Three real estate firms express keen interest on prime property along C-5–BCDA

The state-owned Bases Conversion and Development Authority (BCDA) said three real estate developers have expressed interest in the 5.2 hectare prime property along the C-5 road in Taguig that it is bidding out.

BCDA President Arnel Paciano D. Casanova said the three real estate developers who expressed keen interest and purchased the Terms of Reference (TOR) for the Long-Term Lease and Development of the Pamayanang Diego Silang (PDS) Commercial Lots in Brgy. Usuan, Taguig were Filinvest Land Inc., R-II Builders Inc. and Robinsons Land Corporation.

Casanova noted that the property is located in the immediate vicinity of a number of residential condominium developments such as Acacia Estates, Grace Residences, Rosewood Pointe, Royal Palm Residences, Cypress Towers, and Pamayanang Diego Silang making the property a prime location for the development of a commercial complex.

“The location of the property has a captured market and ideal for a commercial complex that would cater to the needs of the residents living within the area,” Casanova said.

He said aside from general commercial use, the property can be developed into general residential use, general institutional use, and parks and recreation use.

Casanova said the long-term lease period is 25 years commencing on the signing of the contract and renewable for another 25 years upon mutual agreement of the parties.

For her part, BCDA chairperson of the Asset Disposition Program Committee Nena D. Radoc said   the lease payments for the first three years shall be PhP93 million  inclusive of 12 percent Value-added Tax (VAT), and payable in advance upon contract signing.

She said the minimum annual fixed lease for the 4th year that the proponents will bid on is  PhP53 million inclusive of 12 percent VAT, based on a Gross Floor Area (GFA) of 37,000 square meters or lower. For GFA developed in excess of 37,000 sqm, the winning bidder shall also pay an additional lease equivalent to 70 percent of the average lease per square meter as of the year of completion of such additional GFA.

She added that the 4th year fixed lease shall be payable in advance on or before the 3rd anniversary of contract signing.

The succeeding annual lease payment shall be subject to a five percent escalation every three years and payable in advance on or before the anniversary date.

Deadline for submission of the Eligibility Documents and the Final Proposals is on 26 September 2013.