Property developer to pay P2B for 1.2-ha Fort Boni lot

MANILA, Philippines- Office space developer Net Group has offered P2.032 billion for a 1.2-hectare lot in Global City in Fort Bonifacio, state-owned Bases Conversion and Development Authority said Monday. In a statement, BCDA said its board approved the Net Group's bid to acquire the property through a resolution passed last Tuesday, April 23. BCDA president Narciso Abaya said the winning bid of P168,889.11 per square meter or P2.032 billion is above the agency's minimum price of P160,000 per sq. meter, or P1.925 billion, for the property formerly known as the Government Center for Investment Lots. The lot is adjacent to the West Super Block that will house the Philippine Stock Exchange, the six-star Shangri-La Hotel and the high-end residential condominiums of Shangri-La and Ayala Land. It is also along 5th Avenue, across The Fort and is located in E-Square, whose classification as a special economic zone by the Philippine Economic Zone Authority (PEZA) entitles the developer to PEZA incentives. The Net Group is a partnership led by businessmen Jacques Dupasquier and Carlos Rufino. The Net Group specializes in developments within the Bonifacio Global City with a 100 percent leased portfolio that includes Net One Center, Net Square, Net Cube, Net Quad and Net Plaza. - GMANews.TV