The 2.2-hectare Mile Long property in Makati City has generated P160 million in revenues for the government since 2017, the Department of Finance (DoF) reported.
“Net income from Mile Long is almost P160 million for 2 years of operation at a 70 percent occupancy,” Gerard Chan, chief privatization officer of the DoF’s Privatization Management Office, said late last week.
The government took over the property’s management from Sunvar Realty Development Corp. in August 2017.
Mile Long is made up of several parcels of land between Pasong Tamo (Chino Roces) Ave. and Vito Cruz (Pablo Ocampo) St. Extension in Makati, with a total area of 125,607 square meters.
Chan also said that the government’s planned redevelopment of the prime property was still on the table.
In fact, he added, the government had hired architect and urban planner Felino Palafox Jr. to prepare the masterplan for the redevelopment of Mile Long.
“Palafox’s proposal is to develop it into [a] mixed-use, mixed residential and commercial property,” Chan said.
He added that the redevelopment of the property will be divided into four phases.
Chan said the government was also planning to build a transport hub in Mile Long, which will complement the Skyway and the planned Makati subway.
Chan also highlighted that the redevelopment project will be implemented through a joint venture or public-private partnership scheme under the Bases Conversion and Development Authority (BCDA) because part of its income will be used to fund the military pension.
“There is an executive order being drafted wherein this will be transferred, assigned to BCDA,” he said.
“In a joint development, the government will contribute the land and the developer will build and then later on they will share the income from the project,” Chan explained.
The plan for Mile Long was already presented to President Duterte, he added.