MANILA, Philippines — The Bases Conversion Development Authority (BCDA) has decided to conduct a competitive bidding for the over 30-hectare South Fort Bonifacio property in Taguig City.
This decision effectively turned down the unsolicited proposal of the SM Land Inc. for the more than 50-hectare South Bonifacio property in Global City as it deemed the P36,900 per square meter offer too low for the prime property as nearby areas are now fetching between P70,000 to P80,000 price per square meter.
BCDA President and CEO Arnel Paciano Casanova disclosed they have already submitted this recommendation to President Aquino who ordered for a review of the SM proposal to ensure the government has maximized its benefits from the sale of this prime property.
"The idea is to simply bid out,"
Casanova said noting that BCDA is of the opinion that the SM offer "could even be better".
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