The state-controlled Bases Conversion and Development Authority (BCDA) is eyeing a top foreign or local real estate developer for the development of its prime 33.1-hectare Bonifacio South Pointe Property.

BCDA President and Chief Executive Arnel Paciano Casanova said that over the weekend that “we are optimistic that the top real estate companies, both foreign and local, will participate in the bidding of Bonifacio South Pointe.”

“Economic fundamentals of the country point to a very healthy and promising Philippine real estate environment in 2013 and beyond,” he added.

BCDA has published an invitation to bid in search of a joint-venture partner for the development of the 33.1-hectare property in both local and foreign publications.

In the invitation to bid, the BCDA is inviting interested bidders to apply for eligibility and submit bids for a 55-percent share in an incorporated joint venture. The BCDA will hold a 45-percent share in the joint venture company.

Casanova said that the variable component of the financial bid must be no less than P13.24 billion, or approximately $323.47 million in present value terms at an exchange rate of $1:P41. This variable component shall be in addition to the fixed component of P8.6 billion, which shall be used as working capital of the joint venture firm, he added.

For her part, BCDA Asset Disposition Program Committee Chairperson lawyer Nena Radoc said that interested bidders may submit their letters of intent to the BCDA ADP Committee Chairperson at the BCDA Corporate Center in Bonifacio Global City, and purchase the terms of reference (TOR) for a non-refundable fee of P500,000 or $12,200.

A pre-bid conference will be held on January 18, 2013, 1 p.m. at the BCDA Corporate Center, where the property and the TOR and inquiries from interested bidders will be discussed.