An inter-agency privatization council said Tuesday it had pre-qualified five top property companies of the tycoons Henry Sy, Andrew Tan and John Gokongwei and the Ayala and Lopez groups to bid for a 54-hectare airport property in Iloilo City on April 24.

The following companies made it to the shortlist, Finance Undersecretary John Sevilla said in a statement: Sy’s SM Prime Holdings Inc., the leading developer of shopping malls; Tan’s Empire East Holdings Inc., a developer of middle-income residential projects; Gokongwei’s Robinsons Land Inc., also a developer of malls and high-rise properties; Ayala Land Inc., the leading property company; and the Lopez group’s Rockwell Land Corp., developer of a high-end enclave in Makati city.

Two companies that were earlier reported to have expressed interest in the property — Philippine Airlines Inc. and Filinvest Land Inc. — did not submit prequalification documents.

The government is selling the property in the Mandurriao area of Iloilo City after finalizing plans to transfer the airport operations to a bigger site. The new 188-hectare airport, spanning the municipalities of Santa Barbara, Cabatuan and San Miguel, will open late this month. “We are very pleased with the interest in the (Iloilo Airport property and look forward to a successful bid on April 24,�? Sevilla said.

Sevilla said the government had not yet announced the floor price for the property, which will be auctioned off as one block. He ruled out any sale in parcels. The property is expected to fetch anywhere from P500 million to P2.5 billion, based on recent property deals in the area, he said.

He said the value range was quite wide because one part of the property is near a commercial area, where zonal valuation is higher, and another part borders a less developed area. In an interview Tuesday, Robinsons Land president Frederick Go said that if his company would win the bidding, the property would likely be turned into a mixed-use development.

It was earlier reported that Iloilo City Mayor Jerry Trenas wanted the area to be developed into a commercial complex with a theme park, convention center, hospital and special economic zone for business process outsourcing. The Department of Finance chairs the inter-agency privatization council that will dispose of the Iloilo airport property.

Members of the council include the Department of Transportation and Communications, Air Transportation Office, Department of Justice, and Department of Budget and Management. 

The bidding winner will be announced on May 9. The government hopes to augment its revenues this year by selling off big-ticket assets. So far, it has raised over P25 billion, partly from the sale of an indirect stake in telecommunications giant Philippine Long Distance Telephone Co. Among other items to be placed on the block this year are shares in blue chips Manila Electric Co. and San Miguel Corp., and the Food Terminal Inc. complex near the Makati business district.