Signa Designer Residences

#MakatiCondo Oct 20, 2009

Gokongwei property development arm Robinsons Land Corporation (RLC) officially submitted its proposal to bid for Bases Conversion Development Authority’s (BCDA) 8.38-hectare north Bonifacio property located along Kalayaan road.

Robinsons Land said its P3.15-billion bid proposal was a substantial improvement over the unsolicited offer of Megaworld Corporation which amounted to P2.78 billion.

The BCDA previously declared three real estate firms eligible to challenge Megaworld’s bid. The firms include RLC, Ayala Land Inc. (ALI) and Filinvest Land Inc. (FLI).

As of last Friday’s submission deadline, RLC was the sole property firm able to submit all the technical and financial proposals to challenge Megaworld’s offer.

Megaworld will be given until August 28 to submit their counter proposal to RLC’s offer.

After comprehensive evaluation, which will be solely based on the prices proposed, one of the two property firms will be selected as BCDA’s joint venture partner in developing and privatizing the North Bonifacio lots located in the refined Taguig development.

Robinsons Land declared its desire to develop the property into a mixed-use complex with residential and office components and a support retail component.

The competitive challenge procedure which was announced last June 11 after Megaworld’s proposal to bid was effectively conducted according to the National Economic and Development Authority (NEDA) Joint Venture Guidelines.

Megaworld’s unsolicited offer was accepted by the BCDA last April. Aileen Zosa, BCDA vice president, said Megaworld submitted an unsolicited proposal last year and went through detail negotiations with the agency.

Its offer included the valuation of the North Bonifacio lots at P33,283.88 per square meter (sq.m.), and the mixed-use development of the property at a cost of P15.6 billion. Megaworld will also deposit P700 million as upfront partial payment. (JAL)