Robinsons Land unit awarded lease contract for Lawton property in BGC

Robinsons Land unit awarded lease contract for Lawton property in BGC

By: Darwin G. Amojelar, InterAksyon.com

August 19, 2014 10:38 AM

Present at the contract signing between the Robinsons Land unit and BCDA for the Lawton Corporate center are (from L): Office Buildings Division General Manager Faraday Go, Altus San Nicolas Corp. President Frederick Go, BCDA president Arnel Paciano Casanova and BCDA chairman Rolando Gosiengfiao.

MANILA - State-owned Bases Conversion and Development Authority (BCDA) and a subsidiary of Robinsons Land Corp. have signed a contract for the long-term lease and development of a prime lot located along Lawton Avenue, south of Bonifacio Global City.

In a statement, Arnel Paciano D. Casanova, BCDA president and chief executive, said the development of the 5,000-square meter Lawton Corporate Center Lot by Altus San Nicolas Corp (Altus) will augur well for the country’s economy as the development will serve as a catalyst to generate more jobs and investments in the area.

According to Casanova, Altus offered P560.8 million including a 12-percent value added tax (VAT). The lease, which shall be for a period of 25 years, is renewable for another 25 years.

Under the terms of reference, the lease for the first 15 years is pegged at P50 million inclusive of the 12 percent VAT, and subject to an annual escalation rate of 3 percent and shall be payable in advance on or before the anniversary date.

In lieu of lease renewal, Altus has the option to purchase the property based on its fair market value upon the expiry of the initial lease period.

The 5,000-square meter Lawton Corporate Center lot is located along Lawton Avenue and is between the National Mapping and Resource Information Authority (NAMRIA) and McKinley West, a high-end mixed-use development which is a joint-venture project of BCDA and Megaworld Corp.

Among the possible developments that could be done on the property are commercial/retail and offices for business process outsourcing operations. The floor area ratio is 12 giving a maximum of 60,000 square meters of developed gross floor area.

Source: http://www.interaksyon.com/business/93568/robinsons-land-unit-awarded-lease-contract-for-lawton-property-in-bgc

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