PCGG to auction ‘Payanig’ for P16 B

MANILA, Philippines - The Presidential Commission on Good Government will auction the 18.49-hectare “Payanig sa Pasig” property at a minimum bid price of P16.45 billion, PCGG Chairman Andres Bautista said yesterday.

Bautista said the Privatization Council has approved the sale of the property through a public bidding.

He said the minimum bid price of the property – estimated at P89,461 per square meter – is lower than the land valuation in the area, which could go as high as P200,000 per square meter.

While the PCGG holds the two titles for the entire estate, Bautista said around 10 hectares are occupied by residential and business establishments that are not paying rent to the government.

The PCGG said the occupancy issue involving the 10 hectares, which is subject to court proceedings, would be taken over by the winning bidder.

“The winning bidder will inherit both the opportunities and challenges of owning the property,” Bautista said.

The PCGG said at least 10 major developers have expressed intention to participate in the auction slated in June. A pre-bid conference will be held next month.