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Old PDIC building for P400M, anyone?

Written by  Ed Velasco
Friday, 21 September 2012 00:00 [ tribune.net.ph ]

There is still no taker for the old building of the Philippine Deposit Insurance Corp. (PDIC) which is now being sold for P400 million.

According to the PDIC’s Corporate Affairs Group (CAG), the price of the building went up from P200 million.

CAG officer-in-charge Jun Villaret said the initial P200 million selling price for the building is too low given it’s solid structure, perfect location and size.

“That’s too low. We want to double that. The problem is there’s no serious taker either for sale or for lease,” Villaret told The Daily Tribune in a recent breakfast meeting.

He said their department got  many inquiries regarding their final decision.
However, nothing happens after the inquiries.

“If you can help us sell the building, we will be glad because until now we haven’t found any buyer,” he said.

He said there are two options being studied for the building — one is to sell and  the other is let other offices, government or private, lease it.

Villaret said the market value of the building will definitely increase because the flooding will be surely solved once the major flood control project is finished.

A big establishment located very close to the building is also almost finished.

The new edifice will make the old building attractive to buyers because of the business activities its neighboring building will create.

“At the end of the street near MRT is a cozy and towering condo and a thriving mall in front. Who wouldn’t want to be located in an area like that? It’s like being in Manhattan’s 5th Avenue,” Villaret said in jest.           

New York’s 5th Avenue is an iconic, upscale area where head offices of some of the world’s most expensive shops like Prada, Tommy Hilfiger, Versace, Escada, Armani and Louis Vuitton are located. 

At present, the eight-storey, 55,000-square foot old PDIC building serves as its stock room and extension office for tons of papers that have stocked since the corporation’s establishment in 1963.

PDIC is now housed at the 4th to 10th floor of the SSS building along Ayala Avenue corner V.A. Rufino St. in Makati City.
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