Gokongwei Group, 4 others submit offers for GSIS lots

MANILA, Philippines - Five groups participated in the bidding held yesterday by the Government Service Insurance System (GSIS) for two prime lots in Bonifacio Global City, with a food distributor and a relatively unknown company submitting the highest offers.

The Gokongwei Group, through a unit of its property firm Robinsons Land Corp., was the only high-profile company that joined the bidding.  Ayala Land Inc., which earlier bought bid documents, reportedly did not participate.

Bonifacio Lot 2 with a size of 1,600 square meters drew the highest offer of P800 million from Mandaluyong-based Focus Palantir Inc. The bid was 53.8 percent higher than the P520-million floor price set by the state pension fund.

Focus Palantir is registered with the Food and Drug Administration as a food distributor. Its permit with the FDA expires on March 19, 2015.

Submitting the second highest bid was Goldenwill Inc.  with P746.5 million. No other information about the company was readily available. Among the two other companies that bid for Bonifacio Lot 2 were Frabelle Properties (P700.88 million), the  Gokongwei family’s Altus San Nicholas Corp. (P576 million) and Inoza Properties (P676.28 million).

Bonifacio Lot 1, on the other hand, attracted four bidders with Goldenwill Inc. making the highest bid at P732.8 million followed by Daichi Properties Inc. (P683 million), Inoza Properties (P656.4 million) and Altus San Nicholas Corp. (P576 million).

Daichi is a real estate firm with a solid track record in quality and world-class development.   Among its projects are Taipan Place and Orient Square in the Ortigas central business district.

Meanhile, the GSIS failed in its bid to attract  a buyer for the two-hectare Water Fun Resort in Sucat, Paranaque. The minimum bid price was set at P672 million.

The GSIS said it would review all the bids it received and make a formal announcement on its decision at the soonest possible time.