State-run Philippine National Oil Co. (PNOC) announced Tuesday it will solicit proposals for the long-term lease and redevelopment of a portion of its property at the Energy Center in Bonifacio Global City, Taguig.
PNOC said in an advisory the redevelopment is for a mixed-use office and commercial building that will cater to government agencies, instrumentalities and corporations engaged in energy development and other private companies and individuals.
It said it would hold a public bidding for the selection of the private sector developer under the Public-Private Partnership (PPP) laws and regulations.
PNOC said it is inviting real estate developers and operators to a consultative meeting on Jan. 17, 2024 at the PNOC Building 6 of the Energy Center.
The company said the proposed development is a far cry from previous proposal creating a masterplan for the construction of an “iconic tower” and other real estate development inside the Energy Center.
PNOC said at that time it received previous offers for the development of the tower and mixed-use complex for the five-hectare property, but these were returned to the proponents as they were not compliant with the requirements of either the proposed under Build, Operate and Transfer or National Economic Development Authority joint venture guidelines.
PNOC and the Department of Energy jointly own the real estate property in the Energy Center which had an estimated value of about P50 billion in 2018.