Filinvest buys GSIS’ Ortigas property for P771M

Property firm Filinvest Land Inc. of the Gotianum family bought an idle property of state-owned Government Service Insurance System for P771.5 million.

The property—the 2,411-square-meter Philcomcen building in Ortigas Center, Pasig City—was sold in line with the GSIS’ asset disposal program.

In a statement released Thursday, the GSIS announced that FLI won in a bidding that was held last month.

FLI’s P771.5-million bid, which beat the offers of two other bidders, was 66 percent higher than the floor price of P464.42 million set by the GSIS.

The bid also was more than three times the property’s book value, which GSIS said was only P234 million.

The purchase of the property by FLI—which is engaged in mall operation and condominium and subdivision development—came amid the continuing growth of the real estate sector.

Projections of a continued increase in the remittances from overseas Filipino workers and expectations of a sustained robust growth of the economy this year enhanced the prospects of the real estate sector.

Philcomcen building was one of the three properties that GSIS was able to sell in a bidding held in December.

The second was the 2,076-square-meter CUL Transit property along Commonwealth Ave. in Quezon City, which was sold to property developer Global 360 Development Corp. for P78 million. The bid price exceeded the floor price of P62.28 million.

The third was the 300-square-meter Polymedic Apartment 2 in Mandaluyong City, which was won by BMI Realty, which offered P12.1 million.

The GSIS, however, said the sale of the Mandaluyong property had yet to be formalized pending the ongoing review of the financial documents of the winning bidder.