GSIS to bid out 4 lots in Q4

STATE-RUN pension fund Government Service Insurance System (GSIS) plans to dispose of four land assets in the fourth quarter, its president and general manager, Robert G. Vergara, said.

“We’re still trying to conduct an appraisal of all our properties. Once we are able to determine the updated valuations for some of these properties, we’re hoping that we will be able to schedule one bidding in the fourth quarter,” Vergara told reporters.

He cited the former GSIS office in Makati City and the Metropolitan Manila Development Authority (MMDA) property in Pasig City as two viable candidates for bidding this year.

Information on GSIS’ website showed the former Makati office along Legaspi Street in Legaspi Village as having a land area of 2,429 square meters. The 18,498-square meter MMDA property along Doña Julia Vargas corner Meralco Avenue, Barangay Ugong in Pasig, meanwhile, may be developed “for mixed commercial and residential purposes,” the GSIS noted.

As economic development is spilling over to the provinces, Vergara said the GSIS was also looking at selling some land outside Metro Manila.

To date, GSIS has 14 acquired assets outside the National Capital Region (NCR), on top of 12 properties in NCR, its website showed.

Last year, the GSIS fetched record-high bids for two prime lots at Bonifacio Global City (BGC) in Taguig City.

The GSIS turned over the 1,600-square meter Fort Bonifacio “7-3” property located at 25th Street corner 6th Avenue to top bidder Goldenwill Inc., which shelled out P732 million, exceeding the P520-million floor price.

The adjacent 1,600-square meter “7-4” property at the corner of 25th Street and 7th Avenue, meanwhile, attracted a highest bid of P800 million from Focus Palantir Inc.

Vergara said the GSIS was “hanging on” to its remaining 8,332-square meter property in BGC in the meantime, as land rates could still further go up within the fast-rising business district.