MANILA, Philippines – State-run Bases Conversion and Development Authority (BCDA) plans to auction off two remaining prime properties in Fort Bonifacio before President Aquino steps down from office in 2016.
BCDA president and chief executive officer Arnel Paciano D. Casanova said the two properties with a combined size of about 60 hectares are likely to be put on the auction block before the end of President Aquino’s term.
“We are currently working on the approval of the President of the remaining lots here in Fort Bonifacio,” Casanova said, referring to two lots in Fort Bonifacio owned by the Philippine Navy and the Philippine Army.
“We’re only waiting for the President to approve the disposition and BCDA will proceed immediately,” he added.
He said the BCDA has already received a lot of inquiries for the two lots, with a size of about 29.5 hectares each.
“We need to come up with another appraisal but basically looking at the pricing here, it should not be lower than P60,000 per square,” Casanova said referring to the value of the properties.
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BCDA is the government agency mandated to transform former US military bases in the country into new premier mixed-use districts.
One of the biggest of such Metro Manila camps is the Fort Bonifacio and Villamor Air Base, now collectively known as the Bonifacio Global City (BGC).
BCDA is also tasked with the disposition and development of the 35,000-hectare Clark Green City, a project seen to allow the Clark Freeport and Special Economic Zone to become a more attractive location for businesses.
Casanova said the scheme for the Clark Green City project would likely be the same implemented by BCDA at the Global City in Fort Bonifacio.
He said the project has also been attracting strong interest from big companies, both here and abroad.
“We have a very strong expression of interest among all major players in the Philippines and those who are players abroad. These are big companies abroad who are interested in participating in the project,” Casanova said.
Specifically, Casanova said big developers from the Middle East have shown their interest in the project.
“Many of the foreign investors they don’t want to participate in small projects. They’re looking at big projects like Clark Green City where they could invest long term,” he said.
The first areas to be developed under Phase 1 of the Clark Green City project will cover 1,300 hectares will include a University of the Philippines campus.