MANILA, Philippines – The Government Service Insurance System (GSIS) is expected to earn an estimated P861.6 million from the December sale of three properties in Metro Manila.
GSIS said its Philcomcen building in Ortigas will be sold for P771.5 million to Filinvest Land Inc.; Cul Transit property in Quezon City to Global 360 Development Corp. for P78 million; and Polymedic Apartment 2 in Mandaluyong for P12.1 million to BMI Realty.
The state-owned pension fund said the results of the bidding process were “overwhelming” as the combined book value of the three assets is estimated at only P291 million.
“The results are overwhelming. We were able to sell them at rates way beyond our asking price through a transparent bidding process,” said GSIS president and general manager Robert Vergara.
GSIS also put on the selling block the Polymedic 1, LA’O and the former Jai Alai in Manila in November 2013.
Vergara said disposing the assets is timely given the real estate property boom in the country.
“Our efforts to level the playing field for buyers of our properties have paid off,” he said.
He added that this milestone bodes well for auctions that the GSIS will be holding in the future.