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GSIS to sell top big-ticket property in Port Area for Php20 billion

Date Posted: March 13, 2018
State pension fund Government Service Insurance System (GSIS) will auction off its Port Area property, the biggest of its assets, for a minimum cash price offer of Php20 billion.

The property, which consists of two lots with land areas of 672,645 sq. m. and 109,212 sq. m, is near the vicinity of Pier 2 Manila North Harbor and Negros Navigation Ferry Terminal in Tondo, Manila.

“Although it tops our big-ticket assets, we are selling the Port Area property as it does not contribute to our operations except for valuation gains. And we expect to fetch a good price as it is situated in the Manila Bay area where properties have enjoyed a 10-15% appraisal gains over the last five years. The Port of Manila Bay serves as the largest and the premier international shipping gateway to the country which spells economic growth,” GSIS president and general manager Jesus Clint Aranas said.

The GSIS chief disclosed that the sale of big-ticket assets in the past few years also yielded considerable gain for the pension fund. As of November 2016, GSIS’s total asset is worth Php1.09 trillion.

“We find it timely to liquidate the Port Area property and take advantage of the attractive real estate market values in the Manila Bay area. In fact, we are eyeing a considerable gain on the sale of this asset.This will go to the pool of assets that can be invested,” Aranas said.