SSS successfully concludes the sale of its BGC property, Clark Quay wins bid

Oct 10, 2013 #BGC, #Clark Quay, #Clark Quay Holdings, #De Quiros, #social security system, #SSS, #sss property

The Social Security System (SSS) has announced the successful conclusion of the sale of its 8,300 square-meter prime site in Taguig’s central business district, the Bonifacio Global City (BGC).

In a press conference, SSS President and Chief Executive Officer Emilio S. de Quiros, Jr. said Clark Quay Holdings Inc., a Filipino-owned corporation primarily engaged in real and personal property investments won the bid for the Block 56 property that consists of four parcels of land located near Market! Market!, Bonifacio High Street, and SM Aura.

The winning bid tendered by Clark Quay was P2.33 billion, which was 4.12-percent higher than the published minimum bid price of P2.24 billion.

“This is an achievement for all of us here in the SSS. We are pleased with the value achieved through the bidding process and we believe our members will share our sentiment,” de Quiros said.

De Quiros confirmed that out of the two eligible bidders, only Clark Quay submitted a cash bid last September 17. “The other bidder, TheNet Group, earlier informed us through a letter that they won’t be able to submit any cash bid,” the SSS chief said. “Therefore, Clark Quay Holdings, an eligible bidder that was able to comply with all the requirements set in this public bidding, was declared the winner.”

Seven companies had earlier expressed interest in the property by purchasing the terms of reference for the bidding but only four submitted eligibility documents namely Robinsons Land Corp., Clark Quay, TheNET Group Property Development Corporation, and Keyland Corp. “But after verification of the documents submitted, only Clark Quay and TheNet Group were found to be eligible to join the bidding,” de Quiros explained.

“We look forward to seeing the property developed into an asset not only for Clark Quay but for the whole BGC in no time.” De Quiros said.

The state pension fund has decided to put up the BGC property for sale to take advantage of the time where real estate prices are at peak levels. The SSS said the earnings from the sale will be earmarked to make higher yielding investments.