2 prime BGC lots get high offers

Screengrab from https://www.gsis.gov.ph/

MANILA, Philippines–State-run Government Service Insurance System (GSIS) on Tuesday fetched high bids for two of its Fort Bonifacio lots at levels above industry, its top executive claimed.

The almost two-hectare former Water Fun resort property in Sucat, Muntinlupa City, however, did not attract any bidder during the second round of auction of the state pension fund’s land assets.

GSIS president and general manager Robert G. Vergara told reporters that the Sucat lot would be put back to “the inventory of assets to be made available at a later date.” GSIS earlier set a minimum bid price of P35,000 per square meter to fetch at least P672.4 million from this land.

As for the two lots at the Bonifacio Global City in Taguig City, Vergara considers their auction a success, as bids were higher than P430,000 per square meter.

For the 1,600-square-meter Fort Bonifacio “7-3” property located at 25th Street corner 6th Avenue, which was expected to generate at least P520 million at a minimum bid price of P325,000 per sqm, the highest bidder Goldenwill Inc. submitted a P732.8-million (P458,000 per sqm) offer.

The adjacent 1,600-sqm Fort Bonifacio “7-4” property lying at the corner of 25th Street and 7th Avenue, meanwhile, gained a top bid of P800 million or P500,000 per sqm from Focus Palantir Inc. This property also had a minimum bid price of P325,000 per sqm to generate at least P520 million as well.

The second-highest bidders for each of the two properties were likewise acknowledged: Daiichi Properties Inc. for 7-3 (P683.6 million) and Goldenwill (P746.6 million) for 7-4.