MANILA, Philippines - State-run Government Service Insurance System (GSIS) is set to sell prime real estate properties in the central business districts in the cities of Makati and Pasig in the last quarter of the year.
This developed as GSIS is likely to hold on to its property in the Bonifacio Global City as the value of land in the area continues to appreciate.
GSIS president and general manager Robert Vergara said the pension fund’s inventory of real estate assets is now being appraised to get an updated market value.
“We’re still trying to conduct an appraisal of all our properties. Once we are able to determine the updated valuations for some of these properties, we’re hoping that we will be able to schedule one bidding or auction for our properties in the fourth quarter of the year,” Vergara said.
On top of the list, he said, is the 2,429-square meter property along Legaspi St. within the central business district in Makati City. The property was the former office of GSIS.
Vergara said GSIS is also set to sell its 18,498-square meter property known as the Metropolitan Manila Development Authority (MMDA) property at the corner of Doña Julia Vargas and Meralco avenues in Brgy. Ugong in Pasig City.
Vergara said the sale of the 18.4-hectare Payanig sa Pasig property by the Presidential Commission on Good Government (PCGG) just across the MMDA property did not push through a few months ago due to ownership dispute.
“We’re waiting for fresh valuation via an independent third party surveyor. I was hoping we would get some clue because of the Payanig sale but that sale sadly was not able to push through,” Vergara said.
He has also instructed the pension fund’s property group to look into real estate assets in the provinces as property developers are aggressively pursuing landbanking activities nationwide.
According to Vergara, GSIS was able to raise P900 million from the sale of real estate assets including its 1,600-square meter property in Bonifacio Global City.
Goldenwill Inc. submitted a P752 million bid for the property in a public bidding held in September last year. The amount was 41 percent higher than the P520 million bid price and established a new benchmark price for BGC lots at P457,000 per square meter.
This time, Vergara said GSIS would be holding on two properties measuring 8,332 square meters in McKinley Parkway corner Rizal Drive as well as north of 21st Drive corner Old Lawton Drive in Bonifacio Global City as the value of land in the area continues to rise.
“We still have a very big one in Fort Bonifacio. It is about 8,000 square meters and is one of the few remaining big cuts there. The record that we set last September has already been exceeded as there are some transactions going through. It could go higher,” he added.
Other real estate assets of the pension fund manager include the 6,470-square meter Jai Alai property along Taft Ave.in Ermita, Manila; the two-hectare Water Fun amusement park in Sucat, Parañaque City; the 1.6-hectare Philippine National Railways (PNR) property along Dagupan St., Tutuban area in Tondo, Manila; among others.