Gov’t fails to auction off properties in QC, Makati

MANILA, Philippines–The Privatization and Management Office (PMO) on Thursday failed to auction off properties in Makati and Quezon City. As a result, the agency is now considering negotiated bids or government-to-government transactions to dispose of a total of five properties worth almost P1.7 billion.

The PMO said the 21,056-square meter Fil-Eastern Woods Inc. property on E. Rodriguez Avenue, as well as the 2,798-square-meter former property of National Power Corp. near Makati Medical Center on Senator Gil Puyat (Buendia) Avenue, was not able to attract buyers. The floor price of the Quezon City property is P711.5 million, while that of Makati City is P534.4 million.

Huge property developers such as Ayala Land Inc., Megaworld Corp., Rockwell Land Corp., DMCI, New San Jose Builders Inc., Robinsons Land Corp., Filinvest Land Inc., Metro Pacific Hospital Holdings Inc., and even Pag-IBIG Fund had purchased bid documents for the properties.

PMO officer-in-charge Toni Angeli V. Coo told reporters after the auction that the agency would “explore other options,” including accepting negotiated proposals, government-to-government transactions and other development options for the five unsold lots.

Last month, the PMO also failed to dispose of the 47,823-square meter tract that used to belong to Interland Chemicals Inc. in Atimonan town, Quezon province, the 1,955.67-square-meter Emmanuel Community Hospital in Tondo, Manila, and the Luzon Aggregates Inc. lot in Parañaque City.

As for the Parañaque property, Coo said Triplex Enterprises Inc., which had purchased bid documents for the lot, had pitched a “favorable offer” to buy the 13,000-square-meter land with a floor price of P296 million.

If the Cabinet-level Privatization Council would approve Triplex Enterprises’ proposal, the company would have the right to match subsequent proposals, Coo said.

During the Privatization Council meeting on May 4, the PMO will also seek the approval for the signing and award of the 25,044-square meter Repacom property in Marilao, Bulacan to the highest bidders, Jose Co and Rodrigo Ko, Coo said. Co and Ko jointly submitted a P15.661-million bid for the Bulacan property.

Read more...