Only one bidder for SSS property in Global City

MANILA, Philippines - Clark Quay Holdings was the only bidder for the Social Security System’s 8,300-square meter prime property in Bonifacio Global City.

Sources said Clark Quay submitted a bid of P2.33 billion, just four percent higher than the set floor price of P2.24 billion.

Only four out of the seven that expressed interest in the property submitted eligibility documents – Robinsons Land Corp., Clark Quay, TheNET Group, and Keyland Corp.

RLC and Keyland, however, were declared ineligible to join the bidding.

TheNET, however, decided not to submit any bid Tuesday, leaving just one buyer (Clark Quay).

Sources said the state pension fund’s Investment Oversight Committee and Social Service Commission would decide between Oct. 8 and 15 whether or not to accept the lone bid offer from Clark Quay.

The property, known as Block 56, is located along Mckinley Parkway and between the 10th and 11th Avenues and near Market! Market!, Bonifacio High Street, and the newly-opened SM Aura.

It was acquired via a debt for asset arrangement with Bonifacio Land Corp., involving the latter’s P1.5-billion obligation to SSS.

The SSS has put the property on the auction block to allow it to maximize the full potential value of its real estate assets amid a robust property market.

The state pension fund has P20 billion worth of real estate assets which include a four-hectare property located on East Avenue along EDSA, prime pieces of land in BGC, and a big lot near the Senate area.