GSIS sells Philcomcen property to Filinvest Land

By Zinnia B. Dela Peña, The Philippine Star

Posted at Jan 19 2014 09:30 AM | Updated as of Jan 19 2014 05:30 PM

MANILA, Philippines - The Government Service Insurance System (GSIS) formally awarded Friday its 2,411-square meter property in the Ortigas business district to the Gotianun family’s Filinvest Land Inc. (FLI).

GSIS sold the idle 18-story Philcomcen building along Meralco Ave. for P772 million or more than three times the lot’s book value of P234 million.

A deed of absolute sale was signed by GSIS president and general manager Robert Vergara and FLI director Joseph Yap following the public bidding held in December last year.

The foreclosed property served as the office building for several government agencies such as the Department of Transportation and Communications, the Presidential Commission on Good Government and several radio stations.

GSIS has been trying to sell the property for years but couldn’t get an acceptable offer.

Aside from the Philcomcen property, GSIS also successfully bid out the 2,076-sqm CUL Transit property on Commonwealth Ave. in Quezon City. It was acquired by Global 360 Development Corp. for P78 million.

The state run pension fund tried but failed to sell these properties – Polymedic 1, the 821-sqm La’O property in Ermita, Manila, and the former Jai Alai property in Manila (6,470 sqm).

The GSIS earlier said it has around P30 billion worth of property assets that may be auctioned off to shore up its fund.

Among the other assets that may be unloaded include an 18,498-sqm property located at the corner of Doña Julia Vargas Ave. which is being used as an impounding area by the Metropolitan Manila Development Authority. The appraisal value of the lot was around P1.6 billion in 2010.

As of end-November 2013, GSIS had total assets of P784.1 billion.