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ALI, Robinsons eye SSS lot in Global City

By Zinnia B. Dela Peña (The Philippine Star) | Updated August 2, 2013 - 12:00am
MANILA, Philippines - Leading real estate firms Ayala Land Inc. and Robinsons Land Corp. are among the six groups that have set their sights on the Social Security System’s prime property in the bustling Bonifacio Global City in Taguig.
Informed sources said that aside from ALI and RLC, real estate services firm Jones Lang, Santiago and Santiago law office, Keyland Corp. and Clark Quay Holdings Inc. also signified their interest to bid for the 8,300-square meter property put on the auction block by the state pension fund.
The lot, known as Block 56, has a floor price of at least P269,894 per square meter or a total of P2.24 billion. It is located along Mckinley Parkway and between the 10th and 11th Avenues and near Market! Market!, Bonifacio High Street, and the newly-opened SM Aura.
The property, which is ideal for a mixed-use development, was acquired by SSS via a dacion en pago agreement with Bonifacio Land Corp. in exchange for payment of the latter’s P1.5 billion debt to the state pension fund.
RLC president Frederick D. Go said while the company purchased bid documents for the SSS property, it has yet to decide on whether to proceed with a bid or not.
Submission of bids is slated on Sept. 4. The SSS will announce the winning bid on Oct. 2.
While it owns the biggest landholdings in BGC, Ayala Land remains on the lookout for properties in the rapidly-growing area to take advantage of the strong demand for residential, retail, and office space.
Keyland, a relatively small property developer, is headed by Cesar Zalamea, former president of AIG Global Investment Group and PhilamLife. Rex Drilon, former chief operating officer of Ortigas & Co. Land is listed as one of Keyland’s directors.
Land values in BGC rose 28.1 percent last year to a peak of P237,000 per square meter are forecast to increase further to P250,000 by the end of the year as major corporations set up business in the area.
In a briefing last month, SSS said it was selling the property to maximize the full value of its real estate assets especially at a time when land prices are still on an upward trend.
SSS has P20 billion worth of real estate assets which include a four-hectare property located on East Avenue along EDSA, prime pieces of land in BGC, and a big lot near the Senate area.
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