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Pagcor bidding out 2 lot parcels in Bay City for at least P37.2 B

MANILA, Philippines — State-run Philippine Amusement and Gaming Corp. (PAGCOR) is set to auction two parcels of land with total area of 160,359 square meters in Bay City, Parañaque for a minimum bid price of P37.23 billion.

In a document posted in its website, PAGCOR invited interested parties to buy through sealed bid two parcels of land located at Central Business Park 1- Islands B and C of the Bay City.

“The properties are subject of a long-term lease initially in favor of Bloomberry Resorts and Hotels Inc. which built and operates the Solaire Resort and Casino. However, the leasehold rights were later assigned to Sureste Properties Inc. (lessee),” PAGCOR said.

“The lease is up to July 11, 2033 and is extendable for another term under certain conditions. The lessee has a right to match the highest complying bid for the properties,” it said.

According to PAGCOR, Sureste Properties has mortgaged its leasehold rights over the properties to various lenders.

PAGCOR said the disposal of the properties would be on “as is- where is” and “cash” basis.

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Prospective bidders must also be Filipino citizens or authorized by law to acquire real property in the Philippines. In case of a corporation or partnership, 60 percent of its capital must be owned by Filipino citizens.

Submission of bid documents and the opening of bids will be on Nov. 27, 2 p.m. at the PAGCOR corporate office in Malate, Manila. Bidders or their authorized representatives should be present during the auction.

A pre-bid conference will be conducted on Nov. 22, while interested buyers can inspect the properties beginning Nov. 9, and every Friday thereafter until the 27th.

The bidder who offers the highest amount will be declared as the highest bidder. Sureste Properties, in case it does not participate in the auction, will be notified of the bona fide offer and be given five working days to match the offer.

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