Filinvest Land Inc., the listed property unit of the Gotianun family, will bid for an 8.38-hectare property set to be privatized by state-run Bases Conversion Development Authority.

Filinvest Land, in a disclosure to the stock exchange, said it submitted the eligibility requirements for BCDA’s competitive challenge process for the lot located at Bonifacio Global City Taguig City.

The company did not give additional details.

Megaworld Corp., another listed company, has also expressed interest in the lot after submitting an unsolicited proposal for a possible joint venture development.

Megaworld’s offer includes the valuation of the North Bonifacio lots at P33,283.88 per square meter and the mixed-use development of the property at a cost of P15.6 billion.

Megaworld promised to pay P700 million as upfront partial payment.

Megaworld’s unsolicited offer, under the new joint venture guidelines issued by the National Economic and Development Authority, must go through the so-called “Swiss challenge.”

The BCDA said interested firms only needed to improve on the P33,283.88-per sq. m. offer of Megaworld. They could either match the P15.6-billion development cost that the listed company proposed or offer something better.

Megaworld, under the rules, has the right to match a superior offer to secure the contract.

If Megaworld fails to match the offer, the competitive challenger will get the contract.

Other firms that earlier expressed interest in acquiring the property were Ayala Land Inc., Robinsons Land Corp., SM Development Corp. and some foreign groups.

BCDA also wants to privatize the 35.5-hectare Jusmag area located at Fort Bonifacio’s southern part.

Megaworld is developing several projects within Fort Bonifacio, including McKinley Hill, a 50-hectare township development, and Forbes Towncenter, a five-hectare property also in Taguig City.

Filinvest Land is the real estate arm of Filinvest Development Corp., the holding company of businessman Andrew Gotianun.

Filinvest Land’s real estate projects primarily cater to low to middle income earners.