GSIS to sell Manila lots for P19.9B

State-run Government Service Insurance System (GSIS) plans to dispose of its Port Area property, which includes a chunk of the Manila International Container Terminal (MICT), by May.

Based on the invitation to bid published over the weekend, the two lots with areas of 672,645 square meters and 109,212 sqm both along Manila Bay would be sold at a minimum bid price of P19.9 billion, which would make it the pension fund’s biggest asset sale to date.

“Lot 1 of the property is the port area known as MICT. It is under the management and supervision of the Philippine Ports Authority pursuant to Presidential Decree No. 857 and PD 1284, and is presently occupied by International Container Terminal Services Inc. (ITCSI),” the GSIS said.

As for the smaller lot, the GSIS said it was earlier declared as a socialized housing site in 2002 but was currently occupied by informal settlers.

The lots are within Tondo district in Manila.

The GSIS said that the asset sale would be on an “as is where is” as well as cash basis.

“Prospective bidders must be Filipino citizens or otherwise authorized by law to acquire real property in the Philippines. In case of a corporation or partnership, 60 percent of its capital must be owned by Filipino citizens,” the GSIS said.

A pre-bid conference is scheduled on April 18, while the submission of bid proposals will be on May 3.

Last week, GSIS president and general manager Jesus Clint O. Aranas said that “although it tops our big-ticket assets, we are selling the Port Area property as it does not contribute to our operations except for valuation gains.”

“We expect to fetch a good price as it is situated in the Manila Bay area where properties have enjoyed a 10-15 percent appraisal gains over the last five years. We find it timely to liquidate the Port Area property and take advantage of the attractive real estate market values in the Manila Bay area.