By Jennifer Ambanta | October 9, 2013 manilastandardtoday.com
Property developer Clark Quay Holdings won the auction for the 8,300-square meter prime lot of state-pension fund Social Security System in Fort Bonifacio, Global City.
The SSS announced Tuesday it accepted the bid of the local property company to acquire the property for P2.33 billion, translating into P281,009 per square meter.
SSS vice president and head for lending and asset management May Catherine Ciriaco said the fund made a profit of 167 percent from the initial value of the land, which was set at P873 million.
“We also sold it 23 percent above fair market value which is P1.8 billion,” Ciriaco said.
Clark Quay’s offer of P2.33 billion was also P90 million more than the P2.24-billion minimum bid price set by the government.
The SSS property consists of four parcels of land located at Block 56 south of Bonifacio Global City and is suited for a mixed-use commercial and residential land development.
SSS announced the sale of the BGC property in July where seven companies bought terms of reference, including Clark Quay, Net Group, Ayala Land Inc., Robinsons Land Corp., Jones Lang LaSalle, KeyLand Corp. and Santiago and Santiago Law Office.
Four of the seven bidders were able to comply by submitting eligibility documents in August but only two bidders—Clark Quay and Net Group—made the cut and were requested to submit a cash bid in September.
The Net Group did not submit a cash bid but offered to negotiate the amount it would pay for the property.
SSS president Emilio de Quiros said time played a very crucial part in selling or unlocking the value of other property assets of SSS.
“If we do not sell them in the proper time, we will not be able to get its full value,” De Quiros said.
The SSS also disclosed plan to sell its East Ave. property in Quezon City and another one in Makati.