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Tuesday, August 14, 2012

AYALA LAND WINS BID FOR FTI FOR P24.33 BILLION!

MANILA, Philippines - Ayala Land Inc. was named the winning bidder for the 74-hectare Food Terminal Inc. (FTI) property in Taguig City, the Privatization and Management Office (PMO) announced on Tuesday afternoon.

Ayala Land bid P24.33 billion for the FTI property, more than double the bids of two other property developers.

Gokongwei-led Robinsons Land made a P14.67 billion bid, while Andrew Tan's Empire East bid P11.2 billion.

While SM Land and Filinvest Land were pre-qualified, they did not submit any bids.

In a disclosure to the stock exchange on Tuesday morning, Filinvest Land said it did not participate in the FTI property bidding, since the property did not fit with its land banking strategy.

"The due diligence on the property, the existing leases, the possible development timeframe, as well as the minimum bid price and the payment schedule, FLI felt that acquiring the FTI property under the current terms does not conform to its land banking business model and its return criteria," Filinvest said.

The government has been trying to sell the property for years, but there have been delays and failed biddings.

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