The Bases Conversion and Development Authority expects to end the year with almost P7 billion in revenues from lease operations and assets disposition in 2015.
BCDA president and chief executive Arnel Paciano Casanova cited 2015 as a “banner year” for the agency.
“Immediately we received P3.5 billion from SCTEx [Subic-Clark-Tarlac Expressway], cash up front. We hope to generate another P3 billion from the usual businesses we have. This is a banner year,” he said at the sidelines of a forum in Quezon City.
The agency expects to receive additional revenues from a joint venture with Megaworld Corp., leases and dividends from businesses like the Bonifacio Global City, Market Market, McKinley West, McKinley Hills, Newport and other property dispositions.
Bonifacio Global recently remitted P1.5 billion while McKinley West paid at least P875 million.
The BCDA also expects another P160 million in revenue once it signs a joint venture agreement with Filinvest Development Corp. before yearend. The two initially agreed to co-develop the 9,450-hectare Clark Green City within the Clark Special Economic Zone.
BCDA as of end-November generated P69.7 billion from its asset disposition program in the last 22 years. It generated as much as P4 billion in revenues in 2014.
Casanova said the agency expects to revenues to grow in 2016 if economic conditions remained good as in 2015 and 2014.
The agency plans to bid out on lease arrangements Navy Officers Village Association Inc. after getting the nod of the Supreme Court to return the ownership of land occupied by retired Philippine Navy officers and their families inside the former Fort Andres Bonifacio Military Reservation to the BCDA.
“We are planning to bid out the lease of land in smaller parcels since this will generate bigger revenues for the government in the long run. You don’t lose ownership of the property, at the same time you generate revenues,” Cassanova said.
He said the master plan for NOVAI was generally similar to the overall plan for BGC, in which the development was mixed-use, high-end residential with commercial and institutional components.
The agency is initially looking at bidding out spaces from the NOVAI land at P80,000 per square meter with reference of a recent conservative land appraisal of P78,000/sqm.