RLC joins ‘Payanig’ bid wagon

ROBINSONS Land Corp. (RLC) has expressed a keen interest in participating in a bid for the disputed 18.5-hectare “Payanig” property near the Ortigas business district in Metro Manila.

RLC became the latest developer to express interest in the government auction that would pit it not only against rival bidders, but other legal claimants as well.

The land, which includes the popular Metro Walk commercial development, is being auctioned off by the Presidential Commission on Good Government (PCGG) on an “as-is-where-is” basis for a minimum offer of P16.45 billion.

Robinsons Land acquired bid documents last Thursday, PCGG chair Andres Bautista confirmed, joining six other possible participants, including Ayala Land Inc., SM Development Corp. and San Miguel Corp.

Robinsons Land president Frederick Go told reporters at the sidelines of the company’s annual meeting last week that the company was interested in the massive property because of its strategic location. But he noted that RLC was also aware of possible legal entanglements that dated back almost three decades.

The developer is a subsidiary of JG Summit Holdings, whose corporate headquarters in the Ortigas business district is located minutes away from the Payanig property.

“It’s a great location, it’s a nice property, the shape is good and the size is good,” Go said. “But on the as-is-where-is [aspect], how do you solve that?”

Most of the 18.5-hectare property is being claimed by a company called BLEMP Commercial Philippines Inc., controlled by former Ilocos Sur Gov. Luis “Chavit” Singson.

According to BLEMP, it is the rightful owner and that it has the documents to back its claim, disputing the PCGG’s ownership. It said the property was surrendered to the government by an associate of the late dictator Ferdinand Marcos following his ouster in 1986.

BLEMP also filed graft charges against several government executives involved with the bid, including PCGG’s Bautista.

Bautista said in a separate interview that the government remained confident that the bid proceedings would withstand legal and even public scrutiny.

“We will present all our documents. The government rightfully owns this property and it’s a product of ill gotten wealth,” Bautista said. “I say [to BLEMP], bring it on. Let’s present it all.”

Still, the bidders remain uncertain. Go said the PCGG’s bid submission deadline on June 3 could be unrealistic, echoing an earlier statement by SM Prime Holdings president Hans Sy.

“The [June] timetable … I think, is extremely difficult,” Go said.

Bautista said the PCGG would accommodate the bidders’ request for more time to review the documents and the property. He noted that Ayala Land, for example, already asking for a one month extension.