Manila City gov't auctions Grand Boulevard properties for P106.65M

The Manila city government on Wednesday auctioned off the delinquent properties of Grand Boulevard Hotel, Silahis International Hotel, Hotel Sofitel and Pacific Hotel Corp. to a private developer who placed a bid in the amount of P106.65 million. The propertis were bid out because they had become real property tax liabilities to the city government. Only one other group placed a bid for the properties, at P106.64 million. The city government did not disclose the name of the losing bidder City Legal Officer Atty. Renato G. de la Cruz who is also the chairman of the Committee on Public Auction said the amount paid by Pacific Wide Realty and Development Corporation was a “long overdue collectible" that will form part of the city’s general fund for various programs. “Little by little we are recovering the amounts long overdue us," De la Cruz said. De La Cruz said the public auction is an integral part of the city’s continuing efforts to optimize the collection of taxes. Lawyers for Grand Boulevard have a period of one year to redeem the property. However, representatives of Pacific Wide Realty and Development Corp. said they are planning to convert the property into a condominium-hotel as soon as they have filed a writ of possession. - GMANews.TV