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Big Developers eye additional Fort Bonifacio properties for expansion!
The Philippines' major developers are training their sights on two properties within the government's sprawling Fort Bonifacio reservation. This development came after two court rulings cleared the way for the state-owned Bases Conversion and Development Authority (BCDA) to finalize its development plans.
Top developers like Ayala Land, Inc., Fort Bonifacio Development Corporation, Megaworld Corporation and Robinsons Land are said to have already expressed keen interest in the properties. satellite city that combines residential, business, industrial and commercial establishments.
BCDA president and CEO Narciso Abaya announced that the two areas --the 35.5-hectare JUSMAG area and the nearby 47.5-hectare Navy Village- are expected to become beehives of economic activity after these are fully developed through a joint venture with a private company.
BCDA vice president for business development Aileen Zosa noted that the properties are "ideal for mixed-use development, with low to medium density, high-end residential units."
Zosa said ALI and FBDC, as well as Megaworld, are keen on acquiring the JUSMAG property as it is strategic to the adjacent properties they are now developing like the Bonifacio Global City and McKinley Hills, respectively.
Abaya added that the AFP will greatly benefit from the development of the properties. Under RA 7917, 35 percent of sale or 50 percent of lease proceeds of Fort Bonifacio property disposed under the stewardship of BCDA will go to the AFP Military Modernization Fund.
"We expect more developers to express their interest once we formally put it up on the market probably next year," Ms. Zosa said.
In a two-page resolution handed down last Nov. 27, the Supreme Court (SC) affirmed its Sept. 22, 2006 verdict and denied with finality the motion for reconsideration filed by the Southside Homeowners' Association Inc. (SHAI).
The SC decision reversed an earlier finding by the Court of Appeals (CA) favoring the SHAI.
Another case, the Court of Appeals (CA) tossed out an earlier judgment by a Regional Trial Court favoring the settlers, and declared as null and void the owner's title in the name of Navy Officers Village Association, Inc. (NOVAI).
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