Tag Archives: BCDA

The Legal Owner: SM Aura Premier

I could still remember when a prominent financial adviser said, “if you have money that you aren’t going to use within a year, it is wise that you take them out from the bank and invest it elsewhere”.

It did not take me that long to understand his position, not that I am questioning him, since there are other ways of how to keep it financially profitable while at the same time making it as your lifetime savings. Anyway, I am not a financial expert but with my two years of experience in trying to be a financial literate, I would say that I know already the basics on how to handle our finances that somehow will put us through in some crisis.

Land or property acquisition is one of the best and is on the top of the list of our long term investment plans. But one thing that you should be aware of in buying parcels of land, that it has a clean title and no issue whatsoever. The last thing that you want to get involve is being caught in between a complicated situation. Just like the issue that the Bases Conversion and Development Authority (BCDA) have against SM Prime Holdings Inc. when the SM Aura Premier was built. And the more I read about it the more it become clear to me what the issue or issues all about.

There are at least two things to clear first and you leave the rest to the proper authority (whoever they may be) because of technical issue and legal jargon. First is the rightful owner of the property and second is how the said parcels of land are put into use. The latter perhaps causes the Bases Conversion and Development Authority (BCDA) to react when SM Aura Mall was built on the land given to Taguig City during a compromised agreement when the BCDA encroached on parcels of land owned by Taguig that is intended for a civic center so they agreed to swap properties that was formalized in two memorandums of agreement (MOAs).

So with that alone, in my opinion, the BCDA should go head on with Taguig City considering that SMPHI is only leasing and developing the said property through a public bidding and won. And was also following a resolution passed by Taguig City council to build a mixed-use development site and not just a simple civic center. And as what you have read on news reports, everyone has valid reasons to it especially when the words “civic center” comes to play. So this is what I’ve been telling you about technicalities and legal jargons, more so when someone tries to find loopholes in the law or even (mutual) agreements when certain competition arise.

Although the issue between the owner of SM Aura Premier and the Bases Conversion and Development Authority (BCDA) is on a big scale already but the point is there for you to think about when acquiring property knowing that it will be for your future use and not futuristic headache.

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