The Bases Conversion and Development Authority (BCDA) has finalized a ₱65 billion deal to sell its 60-hectare property in Pasay City, which houses Terminal 3 of Ninoy Aquino International Airport (NAIA), to the government.
Under the lease-to-own agreement, the Department of Transportation (DOTr) will lease the property for three years while gathering funds for the purchase, with an option to buy after that period.
The initial valuation of the property is ₱48 billion, with a ₱10 billion down payment and an annual lease fee increased to ₱498 million.
BCDA president Joshua Bingcang stated that the lower-than-market price is part of a commitment to enhance airport services.
This transaction follows the recent takeover of airport operations by a San Miguel-led consortium, aimed at transforming NAIA into a world-class facility.
Source: PhilNews24 | October 23, 2024
