Wednesday, July 16, 2014

BCDA Against SM Prime Holdings Inc Scandal

Bases Conversion and Development Authority (BCDA) is at it again, just like the one with Camp John Hay. Now they are going against SM Prime Holdings Inc for its acquisition of the land its using for SM Aura. But here, BCDA is in a much shaky ground cause SM Prime Holdings Inc has all their documentations. 

So facts first... BCDA is claiming that SM Aura was illegally built. They stated that the land put up for bid was to be put to civic use, and a "mall" is not for civic use. But there is the thing, BCDA does not have a say on things since they already turned over the the land to Taguig (full transition, no strings attached). And Taguig, being smart, leased it out for development. And in 2007, SM Prime Holdings Inc won the bid to use the specified land from the local government of Taguig. And in SM's defense, they did incorporate offices, chapel, centers, trade halls, coliseum in the mall. So in fact it can be used for civic purposes.

But that is not all, even the construction of the road from the McKinley Parkway to the new mall in Aura is being attacked by BCDA. They keep on labeling SM Prime as law breakers that they forcibly constructed even without approval and permit. But SM Prime (together with the government of Taguig) was able to get a TRO on May 16, 2014 and proceeded with the road construction since nothing there stops them to legally.

So with all that said, why does BCDA attack Taguig and SM Prime so much? People guess that its because of the partnership of BCDA with Ayala. It might be that. Because if you look at the nearby competitors of SM Aura, its Ayala (Market! Market! and Bonifacio High Street). It might be their tactic to rid of the competitor, that would make business sense. In any case, I starting to get annoyed by BCDA. Why do they keep doing what they do. They should be pro-business pro-investors. I hope someone would look into this organization.

3 comments:

controversialcomments said...

I agree that the BCDA is starting to get annoying. They should really think first before acting.

sir rob said...

I'm just wondering why BCDA is attacking SM since Taguig is the owner of the parcels of land and SM are only leasing it. I'm pretty sure there's more to this one only.

Gil Camporazo said...

This scandal is common among big business companies especially BCDA and SMPHI. However, the losing proposition belongs to BCDA who had failed to prove it that SMPHI couldn't avail the land use for it had already been cleared and without any restriction in favor of SMPHI.