PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

DOF receives P19-B offer for Food Terminal property

    Published : Friday, September 16, 2011 00:00
    Written by : Katrina Mennen A. Valdez, Reporter

THE Department of Finance (DOF) said it has received an offer for the Food Terminal Inc. (FTI) that is higher than the P13-billion floor price that the Aquino administration set for the 103-hectare property.

“The FTI privatization is about to be done. An offer of P19 billion was approved in the Privatization Council,” Finance Secretary Cesar Purisima said during the hearing of the Senate Finance Sub-committee on Thursday.

“The offer is subject to a Swiss challenge but it has to be approved first by the President. Only then can the offer be subjected to a Swiss challenge,” Purisima said.

Under a Swiss challenge, other interested parties have a chance to offer better bids for the property.

Purisima said the DOF already submitted the proposal to Malacañang for approval.

“We’ll publish it once it is approved by the President,” the finance chief said.

Several big developers such as Ayala Land Inc., the SM group, Robinsons Land Corp. Megaworld Corp. and Filinvest Land Inc. have expressed interest in the FTI property.

Megaworld and FLI had said they each tendered P14 billion for the property. The FTI complex is the biggest remaining block of undeveloped property in the vicinity of the airport and the Bonifacio Global City.

real estate central philippines
Copyright ©2008-2018