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Bourse sets floor price for sale of Tektite property

[ ] June 13, 2011

THE Philippine Stock Exchange (PSE) has set a floor price for the sale of its Tektite property in Ortigas.

In a memorandum, the local bourse said it may raise at least P213.96 million after setting a minimum bid price of P45,000 per square meter for its 4,754.72-square meter property at the Philippine Stock Exchange Center, also known as Tektite Towers.

The property includes the first, second and fourth floors of the center building of the PSE Centre, inclusive of 21 parking slots.

Interested bidders are required to pay a non-refundable bid participation fee of P10,000 through a check payable to The Philippine Stock Exchange Inc. Interested parties will not be allowed to withdraw their bid once they have been submitted.

Deadline for the submission of the sealed bids is on August 12 with the Bids and Procurement Committee of the Exchange set to open the bids on August 15.

The PSE has engaged the services of at least two real estate brokers to serve as consultants for the pre- and post-bidding process to include finalizing the terms of reference and sending out invitations to bid, advertising the bidding, establishing a hotline center for interested bidders, and providing support in the final contract documentation.

Once the Tektite property is sold, the trading floor or Tektite trading participants will be moved.

Another option the bourse is considering is to lease out a portion of the current property from the buyer to convert it to a trading floor, look for appropriate space within Tektite or other buildings for the trading floor, and accommodate Tektite brokers at the Ayala trading floor.

The bourse, which is based in Makati, is putting up a new headquarters at the Fort Bonifacio Global City in Taguig. The new facility will take three years to construct.

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