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Article: Bidding War: Real estate investors buy Fort Bonifacio for P39 Billion

Article from:
The Filipino Express
Article date:
January 22, 1995
Author:
Copyright

Sam Cacas
Filipino Express, The
01-22-1995
Bidding War: Real estate investors buy Fort Bonifacio for P39 Billion. Pesos

In what is touted as this country's biggest property deal in a century, a 16-member consortium led by Metro Pacific Corp. (MPC) won the development rights to the 117 hectare Fort Bonifacio for 39 billion pesos (approx. US$11 million).

"It was a bid to win," said MPC President Ricardo Pascua, who jumped and punched the air several times when his company's winning bid was announced on Jan.6.

Pascua said that the company decided on its offer - more than P30,000 per square meter - after considering several alternative ways of developing the property.

The former RP military ...

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