US group bids for P2.5-B SSS complex

A US-based consortium has joined the bandwagon of local and foreign companies bidding for the proposed P2.5-billion mixed-use commercial complex of the Social Security System (SSS).

SSS chairman and president Carlos Arellano said that Paul Chaston Builders and Designers Inc. recently submitted a proposal to become the lead consultant for the East Avenue Tower, which the SSS intends to build together with other government financial institutions (GFIs) such as the Government Insurance System (GSIS) and Philippine Health Insurance Corp.

Aside from Chaston, the SSS has already received a number of proposals from local real estate developers such as the Robinsons Group, owned by businessman John Gokongwei and Megaworld Properties Inc.

Chaston is proposing to develop the East Avenue property together with a US-based consortium of real estate developers. So far, the US-based construction firm is currently undertaking its own valuation of the property to come up with an estimated project cost for the development of the said lot.

However, Arellano said this project still has to undergo a series of feasibility studies to determine which is the best proposal. He admitted that they are "taking their time" in planning for this particular project since this will involve the SSS members’ fund.

Arellano said they are still looking at other options such as selling portion of the said three-hectare property leasing some of it or entering into a joint venture.

Aside from this, the SSS is building a P20-million SSS Livelihood Center at its Quezon City property to help develop the country’s small-and-medium enterprise (SME) industry.

The center is part of SSS’ effort to support SME development aside from the loan facility the agency is giving to qualified SMEs.

The SSS sees "bright prospects" for its Smokey Mountain property. Recently, there have been various developments in the area, particularly the putting up of Makro Wholesale Store, near their property.