Shimao and FBDC eyeing property devt venture

Shimao Property Holdings Ltd. and the Fort Bonifacio Development Corp. are mulling the joint development of a 7.9-hectare property owned by the Philippine government's Bases Conversion and Development Authority inside the Bonifacio Global City. Trade Secretary Peter B. Favila on Thursday said if the two groups come to terms, China's Shimao will no longer have to go through the process of joining government biddings just to secure a land that it could develop for its planned $2-billion mixed-use project inside the former military camp. Favila said the FBDC, a consortium between BCDA and the Ayala and Campos groups, have already signified interest to pursue the joint development of a 7.9-hectare property in North Bonifacio with Shimao. “Shimao has held talks with FBDC and FBDC said it is open to co-developing the area identified by the Chinese. FBDC is willing to work with Shimao," Favila said. Favila earlier advised Shimao to look for a private partner for its proposed project if it is really in a hurry of starting with the development of the area. Shimao, Favila said, wants to secure a deal by the time President Arroyo visits China on April 20. Shimao signed a memorandum of understanding last month with BCDA for the conduct of detailed studies for future projects involving the development of a large parcel of land within the former military base into a high-end mixed-use project. Favila said if Shimao partners with the government, it would have to go through a long process and bid along with other proponents to develop a property owned by BCDA. “If they secure a joint venture with the private sector, they could immediately proceed with the project," he said. Shimao is looking at building hotels and other structures for mixed-use inside the BGC.-GMANews.TV