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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Reading Time: 1 minute

Reading Time: 1 minute

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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