Pagcor lines up 3 properties for sale

MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) is planning to sell three parcels of land in Laguna, Cavite and Parañaque City to boost its revenues.

In an advisory posted on its website, PAGCOR invited interested parties to buy through negotiated sale a 16,335-square meter property located at Balibago Complex, Sta. Rosa City, Laguna. The property has a floor price of P392.04 million.

Also for sale is a 3,249-square meter property in Sitio Bucal, Dasmariñas City, with a minimum price of P12.67 million, as well as a 14,889-square meter land at Asiaworld in Barangay Don Galo, Parañaque City, with a minimum cost of P2.74 billion.

According to the gaming regulator, the disposal of the properties will be on “as is- where is” and “cash” basis.

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.

“It is understood that ownership of the property does not confer to the winning bidder the right to operate gaming facilities and business. A casino license or license to operate gaming operations is not part of the sale of property,” PAGCOR said.

Submission and opening of offer requirements will be on Nov. 26, 2019, Tuesday. Offerors or their authorized representatives should be present during the negotiated sale.

“In cases where there is one participant, said participant shall negotiate directly with PAGCOR. The parties shall undertake negotiations to conclude a price both acceptable to each, which however must not be lower than the floor price,” the regulator said.

“In cases, however, where there are two or more participants, they shall, in a group, openly negotiate with PAGCOR as to their best offers,” it said.

The party with the best offer shall be declared as the best offeror.

However, PAGCOR said there will be a post qualification of the highest offeror to verify the documents submitted and the clear the offer bond. The notice of award will be given to the winning offeror subject to the approval of the PAGCOR board of directors.

The winner’s offer bond, which should be equivalent to 10 percent of the floor price, will be considered as partial payment for the property. The remaining balance should be settled within 45 days from the receipt of the notice of award.