MANILA, Philippines–State-run Bases Conversion and Development Authority (BCDA) targets to attract property developers to bid for a 5,000-square meter lot at the Villamor driving range, one of the last few blocks at the former airbase that are being put up for auction.

“We are very optimistic that a significant number of real estate firms will join the bidding considering the location of the property,” BCDA president and CEO Arnel Paciano D. Casanova said in a statement.

The lot up for auction is bounded on the northwest by the Philippines State College of Aeronautics (PhilSCA); on the northeast by the South Luzon Expressway (SLEx); on the south by a privately-owned vacant lot; and on the west by an access road servicing the schools within the vicinity, according to a BCDA notice.

This lot will be sold on cash and on an “as-is, where-is” basis for a minimum bid of P168 million inclusive of the 12 percent value-added tax.

Casanova clarified that the lot being sold should not be confused with the existing driving range at the Villamor Airbase, which the BCDA has replicated and is operational.

“What is being auctioned off is a lot in the institutional area where the former Villamor Airbase driving range used to be located,” Casanova added.

Interested parties have until August 26 to purchase the terms of reference (TOR) for the said lot for a non-refundable fee of P75,000.

A pre-bid conference will be held on August 8 to provide prospective bidders an avenue where they can thresh out any concerns or issues regarding the property or bidding processes.

The BCDA is hoping to complete its asset disposition program by 2015, as it moves to focus on opening up new investment and economic opportunities in other regions outside Metro Manila.