SSS extends deadline for BGC property cash bids

MANILA, Philippines - The Social Security System (SSS) has extended the date for submission of cash bids for its 8,300-square meter property in Bonifacio Global City from September 4 to Sept. 17.

The extension was due to weather disturbances in August that have resulted in a series of work suspensions.

Jose Bautista, SSS senior vice-president and chairman of Acquired Assets Disposal Committee (AADC) said the extension also had the blessing of the Social Security Commission (SSC).

Bautista said the state pension fund needs to re-evaluate the existing bid terms to address the concerns from bidders with respect to the required eligibility documents they submitted last August 15.

 â€œUpon careful review of the matters set forth during our evaluation, the AADC also recommended to waive minor defects that do not affect the validity of their eligibility documents. This is still, of course, subject to the usual validation and evaluation of documents under the bid’s terms of reference,” Bautista said.

The BGC property up for sale has attracted seven interested bidders including local and foreign developers and real estate consultancy companies, namely: Clark Quay Holdings, Inc., Jones Lang Lasalle, Keyland Corp. Ayala Land, Inc., Robinsons Land Corp., Santiago and Santiago Law Offices, and THENET Group Property Development Corp.

Known as Block 56, the lot has a minimum bid price of P269,894 per square meter or a total of P2.24 billion.  It is located along Mckinley Parkway and between the 10th and 11th Avenues and near Market! Market!, Bonifacio High Street, and the newly-opened SM Aura.

The property, which is ideal for a mixed-use development, was acquired by SSS via a dacion en pago agreement with Bonifacio Land Corp. in exchange for payment of the latter’s P1.5 billion debt to the state pension fund.