State-run Government Service Insurance System (GSIS) raised more than P566 million following the sale of two of its prime pieces of property in Metro Manila.
In a statement, GSIS said that its pieces of property that went through the auction process in December were the Philcomcen building in Ortigas, and Cul Transit in Quezon City.
“The results are overwhelming. We were able to sell them at rates way beyond our asking price through a transparent bidding process,” said Robert Vergara, GSIS president and general manager.
The insurer said that the Philcomcen building in Ortigas with a book value of only P234 million was sold to Filinvest Land Inc. with a bid of P771.5 million.
Cul Transit in Quezon City, with a book value of only P50 million, was sold to Global 360 Development Corp. who bidded P78 million for the 2,076-square meter property.
Furthermore, the GSIS said that along with Philcomcen, and Cul Transit, other acquired assets that were put on the sale block in November 2013, included Polymedic 1 and 2 in Mandaluyong City as well as LA’O and the former Jai Alai in Manila. Nine bidders, including real estate developers, submitted offers for the six pieces of property.
Vergara said that his was the perfect time to dispose the assets 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, adding that milestone bodes well for auctions that the GSIS will be holding in the future.
Vergara further said that, “this will positively impact on the financial standing of the institution.”
Based on unaudited figures, the total assets of GSIS for the first 11 months of 2013 stood at P784.1 billion, up by 8 percent from the P726 billion posted in 2012.