Monday, 10 September 2012

GSIS Mulls Selling Real Estate

MANILA, Philippines — State-run Government Service Insurance System (GSIS) is planning to dispose some of the pension fund's real estate holdings to take advantage of current high valuations for property.

Robert G. Vergara, GSIS president and general manager said that they have roughly P34.5 billion worth of real estate located in key cities in Metro Manila that may be sold to other state institutions or the private sector.

“We're targeting some auctions of some of our properties this year. We have a department that looks at listing and they're getting ready to bid out some of our properties. What we have to work on now is see if we can take advantage of some of the high prices for property to sell some of our real estate holdings,” Vergara said.

He said that GSIS plans to sell an initial five of these properties this year.

These include the 6,470 square-meter former Jai-Alai building on Taft Avenue, Manila; the 18,498 square meter Metropolitan Manila Development Authority (MMDA) Pasig City Property; 795 square meter Polymedic Apartment one and two in Mandaluyong City; and the 300 square meter 545 Cordillera Street in Mandaluyong City.

Aside from the five properties, Vergara also said that they plan to lease-out or sell the three-hectare estate in Quezon City to the Senate.

“We want to rebuild our Quezon City office, the one on Mindanao Avenue but I think the Senate has expressed interest in that as possible site so that it can be closer to the House of Representatives,” Vergara said.

“Right now they're [Senate] our tenant. If we want to do something along the similar lines, it's something that we'd be open to. If they want to do something entirely on their own, there might be something that we can do together,” he added.

The official disclosed there have been some “sort of exchanging correspondents” with the Senate on the possible deal with the GSIS.

Vergara, meanwhile, said that GSIS plans to shelve its former Makati office.

“We're thinking of doing something about, but ever since we saw the bid for Food Terminal Incorporated (FTI), may be there's something worth sticking around,” he said.

Source: http://www.mb.com.ph/articles/372802/gsis-mulls-selling-real-estate

No comments:

Post a Comment