Comparative proposals sought for P4B SMDC condo project

In August, the Public-Private Partnership-Selection Committee (PPP-SC) of the Pasay City government endorsed to the mayor the proposal of SM Land Inc. to reclaim and develop 300-hectares of land in Manila Bay for P54.5 billion ($1.21 billion).

In a notice of unsolicited proposal and invitation for comparative proposals, interested and qualified parties are invited to apply for eligibility and submit their offers for the project.

Interested bidders have until Monday, December 1 to submit their eligibility documents.

The proposals from interested proponents would be compared with the joint venture agreement entered into by the Pasay City government and SMDC.

Under the agreement, Pasay City would provide the 12,525-square meter (sq.m.) property worth P820.32 million ($18.27 million) located in the Central Business Park.

The developer, meanwhile, would shell out the construction and development cost worth P3.34 billion ($74.40 million).

Pasay City administrator Dennis Bernardo Acorda, who also heads the city government’s PPP selection committee, said the project involves the construction of a condominium project, including amenities, facilities, and parking lots.

The project consists of 3 condominium buildings with 13 floors each, including basement with a saleable area of approximately 62,739 square meters.

To qualify, interested proponents should have a net worth of at least P20 billion ($445.53 million) and should have undertaken and completed a similar project costing at least 50% of the total project amount. The bidders must also have existed for at least   years.

The winning bidder would have to pay upfront P1 billion of guaranteed amount ($22.28 million) within 7 days from the issuance of the notice to proceed.

The project should be completed within 5 years.

In terms of sharing the proceeds, the Pasay city government should have a share of 19.72% while the proponent would have 80.28%. – Rappler.com

*($1 = P44.89)