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Vice president’s former home Coconut Palace up for lease, development

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Vice president’s former home Coconut Palace up for lease, development

Revenue-generating measure
/ 12:26 AM February 04, 2017

The Coconut Palace—previously the residence of the Vice President—will be up for long-term lease by state-run pension fund Government Service Insurance System (GSIS).

Separately, ahead of the implementation of the P1,000 hike in monthly pension by May, state-run Social Security System (SSS) will dispose of 21 condominium units located in the cities of Makati, Parañaque and Pasig worth a total of P151.2 million to shore up revenues.

The GSIS, which handles the pension fund of government workers, said it was inviting local and foreign real estate developers, institutional developers and even hotel industry players to bid for a 25-year lease and development of the 3-hectare Coconut Palace property located within the Cultural Center of the Philippines complex in Pasay City near Manila Bay.

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The entire 30,476-square meter property, registered under GSIS, is located in an area that can be developed for commercial as well as mixed-used real estate projects.

“The palace itself is an architectural wonder designed by the renowned Filipino architect [Francisco] Mañosa, making extensive use of materials from the coconut tree for its interior and exterior surfaces. The property is a popular venue for events because it affords a spectacular view of the famous Manila Bay sunset,” the GSIS noted.

“Interested parties may submit their expression of interest and proposal to lease the entire Coconut Palace property. Prospective proponents may submit their expressions of interest, to include the following information: company profile; proposed type of development/business interest; required land area; and contact persons and numbers, on or before Feb. 28,” the GSIS said.

To recall, Vice President Leni Robredo opted to hold office in the Quezon City property previously dubbed as the “Boracay Mansion,” which former President and now Manila Mayor Joseph Estrada supposedly owned. The last resident of the Coconut Palace was Former Vice President Jejomar Binay.

The SSS, on the other hand, said in an invitation to bid that it would be selling two two-story, 285-square meter units at Bayview International Tower 1 along Roxas Boulevard in Parañaque City, with each unit having a minimum bid price of P12.09 million.

It will also dispose through public bidding 18 units in Pryce Center Condominium located along Chino Roces Avenue in San Antonio Village, Makati City.

The Makati condominium units have floor areas ranging between 73.31 sqm and 123.86 sqm. These units were priced between P4.472 million and P6.936 million.

The SSS will likewise sell a 384.66-sqm penthouse unit in Renaissance Tower 1000, located along Meralco Avenue in Barangay Ugong, Pasig City. The minimum bid price for the Pasig condominium unit is P21.927 million.

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The SSS said that the sale will be on an “as-is, where-is” basis.

The terms of reference for the bidding will be available starting Feb. 10, with a pre-bid conference scheduled on March 7.

The deadline for submission of accomplished eligibility documents will be on March 28, during which the bids will also be opened. —Ben O. de Vera

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TAGS: Coconut Palace, Government Properties, GSIS, lease, property, Sale, SSS
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