The Social Security System has awarded its property in Bonifacio Global City, worth over P2 billion, to Clark Quay Holdings Inc., which had become the lone contender for the asset.
The SSS made the announcement Tuesday after completing a review, which included determining authenticity, of the documents submitted by Clark Quay.
Clark Quay had become the lone contender for the prime property—an 8,200-square-meter lot—when it turned out to be the only one that submitted a bid for the asset on bidding day set on Sept. 17.
Its bid amounted to P2.33 billion, higher than the floor price of P2.24 billion set by the SSS.
Net Group Property Development Corp., the other company that qualified to participate in the sale, did not submit a bid.
Other companies that had earlier expressed interest in the property by purchasing terms of reference for the bidding were Jones Lang La Salle, Keyland Corp., Ayala Land Corp., Robinsons Land Corp. and Santiago and Santiago Law Offices.
Keyland, Robinsons, Net Group and Clark Quay submitted pre-qualification documents. The first two, however, were later disqualified.
SSS vice president May Catherine Ciriaco said in a press conference that, with the sale of the asset, the state-administered pension fund manager generated a 167-percent income from its investment.