NEWS

RLC bags BCDA prime lot in Global City
Manila Bulletin | August 20, 2014

In the past years, Business Process Outsourcing (BPO) firms have been setting up new locations in Metro Manila. Two new office buildings coming on-stream in the first half of 2014 are evidence that the established Ortigas Center Central Business District (CBD) continues to be an attractive location to call centers and other firms in the off-shoring and outsourcing arena.

State-owned Bases Conversion and Development Authority (BCDA) and Altus San Nicolas Corporation (Altus), a subsidiary of Robinsons Land Corporation, (RLC) have signed the long-term lease and development of a prime lot located along Lawton Avenue, south of Bonifacio Global City.

BCDA President and CEO Arnel Paciano D. Casanova said the winning bid of Altus is P560.8 million inclusive of 12% percent Value-Added Tax (VAT).

"We are confident that the development of the 5,000-sq.m. Lawton Corporate Center Lot by Altus will augur well for the country√Ę‚‚¨‚„Ęs economy as the development will serve as a catalyst to generate more jobs and investments in the area," said Casanova.

The subject of the bid for the lease and development of the lot is the advance lease for the first 14 years of the lease pegged at a minimum bid of P560-million, inclusive of twelve percent VAT.

Casanova said that the lease, which shall be for a period of 25 years, is renewable for another 25 years.

Under the Terms of Reference, the lease for the 15th year is pegged at P50 million, inclusive of 12 percent VAT, and subject to an annual escalation rate of three percent and shall be payable in advance on or before the anniversary date. In lieu of lease renewal, Altus has the option to purchase the property based on its Fair Market Value upon the expiry of the initial lease period.

The 5,000-sq.m. Lawton Corporate Center lot is located along Lawton Avenue. It is between the National Mapping and Resource Information Authority (NAMRIA) and McKinley West, a high-end mixed-use development which is a joint-venture project of BCDA and Megaworld Corporation.

Among the possible developments that could be done on the property are commercial, retail and offices/BPO. The floor area ratio is 12 giving a maximum of 60,000 square meters of developed gross floor area. (BCM)



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