By Ma. Elisa P. Osorio
Tuesday, April 29, 2008
PhilStar

The Filipino-led Net Group of Carlos Rufino and Jacques Dupasquier has bagged the “primest lot” in Bonifacio Global City for P2.032 billion, slightly higher than the government’s asking price.

The Net Group, a decade-old partnership between Dupasquier and Rufino, is an existing office developer in Bonifacio Global City with a 100-percent leased portfolio that includes Net One Center, Net Square, Net Cube, Net Quad and Net Plaza.

“The Net Group is a consortium of Filipino companies. I am not sure if they have foreign partners,” Bases and Conversion Development Authority (BCDA) vice president for business development Aileen Zosa said in a telephone interview.

According to Zosa, the group had a tie up with American real estate giant Donald Trump for the development of the 1.2-hectare property known as the Expanded Big Delta Lots, formerly known as the Government Center for Investment (GCI) Lots.

However, she said the group did not include the name of Trump in their third bid.

This is the third time the BCDA has bid out the Expanded Delta Lots.

“Maybe they got tired of waiting because of the two failed bids, that is why the Trump group backed out,” Zosa said. “Hopefully they (Trump Group) will renew their interest, especially now that their former joint venture partner has already acquired the lot,” she added.

Zosa said the winning bid not only translates into revenues for the government and more importantly for the city of Taguig, but also enhances property values in the Bonifacio Global City.

The BCDA board approved The Net Group’s bid to acquire the property through a board resolution passed last Tuesday, April 23.

The lot is along 5th Avenue, across The Fort and is located in E-Square, whose classification as a special economic zone by the Philippine Economic Zone Authority (PEZA) entitles the developer to ecozone incentives.

The property has a maximum allowable floor area ratio (FAR) of 12 and, therefore, allows 144,432-sq.m. of mixed-use development, which may include, but is not limited to, commercial, residential, recreational and institutional uses.

Zosa said that the conversion of the former Fort Bonifacio military reservation into a global city is a showcase of how public-private sector partnership can drive the growth of new urban centers.

BCDA president Narciso Abaya said the winning bid of P168,889.11/sq.m. or P2.032 billion is above the agency’s minimum price of P160,000 per sq.m., or P1.925 billion, for the property.

The retired Armed Forces chief said that the biggest advantage of the property is that it is directly adjacent to the West Super Block that will house the Philippine Stock Exchange, the six-star Shangri-La Hotel and the high-end residential condominiums of Shangri-La and Ayala Land.

More about Bonifacio Global City

• Bonifacio Global City : the Philippines’ future premiere central business district
• Bonifacio Global City™ Gets A Grand Makeover
• The Bonifacio Global City Center

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