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.
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