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Four groups – Ayala Land Inc. the consortium of Filinvest Land Inc. and Filinvest Alabang Inc., Megaworld Corp., and Robinsons Land Corp – have submitted bids for the 34.5 hectare prime Jusmag property, Aileen Zosa, executive vice president and spokesperson of the Bases Conversion and Development Authority (BCDA), yesterday said.

Rockwell Land Corp, the fifth eligible bidder, failed to submit an offer within the March 3 deadline set by BCDA.

Zosa was mum on the reason for Rockwell’s decision not to pursue its bid.

Zosa said the minimum investment commitment of the winning private sector partner is P18.8 billion over a period of 20 years.

The Jusmag property along Lawton avenue in Fort Bonifacio, Taguig City, is at the back of posh Forbes Park. The minimum value for the property is P19,000 per square meter while the minimum upfront cash is P2.2 billion, inclusive of replication fund.

Zosa said the BCDA is expected to generate much more than the minimum bid price as the competing giant real estate firms are seriously interested in the property.

The property is primarily residential, with retail use only allowed as support to the residential area.

The development will include the widening of Lawton avenue to six lanes, then to eight lanes.

Of the 34.5 hectare property, 20.76 hectares is buildable, 2.02 hectares is reserved for recreation and open spaces, 0.62 hectares is reserved for utilities, and 11.05 hectares is reserved for access lots, including the 0.97-hectare area reserved for the widening of Lawton avenue.

The maximum allowable gross floor area for the property is 1.383 million sq.m.

Zosa said the bids are being evaluated and the results will be known on or before March 17. Target date for joint venture signing is before the end of April 2010. - Irma Isip

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