ALI, RLC and 6 more target GSIS assets

By , on September 18, 2014

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ShutterStock image

MANILA — Two of the country’s top property developers, Ayala Land Inc. (ALI) and Robinsons Land Corp. (RLC), and six other companies expressed their desire to acquire the assets of the Government Service Insurance System (GSIS).

According to GSIS president and general manager Robert Vergara, the sale would be one of the largest funds in years of the agency. A total of eight groups wish to bid for two premier properties in Bonifacio Global City.

Two lands situated on the 6th and 7th avenue corner 25th and 26th streets are up for bidding. Each has an area of 1,600 square meters. The minimum bid is P520 million or P325,000 for every square meter.

For the past four years, ALI has been on a buying binge. On the other hand, RLC is also beefing up its properties.

Aside from the lots in The Fort, another property for auction is the two-hectare lot in Parañaque which used to be the site of Water Fun amusement park. GSIS placed a minimum bid price of P672 for the said property.

Vergara said that bidding will start on September 23.

GSIS posted an income of P41 billion in the first two quarters of the year, 24.2 percent higher than the income recorded same period last year. The total amount of revenues increased as well by 6.75 percent.

Meanwhile, revenues from financial assets is up by 76 percent, from P16 billion to P28.2 billion.

Vergara also noted that the investment portfolio as of August is already at P837 billion. About 47 percent of the said amount is allocated in fixed-income markets, 17 percent in equities, and 27.8 percent for member loans.