GSIS eyes sale of 3-4 properties by end-2015

MANILA, Philippines – State-pension fund Government Service Insurance System (GSIS) is planning to sell some of its prime properties by the end of 2015.

GSIS president and general manager Robert Vergara said he is looking at auctioning off 3 or 4 of the pension fund’s properties, and that the value of some of its properties is being assessed.

“I think we’re still trying to conduct an appraisal of all our properties. We’re hoping that we will be able to schedule one bidding or auction for our properties in the 4th quarter of the year,” Vergara said.

Vergara added that the Metro Manila Development Authority (MMDA) property, located along Doña Julia Vargas corner Meralco Avenue in Pasig City, could be considered for this year’s sale.

The property, which has a land area of 18,498 square meters (sqm), is for mixed commercial and residential purposes.

Vergara also mentioned the former GSIS Makati Office along Legaspi Street in Legaspi Village as another one it may sell.

According to the GSIS website, it is located within Makati Central Business District, with community centers like a public market, churches, hospitals, and private and public schools accessible from the property.

The Makati office has a land area of 2,429 sqm.

1,600-sqm BGC property

Meanwhile one of the pension fund’s biggest assets is its 8,332 sqm property located in Fort Bonifacio Global City (BGC).

However Vergara said that the BGC property might not be included in the list of assets to be auctioned off this year.

“It’s one of the few remaining big cuts there…so we’re just hanging on to that,” Vergara said.

Vergara said previously that the funds that to be generated from the sale of the agency’s properties will go to the general pool of assets that can be invested.

The GSIS sold its 1,600-square meter property in Bonifacio Global City to Goldenwill Incorporated for P732 million ($ 15.68 million) last year.

The 41% markup from the P520 million ($11.14 million) minimum bid price established a new benchmark price for BGC lots, the pension fund said previously.

The pension fund also put the GSIS family bank up for sale earlier this year. – Rappler.com

$1 = P46.66