State-run Philippine National Oil Co. and the Energy Department will jointly come up with a masterplan for the construction of an “iconic tower” and other real estate projects inside the five-hectare energy complex in Fort Bonifacio, Taguig City.
“Currently, we are already doing joint meetings with potential advisors for the iconic tower project and we intend to make a joint masterplan for the entire complex,” PNOC senior vice president for legal, administrative and estate management services Graciela Barleta told reporters.
“It will be very difficult if we do not have a minimum performance specification standards for both DoE and PNOC,” Barleta said.
She said while PNOC received previous offers for the development of the iconic tower and mixed-use complex in the five-hectare property, these were returned to the proponents.
“We received previous offers from interested parties and TWG [technical working group] with the concurrence of DOE. [We] already returned these proposals since they are also not compliant with the requirements of either the proposed [project] under BoT [build, operate and transfer] or Neda [National Economic Development Authority] joint venture guidelines,” she said.
She said three companies, including a foreign firm, submitted offers, “but there are certain requirements that they were not also able to comply with.”
Barleta said PNOC and DoE were in talks with the Bases Conversion Development Authority for the requirements in putting up the iconic tower.
She said they were also talking to other consultants to formulate the master plan.
“Target given to us by DoE is it should be within the term of the current administration. If so, we need to start the project by next year,” Barleta said, when asked about the timeline.
She said the property would house the commercial, residential and corporate offices of PNOC, DoE and other energy companies that would like to locate within the energy center.
The two agencies jointly own the real estate property which is estimated to cost P50 billion.
PNOC president Reuben Lista earlier said the planned energy center was considered a prime site for viable mixed-use development.
“To achieve maximum returns for the property, PNOC [with the DoE] may consider offering the property for a joint venture development with other parties,” he said.