THE BASES Conversion and Development Authority (BCDA) has awarded the lease and development of a 5,000-square meter property in Bonifacio Global City (BGC) in Taguig City to Altus San Nicolas Corp. The firm's winning bid was at PHP 560.8 million, inclusive of a 12% value- added tax (VAT). The awarded property is located along Lawton Avenue, between the National Mapping and Resource Information Authority (NAMRIA) and McKinley West, a joint-venture project of BCDA and Megaworld Corp.

for high-end mixed-use development. The property could be developed for commercial, retail and office use. The floor area ratio (FAR) is 12, giving a maximum of 60,000 square meters of developed gross floor area.

Under the terms of reference of the contract, the lease for the 15th year is pegged at PHP 50 million, inclusive of VAT and subject to a 3% annual escalation rate, and shall be payable in advance on or before the anniversary date. The lease, which shall be for a period of 25 years, is renewable for another 25 years. Altus would then have the option to purchase the property based on its fair market value upon the expiry of the initial lease period.