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BCDA bares Megaworld to develop prime BGC property
Author: BCDA
Posted: September 17, 2009 | Category: Investment And Projects
The state-owned Bases Conversion and Development Authority (BCDA) yesterday (16 September 2009) awarded to Megaworld Corporation the contract to develop the 8.38-hectare North Bonifacio lots in the Bonifacio Global City (BGC) under the Competitive Challenge of the NEDA JV Guidelines.
BCDA Vice President for Business Development Aileen An. R. Zosa said Megaworld was declared the winning private proponent for the joint venture development of the North Bonifacio Lots after it passed the post-qualification stage.
Zosa announced that the signing of the joint venture agreement for the project is scheduled on Oct. 8, 2009, following approval by the Office of the Government Corporate Counsel of the draft JV Contract.
Megaworld outbidded Robinsons Land Corp. (RLC) by increasing its upfront cash offer from P700 million to P1.062 billion, resulting in a price of at least P37,603.69/sq.m., up from RLC’s offer of P37,597.86/sq.m. Thus, the effective offer of Megaworld for the entire property went up to P3.1511 billion from P2.7891 billion as against RLC’s P3.1507 billion.
BCDA President/CEO General Narciso L. Abaya (Ret.) noted earlier that these competitive offers from two real estate giants at this time “demonstrate the sustained confidence of investors in Bonifacio Global City and in the overall economic condition of the country, in general.”
The BCDA also cited Megaworld’s annual secured revenues of P306.616 million per year for 12 years, compared to RLC’s proposed annual secured revenues of P299.5 million. Megaworld committed from P15.6 billion to P20 billion for the development of the property into a mix use complex with predominantly residential uses.
Zosa said this project would be a significant contribution to the government’s economic stimulus program, considering the job creation and multiplier effects arising from the development.
BCDA Vice President for Business Development Aileen An. R. Zosa said Megaworld was declared the winning private proponent for the joint venture development of the North Bonifacio Lots after it passed the post-qualification stage.
Zosa announced that the signing of the joint venture agreement for the project is scheduled on Oct. 8, 2009, following approval by the Office of the Government Corporate Counsel of the draft JV Contract.
Megaworld outbidded Robinsons Land Corp. (RLC) by increasing its upfront cash offer from P700 million to P1.062 billion, resulting in a price of at least P37,603.69/sq.m., up from RLC’s offer of P37,597.86/sq.m. Thus, the effective offer of Megaworld for the entire property went up to P3.1511 billion from P2.7891 billion as against RLC’s P3.1507 billion.
BCDA President/CEO General Narciso L. Abaya (Ret.) noted earlier that these competitive offers from two real estate giants at this time “demonstrate the sustained confidence of investors in Bonifacio Global City and in the overall economic condition of the country, in general.”
The BCDA also cited Megaworld’s annual secured revenues of P306.616 million per year for 12 years, compared to RLC’s proposed annual secured revenues of P299.5 million. Megaworld committed from P15.6 billion to P20 billion for the development of the property into a mix use complex with predominantly residential uses.
Zosa said this project would be a significant contribution to the government’s economic stimulus program, considering the job creation and multiplier effects arising from the development.
