MANILA, Philippines — The Bases Conversion and Development Authority (BCDA) is bidding out a 5.2-hectare property in Taguig City.
BCDA president and chief executive officer Arnel Casanova said the property located along C-5 Road and Levi Mariano Avenue is a prime location for a commercial complex, as there are existing residential condominium developments within the vicinity.
Casanova added that BCDA is aiming to lease the property for the long term.
The long-term lease is for a period of 25 years and renewable for another 25 years upon mutual agreement of the parties.
Cassanova stressed that the property, which is classified as an Urban Core Zone (UCZ), should be developed in accordance with the Comprehensive Land Use Plan (CLUP) of the local government of Taguig City.
“Aside from general commercial use, the property can be developed into general residential use, general institutional use, and parks and recreation use,” he said.
The BCDA chief noted that publicly accessible and functional open spaces are required for all developments under the UCZ.
Terms for bidders
Nena Radoc, chairperson of the Asset Disposition Program Committee of the BCDA, said the lease amount is P93 million inclusive of 12% value-added tax for the first 3 years of the lease. The amount, she said, is payable in advance upon contract signing.
The lease for the 4th year shall be payable in advance on or before the 3rd anniversary of the contract signing.
The succeeding annual fixed lease is subject to 5% escalation every 3 years, Radoc added.
The pre-bid conference will be on August 30.
BCDA has earlier announced the bidding of two lots along the 94-kilometer Subic-Clark-Tarlac Expressway or SCTEx that are to be converted into service areas. – Rappler.com