A major business center, touted as one of the top locations in the metro to invest in, Bonifacio Global City (BGC) attracts the ambitions of property developers, investors, entrepreneurs, homebuyers, and renters looking to settle into a modern, dynamic, urban setting.
Originally a military camp, the land belongs to the Bases Conversion Development Authority (BCDA), who recently disclosed of their intention to auction off the remaining 60 hectares of undeveloped property in the area.
Arnel Casanova, head of the BCDA, told reporters at the groundbreaking of the Bonifacio Summit Center in BGC that they hope to make the auction before the incumbent President’s end of term.
“We’re working on the approval of the President for [the sale of] the remaining lots here in BGC,” said Casanova. “We’re only waiting for the President to approve the disposition and BCDA will proceed immediately.”
While the value of the lots have yet to be appraised and determined by the BCDA, Casanova stated that “looking at the [market] pricing here, it should not be lower than P60,000 per square meter. These are the remaining prime lots in Global City.”
Overall, the available land should generate at least P36 billion for the government, as per estimates.
A government-controlled corporation, the BCDA was formed in 1992. Through public-private partnerships, the group functions to redevelop former military bases into spaces for civilian use. The BCDA has, since its inception, raked in almost P63 billion from the disposition of camps in Metro Manila.