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GSIS earns more than Php500-M from property auction
GSIS earns more than Php500-M from property auction

Date Posted: January 9, 2014

Reflects renewed market confidence on bid process

The Government Service Insurance System (GSIS) stands to earn more than Php566 million following the unprecedented sale of two of its prime Metro Manila properties last December 2013.

The Philcomcen building in Ortigas with a book value of only Php234 million was sold to the Filinvest Land Inc. with a bid of  Php771.5 million while Cul Transit in Quezon City, with a book value of only Php50 million, was sold to Global 360 Development Corporation who bidded Php78 million for the 2,076 square meter property.

“The results are overwhelming. We were able to sell them at rates way beyond our asking price through a transparent bidding process,” GSIS President and General Manager Robert G. Vergara said.

Along with Philcomcen and Cul Transit, other GSIS acquired assets that were put on the sale block in November 2013, included Polymedic 1 and 2 in Mandaluyong City as well as LA’O and the former Jai Alai in Manila.

Nine bidders, including real estate developers submitted offers for the six properties.

Vergara said it was the perfect time to dispose the assets given the real estate property boom in the country.

“Our efforts to level the playing field for buyers of our properties have paid off,” President and General Manager Robert Vergara said as he assessed the public auction.

“This milestone bodes well for auctions that we will be holding in the future,” Vergara said, adding “this will positively impact on the financial standing of the institution.”

Based on unaudited figures, the total assets of GSIS for the first 11 months of 2013, Â stood at Php784.1 billion, up by 8% from the Php726 billion posted in 2012.