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7 real estate firms vie for FTI property on August 8 means BUSINESS

MANILA – Seven of the Philippines’ biggest property developers will slug it out next month for the right to develop the 74-hectare Food Terminal Inc. property.

In a statement, the Department of Finance identified the seven qualified bidders as Ayala Land Inc., Century Properties Group Inc., Empire East Land, Filinvest Land Inc., Robinson’s Land Corp., Rockwell Land Corp. and SM Land Inc.

During last Friday’s pre-bid conference at the FTI main office in Taguig, the Privatization Management Office presented to the seven real estate firms the parameters of the sale, such as the minimum target selling price and the pre-qualification requirements.

The PMO will hold the public bidding at its main office on August 8. The agency set a P10.2 billion floor price.

It also gave out bid packets containing the Asset Specific Bidding Rules, and announced the conduct of a workshop on how to prepare the bid envelopes to eliminate 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,” PMO chief Karen Singson said.

“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.

FTI was put up originally as a logistics center for farm products. Proceeds of the sale will go to the Department of Agrarian Reform for the Comprehensive Agrarian Reform Program and to the Department of Agriculture. 

The sale also is aimed at generating economic activity in the area, improving transportation linkages and creating employment opportunities.

The remaining parcels of the complex will be used for other purposes. Already lined up is the construction of an Integrated Bus Terminal on a five-hectare lot, which the Departments of Transportation and Communication and of Public Works and Highways will undertake.