Jusmag lot to be sold in ’09

MANILA, Philippines - State-run Bases Conversion and Development Authority (BCDA) plans to dispose of some 68 hectares of land in former military properties in Fort Bonifacio, Taguig by early 2009. BCDA Vice-President Aileen Zosa said the lots, consisting of 35 hectares in the former Joint United States Military Assistance Group or JUSMAG area and 33 has. in the ASCOM/BNS/Marine headquarters area, would be sold for P20,000 per square meter. The BCDA, which oversees development of former military lands, stands to raise about P13.72 billion from the asset disposition. Ms. Zosa said the BCDA is also negotiating with the Armed Forces of the Philippines to replicate more than 100 military houses and facilities. "We have to replicate those structures. We’re thinking of asking developers to replicate those houses. Our target is to come up with an agreement with them as to what kind of structure, and where," she said in an interview. For instance, the facilities could be relocated inside a single compound within the retained 100-ha. area of the Philippine Army in Fort Bonifacio. "We’re thinking of putting up mid-rise buildings when we replicate the houses and offices," Ms. Zosa said. The lots would be developed into mixed-use properties, although predominantly residential, she said. BCDA also plans to dispose of the 1.2-hectare Expanded Big Delta Lots, with expected revenues of P1.93 billion; the 1.3-ha. Villamor Driving Range for P195 million; the 7-ha. North Bonifacio Lots for P2 billion; the 6.7-ha. NCBD lots for P3 billion; and the 2.1-ha. PA SEG property for P150.24 million within the year. The BCDA has generated a total of P38.3 billion from its disposition program as of October. It said 80% of the total or P30.36 billion came from Fort Bonifacio, P4.78 billion from lease and joint ventures, P1.9 billion from sales proceeds, and P1.245 billion from securitization. From 2006 to 2007, 52 property projects were completed, among them Serendra, Forbeswood Heights, Kensington, Bellagio and Fairways, among others; as well as office buildings. - BusinessWorld