley Hill in the southern portion of the Bonifacio Global City.

The Philippine Army’s Support Command and Special Services Unit, the Bonifacio Naval Station and the Philippine Marine Corps currently occupy the property.

The BCDA has stated that there will be “no legal impediment” to the bidding propose, despite SM Land Inc’s bid for the property currently being held up in the Supreme Court.

SM Land Inc’s bid was stymied because of a lack of competition in the bidding procedure, a feature that the Aquino administration wishes to avoid in land auctions.



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A $316-million lot in Manila’s upscale neighbourhood of Fort Bonifacio has opened up to local and foreign bidders, the Bases Conversion and Development Authority (BCDA) announced on December 17. The 33.1-hectare asset is located in South Bonifacio in Taguig City and submissions for bids will be due in February 2013, with the winning bidder entering a joint venture with the BCDA, a government-owned corporation in charge of privatising former US military bases and camps. Foreign entities can also enter the bidding with a Filipino partner. The South Bonfacio lot is considered the “crown jewel” of the BCDA’s portfolio, and is...

A $316-million lot in Manila’s upscale neighbourhood of Fort Bonifacio has opened up to local and foreign bidders, the Bases Conversion and Development Authority (BCDA) announced on December 17.

The 33.1-hectare asset is located in South Bonifacio in Taguig City and submissions for bids will be due in February 2013, with the winning bidder entering a joint venture with the BCDA, a government-owned corporation in charge of privatising former US military bases and camps. Foreign entities can also enter the bidding with a Filipino partner.

The South Bonfacio lot is considered the “crown jewel” of the BCDA’s portfolio, and is located along Lawton Ave between Newport City and McKinley Hill in the southern portion of the Bonifacio Global City.

The Philippine Army’s Support Command and Special Services Unit, the Bonifacio Naval Station and the Philippine Marine Corps currently occupy the property.

The BCDA has stated that there will be “no legal impediment” to the bidding propose, despite SM Land Inc’s bid for the property currently being held up in the Supreme Court.

SM Land Inc’s bid was stymied because of a lack of competition in the bidding procedure, a feature that the Aquino administration wishes to avoid in land auctions.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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