FTI Sale Attracts 7 Firms

Philippine Star — The country’s seven largest real-estate developers are competing for the prime 74-hectare Food Terminal Incorporated (FTI) state-property in Taguig City, the Department of Finance (DoF) announced over the weekend.

The finance department, through the Privatization and Management Office (PMO), said that representatives from Robinson’s Land Corporation, Empire East Land, Ayala Land Incorporated, Rockwell Land Corporation, Century Properties Group Incorporated, SM Land Incorporated and Filinvest Land Incorporated attended the pre-bid conference held last Friday.

“Parameters of the sale such as the minimum target selling price and pre-qualification requirements were detailed [last Friday],” PMO said.

The finance department said that the seven local property developers will outbid each other for the agro-industrial property, which has a floor price of P10.2 billion. Proceeds from the sale will go to the Department of Agrarian Reform for the Comprehensive Agrarian Reform Program and to the Department of Agriculture.

PMO will hold the public bidding for the sale of FTI on August 8, which aims to generate a surge in economic activity in the area, improve transportation linkages and boost employment opportunities.
PMO said all interested bidders were also given bid packets detailing Asset Specific Bidding Rules to ensure a transparent and competitive bidding process.

In its efforts to minimize delays to complete the transaction seamlessly, PMO will be conducting a workshop to help bidders prepare for the submission of bid envelopes to prevent technical violations.

“Following the last failed bidding of the 103-hectare FTI Complex in October 2009, the government has been working diligently to design a plan that would optimize the use of the parcel,” Karen Singson, PMO chief said.

With that, the government has decided to sell only 74 hectares of the total 103-hectare FTI complex. The remaining land parcels of the complex will be used for other purposes. Some parcels are owned by the National Food Authority.

“PMO continues to coordinate with other government agencies to ensure that the privatization of FTI complements the broad array of infrastructure building and agriculture initiatives of the government,” she added.

Ongoing projects in the complex include the construction of a five-hectare Integrated Bus Terminal under the Department of Transportation and Communication (DOTC) and the Department of Public Works and Highways (DPWH).

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.