MANILA, Philippines – Weather disturbances in August prompted pension fund Social Security System (SSS) to postpone the bidding for its prime property in Bonifacio Global City in Taguig to September 17.
The date of submission of cash bids for its 8,300 square meter property in the fast-growing business district was originally scheduled on September 4.
Work suspensions due to a series of typhoons that hit the capital in August was the main reason for the delay, according to SSS Senior Vice President Jose B. Bautista, chairman of the SSS Acquired Assets Disposal Committee (AADC).
“The schedule will give all parties enough time to do what the new deadline specifies.” Bautista said.
The AADC added that SSS needed to re-evaluate the existing bid terms to address the bidders’ concerns regarding the required eligibility documents they submitted on August 15.
“Upon careful review of the matters set forth during our evaluation, the AADC also recommended to waive minor defects that do not affect the validity of their eligibility documents. This is still, of course, subject to the usual validation and evaluation of documents under the bid’s terms of reference,” Bautista said.
The sale of the SSS BGC property has attracted 7 interested bidders, including local and foreign developers and real estate consultancy companies.
They are Clark Quay Holdings, Inc., Jones Lang Lasalle, Keyland Corporation, Ayala Land, Inc., Robinsons Land Corporation, Santiago and Santiago Law Offices, and The NET Group Property Development Corp. – Rappler.com