Four firms have been declared eligible to bid for the 34.5-hectare prime JUSMAG property in Global City, the Bases Conversion and Development Authority (BCDA) said.

BCDA executive vice-president and spokesperson Aileen Zosa said the four firms that tendered their bids were: Ayala Land Inc., the consortium of Filinvest Land Inc. and Filinvest Alabang Inc., Megaworld Corporation, and Robinsons Land Corporation. Only Rockwell Land Corporation did not pursue its bid for the property.

Zosa said that the bids are being evaluated and announcement of the results of the bidding will be on or before 17 March 2010 while the target date for the joint venture signing will be before the end of April 2010.

“The planned development of the JUSMAG property is primarily residential, with retail use only allowed as support to the residential area,” Zosa said.

She added that the minimum investment commitment of the winning private sector partner is P18.8-B over a period of 20 years.

“The development will include the widening of Lawton Avenue to six lanes, then to eight lanes,” Zosa said.

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

She noted that the maximum allowable Gross Floor Area (GFA) for the said property is 1.383 million sq.m.

The 34.5-hectare JUSMAG property subject of disposition is along Lawton Avenue in Fort Bonifacio, Taguig City at the back of posh Forbes Park.

The minimum value/price for the property is P19,000 per square meter while the minimum upfront cash is P2.2 billion, inclusive of replication fund.

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 prime property.