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Fort property of SSS receives P2.33-b offer

By MST Business | Posted 4 hours ago | manilastandardtoday.com

The 8,300-square meter property of pension fund Social Security System in Fort Bonifacio, Global City has received an offer of P2.33 billion from a private corporation.

A source identified the company as Clark Quay Holdings Inc., a Filipino entity, which was one of the two eligible companies that participated in the public bidding for the SSS property on Sept. 17.

Clark Quay submitted the highest tender for the property consisting of four parcels of land located south of Bonifacio.

Clark Quay’s offer is P90 million more than the P2.24- billion minimum bid price set by the government.

The other eligible bidder, Net Group, did not submit a cash bid as required by the bidding rules, the source said. Instead, the company offered to negotiate for the amount it would pay for the property.

Seven companies originally expressed interest in the property, with four submitting the required eligibility documents, namely Clark Quay, Keyland Corp., Robinsons Land Corp. and the Net Group.

Upon review of the pre-qualification documents, however, Robinsons Land and Keyland were disqualified, leaving just two eligible bidders, Clark Quay and the Net Group.

The property is located at South Bonifacio. Based on the master plan and guidelines issued by Fort Bonifacio Development Corp., the property is suited for a mixed-use commercial and residential land development.

The SSS has not formally announced the results of the public bidding for the property.

The SSS opened the public bidding to both local and foreign investors to unlock the best value for Block 56, the SSS-owned property consisting of four lots located along McKinley Parkway between 10th and 11th avenues near SM Aura.

“We want to be as transparent as possible in the sale of this property and at the same time get the best value for it,”  SSS senior vice president Jose Bautista, chairman of the SSS acquired assets disposal committee, earlier said.
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