Newsletter_March-April '10 Save PDF - Philippines Bases ...

BCDA awards JUSMAG Propertyby Roy Victor Rosalesto Megaworld BCDA Public AffairsThe state-owned BasesConversion andDevelopment Authority(BCDA) recently awarded toMegaworld Corporation thecontract to develop the prime34.5-hectare JUSMAG propertylocated along Lawton Avenue inFort Bonifacio, Taguig City at theback of posh Forbes Park.In the NewsBCDA Executive Vice PresidentAileen An. R. Zosa said Megaworldwas named Winning Private SectorParticipant for the competitive selectionfor BCDA’s joint venture developmentpartner following the declaration ofMegaworld’s proposal as the best/mostadvantageous proposal and after thecompletion of the post-qualification asprovided for in the Terms of Reference.Zosa stressed that the competitiveselection process was started inDecember 2009, went through eligibilityphase in January 2010, and on to thesubmission of final and technicalproposals last March 3, 2010.Megaworld Chairman and President Andrew Tan (2nd from right) and BasesConversion and Development Authority (BCDA) President and CEO Gen Narciso LAbaya (Ret) (3rd from right) shake hands to seal the deal after signing the contractfor the joint-venture development of the 34.5-hectare JUSMAG property. Lookingon are BCDA Chairman Aloysius Santos and Megaworld First Vice President forCorporate Management Atty. Monica Salomon.“This bidding which span almostfive months culminated in the signing ofthe joint venture agreement on April 19,2010,” Zosa added.Megaworld’s bid price ofPhP31,111.00 per sq.m for the 345,042sq.m JUSMAG property outbidded theproposals of the consortium of FilinvestLand Inc.and FilinvestAlabang Inc.,PhP26,187.51per sq.m;AyalaLand Inc.,PhP25,100.00per sq.m; andRobinsonsLandCorporation,PhP23,888.00per sq.m.In theMegaworldproposal,the NominalValue ofSecuredNet CashInflows to BCDA amounts to PhP22.29Billion over 23 years compared to theconsortium of Filinvest Land Inc. andFilinvest Alabang Inc., PhP17.03 Billion;Ayala Land Inc., PhP13.766 Billion; andRobinsons Land Corporation, PhP12.59Billion.Ms. Zosa said that the planneddevelopment of the JUSMAG propertyis “primarily residential, with retail useonly allowed as support to the residentialarea.” She noted that the maximumallowable Gross Floor Area (GFA) forthe said property is 1.383 million sq.m.The minimum investment commitmentof the winning private sector partnerMegaworld Corporation is P18.8-B overa period of 20 years.Ms. Zosa said that the developmentof the JUSMAG property wouldgenerate funds for the AFPmodernization program and BCDA’sconversion program. She also added thatthe development of the said propertywould be a significant contribution tothe government’s economic program,considering the job creation andmultiplier effects arising from thedevelopment.4