PCGG sells Menzi property for P93 million

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) has auctioned off the sequestered Hans Menzi compound, a prime real estate property in Baguio City, raising P93.01 million to be remitted to the national treasury.

PCGG Chairman Andres Bautista said the commission’s Privatization Committee declared the bid submitted by Comnet Management Corp. amounting to P93,017,755.56 as the highest offer, beating six other bidders, during the public bidding held at the agency’s head office in Mandaluyong City last Tuesday.

Bautista said Comnet’s bid was higher by P55,771,705.57 than the property’s floor bid price set by the Privatization Committee of P37,245,850, representing a substantial increase of about 150 percent.