Landbank selling EDSA property

MANILA, Philippines — State-run Land Bank of the Philippines is selling a 7,428-square meter property along EDSA corner Boni Avenue and Pinatubo Street in Mandaluyong City for at least P2.07 billion.

In an invitation to bid, the bank’s Head Office Committee on Asset Disposal said interested parties can submit or upload their electronic bids for the property from Sept. 14 to 22 after submitting their user registration form and customer information sheet on or before Sept. 9.

The property covers seven parcels of contiguous commercial land with various improvements.

Aside from the Livelihood Corp. Metromart Complex, other establishments in the property include Jollibee, Wendy’s, 7-Eleven, among others.

Landbank is scheduled to conduct a virtual pre-bid conference on Sept. 13 and the opening of the bids via video conference is scheduled on Sept. 24.

In the event the public bidding is declared a failure wherein only one bidder submits a minimum bid of P2.07 billion or higher, and satisfies all the requirements, the state-run lender would consider the bid as an offer to buy the property for the purpose of negotiated sale on cash basis.

If no bids are submitted, Landbank will declare a failed bidding and the property will be made available for negotiated sale offer immediately on a first come, first serve basis, subject to the payment of 10 percent of the offered price.

Landbank is also selling seven commercial condominium units with a combined area of 987.75 square meters at the 7th floor of One Corporate Plaza along Arnaiz Avenue, Legazpi Village in Makati City for P67.46 million.

The bank is also bidding out three properties worth P4.54 million: a 4,112- square meter agricultural land with rice mill building in Cagayan worth P1.78 million, a 776-square meter residential lot with building worth P2.13 million and a 921-square meter residential lot with building worth P636,000 in Quirino province.

Landbank is the country’s second largest lender in terms of assets at P2.4 trillion as of end-March, next to BDO Unibank with P3.26 trillion. In terms of capital, it is ranked fourth with P194.59 billion as of end-March.

Malacañang issued Executive Order 142 last June 25 approving the merger between Landbank and United Coconut Planters Bank (UCPB) to strengthen the capability of both institutions to deliver financial services to the coconut industry and the entire agricultural sector.

The net income of Landbank inched up by 1.7 percent to P5.48 billion in the first quarter. It expects its earnings to reach P19.68 billion this year after dropping by 7.6 percent to P17.1 billion last year due to the impact of the pandemic.