PNOC transforming 5.3-ha BGC property

Danessa Rivera (The Philippine Star) - September 15, 2018 - 12:00am

https://www.philstar.com/business/2018/09/15/1851521/pnoc-transforming-53-ha-bgc-property

MANILA, Philippines — The Philippine National Oil Co. (PNOC) is preparing a masterplan for the redevelopment of its 5.3-hectare property in Bonifacio Global City into an energy center to boost its cashflow.

The state-run corporation is in talks with potential advisors for the redevelopment of the BGC property and for the construction of an iconic tower project, PNOC senior vice president for legal, administrative and estate management services Graciela Barleta said.

“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,” she said.

The property redevelopment is being eyed for completion within the Duterte administration.

“The target that was given to us by the DOE is that it should be within the term of the current administration,” Barleta said, noting the project should be started by next year.

The 5.3-hectare BGC property currently houses the Department of Energy (DOE), PNOC and the Philippine Economic Zone Authority (PEZA).

At the start of the Duterte administration, the PNOC management bared plans to redevelop its real estate assets including the BGC property — to transform idle lands into energy centers.

The BGC property is located in the most expensive real estate area in the country to date, at P550,000 per square meter.

PNOC has previously offered the redevelopment of the property to private companies but proposals from three well-known architects — one foreign and two local — were non-compliant, Barleta said.

“There were many letters of intent but those who were a bit complete came from three proponents but there are certain requirements that they were not also able to comply with,” she said.

The PNOC official said the entire 240-hectare BGC area is under the stewardship of Bases Conversion and Development Authority (BCDA) which was developed in partnership with the Ayala and Campos groups.

The masterplan should be in compliance with the requirements of BCDA.

“Currently, we are talking with BCDA for the requirements, when we are going to put up the iconic tower and also some other consultants that will help us formulate the masterplan for the entire complex,” Barleta said.

Once completed, the proposed masterplan will be submitted to the joint technical working group composed of PNOC and DOE. It is chaired by Energy Undersecretary Jesus Posadas.