MANILA, Philippines - The Social Security System (SSS) is cashing in on its property in Bonifacio Global City to take advantage of high prices in real estate, its president said on Monday.
SSS President and Chief Executive Officer Emilio de Quiros said the company is bidding out its 8,300-square-meter property, located at Block 56 along 10th Avenue, 11th Avenue and 26th Street of McKinley Parkway, for a minimum price of P2.24 billion or P269,894 per square meter.
"We take advantage of the time since real estate has cyclical trend," de Quiros said.
SSS acquired the property, worth P831 million, in 2003. De Quiros said bidding out the property would give SSS a 163-percent gain in earnings.
He added that the sale of the property will also be beneficial to the economy as it will encourage new businesses to create new jobs.
"Not only they can help spur the economy once they develop the property, but any business that will be put up will result in new employment," he said.
Pre-conference bidding for the property will be on July 22 and submission of bids is on Sept. 4, 2013. Interested bidders are required deposit at least 10 percent of the bid price. Complete terms and conditions are available at www.sss.gov.ph.