BCDA gives developers more time to contest SM Land

(Updated 3:22 p.m.) Developers who want to challenge the unsolicited proposal of SM Land Inc. (SMLI) for the development of a 33.1-hectare military property in South Bonifacio have until next month to file papers showing their eligibility to take on the project, the Bases Conversion and Development Authority (BCDA) said Thursday. The deadline was extended by state-owned BCDA so that the agency, the Department of National Defense, and the Armed Forces of the Philippines can resolve issues on relocation and possible replication of facilities existing within the property, according to BCDA executive vice-president Aileen R. Zosa. It was extended for another 30 days, from Oct. 20 to Nov. 19, Zoza said. This is the second time the deadline was extended. The original deadline on Sept. 20 was reset after company asked the BCDA during a pre-eligibility conference for more time to gather the requirements from government offices. The “relocation and replication of the structures occupying the properties are crucial to the development timetable of the winning proponent, resolving the issues thereon will lower the risk for the proponent(s), Zosa said. “This will certainly result in a more competitive selection process and will maximize the yield for the government," she added. Real estate developers that bought the Terms of Reference for the Eligibility Requirements to challenge SM Land as the BCDA’s joint venture partner to develop the property in Bonifacio South include Ayala Land Inc., Filinvest Land Inc., Jones Lang La Salle-Leechiu, Megaworld Corp., Robinsons Land Corp., and Rockwell Land Corp. SM Land offered BCDA P2 billion cash upon signing of the contract and secured yearly revenues totaling P25.9 billion over 20 years. The joint venture would cover property presently valued at P36,900 per square meter (sqm), according to the state agency. The company owned by the family of retail magnate Henry Sy — tagged by Forbes Magazine as the richest man in the Philippines — made a minimum financial commitment of P20 billion to development the property, according to the BCDA. SM Land also pledged to advance the money to replicate the military facilities affected by the project. The 33.1-hectare property consists of lands presently occupied by the Army Support Command and Special Services Unit of the Philippine Army, the Bonifacio Naval Station, and the Philippine Marine Corps of the Philippine Navy. The area is also known as the BNS/PMC/ASCOM/SSU Property. BCDA’s Bonifacio South master plan intends to develop BNS/PMC/ASCOM/SSU into a medium- to high-density residential and mix-use complex, with a strong institutional component and a maximum allowable gross floor area of 1.355 million sqm. The property is along Lawton Avenue, separated from the JUSMAG property by the NAMRIA area and a six-hectare land strip of the Philippine Army. — VS, GMANews.TV