Clark Quay awarded SSS lot in BGC

MANILA, Philippines - The Social Security System has awarded to Filipino-owned Clark Quay Holdings  its 8,300- square meter prime property in Bonifacio Global City, its top official said yesterday.

Clark Quay was the lone bidder for the block 56 property, which comprises four parcels of land located near Market! Market! Bonifacio High Street and SM Aura.

SSS president and chief executive officer Emilio S. De Quiros Jr. noted that although Clark Quay was the lone bidder that participated in last month’s auction, its P2.33-billion offer was 4.12 percent above the minimum bid price of P2.24 billion.

“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.    

Out of the seven companies that earlier expressed interest in the property, only Clark Quay and TheNet Group were qualified to join the bidding.

The property was acquired  via a debt for asset arrangement with Bonifacio Land Corp., involving the latter’s P1.5 billion obligation to SSS.

The SSS has put the property on the auction block to allow it to maximize the full potential value of its real estate assets amid a resurgent property market.