State-run Social Security System (SSS) on Monday announced that it will bid out one of its real-estate property in Taguig City as part of unlocking the values of its property assets.
In a press conference, SSS President Emilio de Quiros Jr. said that agency will sell its 8,300 square meters of prime land in Bonifacio Global City (BGC).
The property’s minimum bid price is P269,894 a square meter or a minimum total price of P2.24 billion.
SSS noted that the minimum total bid price of the BGC property translates to a gain of 163 percent or more than twice the property’s dacion value.
The said property, commonly known as Block 56, is located along McKinley Parkway, between the 10th and 11th Avenues and near commercial areas in the BGC.
The prebidding conference will be on July 22, while the submission of bids is scheduled on September 4.
“This is the most opportune time to sell, while land prices are at peak level. Also, the ongoing developments in the BGC area created a high demand for land where there’s a short supply of sellers,” de Quiros said.
He added that the sale of the property offers a great opportunity for interested property developers to acquire a substantial block in the area.
The SSS president also said that real-estate values go up tremendously in BGC compared to the central business districts in Makati City and Ortigas in Pasig City.
The SSS expects that the public bidding will attract both domestic and foreign investors, and unlock the best value of the property.
De Quiros noted that the country’s improving political and investment image will offer enormous growth potential for enterprises, especially those in real estate, business process outsourcing and tourism.
“Not can they help spur the economy once they develop the property, but any business that will be put up there will surely result in new employment. And as more jobs become available, SSS covers more employees,” he added.
Furthermore, de Quiros reported that SSS recorded P16.44-billion revenue in the last four months of 2013.
He added that the agency is also focusing to a more productive use of its real property assets to maximize its earnings and to achieve its revenue target of P30 billion for full-year 2013.