Filinvest Land Inc. has submitted the eligibility requirements for the Bases Conversion and Development Authority’s Competitive Challenge Process for the P15.6 billion unsolicited proposal of Megaworld Corporation.

In a disclosure to the Philippine Stock Exchange Monday, FLI said the competitive challenge will be for the privatization and joint venture development of the BCDA’s 8.38 hectare North Bonifacio Lots, located at Bonifacio Global City, Taguig City.

Megaworld’s unsolicited offer was accepted by the BCDA last April. Aileen Zosa, BCDA vice president, said Megaworld submitted an unsolicited proposal last year and went through detail negotiations with the agency.

Its offer included the valuation of the North Bonifacio lots at P33,283.88 per square meter (sq.m.), and the mixed-use development of the property at a cost of P15.6 billion. Megaworld will also deposit P700 million as upfront partial payment.

However, eight real estate firms have officially expressed interest to challenge Megaworld's offerand have bought the terms of reference document, an eligibility requirement, from the BCDA.