GSIS sells off three Metro Manila properties for P861 million

The Government Service Insurance System has sold off three of its prime properties in Metro Manila for P861.6 million.

 

“The results are overwhelming. We were able to sell them at rates way beyond our asking price through a transparent bidding process,” GSIS president and general manager Robert Vergara said.

 

Among the properties that GSIS has sold are the Philcomcen building in Ortigas, Pasig City, which Filinvest Land Inc. bought for P771.5 million against a book value of P234 million.

The government pension fund also sold its 2,076-square meter CUL Transit property in Quezon City to Global 360 Development Corp. for P78 million. It has a book value of P50 million.

 

Polymedic Apartment 2 in Mandaluyong City was meanwhile sold to BMI Realty for P12.1 million. It was initially valued at P7.8 million.

 

“This milestone bodes well for auctions that we will be holding in the future,” Vergara said, adding “this will positively impact on the financial standing of the institution.”

 

The GSIS also put its other assets like Polymedic 1, the 821-sqm  LA’O property in Ermita, Manila, and the 6,470-sqm former Jai Alai property in Manila on the auction block.

 

Vergara earlier said the GSIS could auction off P30 billion in real estate properties to improve liquidity. — JDS, GMA News