MANILA, Philippines - The Social Security System's prime Bonifacio Global City property in Taguig has attracted big property developers and an insurer.
According to industry sources, real estate giants SM, Robinsons Land, Filinvest Land, Anchor Land, the Gaisano group and top insurance firm Philam Life have signified interest in the 8,300-square meter property also known as Block 56.
The vacant lot has a minimum floor price of P2.24 billion, representing a 164-percent return from its acquired value.
Located along McKinley Parkway between 10th and 11th Avenues in Bonifacio Global City (BGC), Taguig, the property is also near commercial areas SMX Convention Center, SM Aura and Serendra.
Availability of big lot areas within BGC is limited, as it is now emerging as the country's newest financial district making it attractive to property developers keen on expanding its footprint there.
Philam Life earlier said, it is allocating a bigger portion of its investment portfolio in real estate. It now leases office space within BGC, after selling its Manila City headquarters last year.
The state pension fund hopes to ride on the booming real estate market and unlock the best possible value for the property sale.
“This is the most opportune time to sell, while land prices are at peak levels. Also, the ongoing developments in the BGC area created a high demand for land where there's a short supply of sellers,” SSS president Emilio de Quiros Jr. said earlier.
A pre-bid conference for interested parties is scheduled on July 22, while the submission of bids is on September 4.
It hopes to announce the winning bidder by October.
The SSS acquired the property in 2003, one of two blocs in the BGC back in 2003 for P850 million.
To date, it has an estimated P20 billion worth of total real estate assets.
source: www.abs-cbnnews.com
