PNB selling P2 billion acquired assets

MANILA, Philippines — Philippine National Bank (PNB) is looking to raise another P2 billion from the sale of various acquired assets, including an industrial lot in Pasig City and office units in a condominium in Makati City.

In an invitation for a public sealed bidding, the Lucio Tan-led bank is selling a 5,000-square-meter industrial lot with improvements along E. Rodriguez Jr. Ave., Bagong Ilog in Pasig City for P1 billion.

PNB is also bidding out seven office units and 87 parking slots at the Petron Mega Plaza Condominium along Sen. Gil Puyat Ave. in Bel-air, Makati City with a floor price of P1.05 billion.

The country’s fifth largest lender in terms of assets is also disposing nine residential lots at the Rodeo Countryside Estate in Barangay Esperanza in Alfonso, Cavite for P22.8 million as well as a house and lot in Imus, Cavite for P4.1 million.

The bank is encouraging interested parties to submit sealed bids together with the 10 percent deposit in the form of manager or cashier’s check to the Acquired Assets Management Group at the PNB Financial Center in Pasay City until July 19. The bids will be opened on July 19.

According to PNB, prospective bidders are enjoined to inspect the properties, including an examination of the legal status of the title prior to submitting their bids as the sale is on an as-is, where-is basis.

“PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process,” the bank said in an invitation to bid.

Last April, PNB raised P3.68 billion from the sale of its foreclosed Manila North Harbour property to International Container Terminal Services Inc. (ICTSI) of tycoon Enrique Razon.

The STAR reported early this month that PNB was looking at raising P5.8 billion from the sale of two real estate properties strategically located in the National Capital Region.

ICTSI edged other bidders for the 32,000-square meter commercial lot and building within the Manila Harbor Centre industrial zone in Tondo, Manila with a minimum bid price of P3.2 billion or P100,000 per square meter.

PNB also tried to dispose two lots – a 35,255-sqm and another 180-sqm, consisting of a commercial lot and building along Alabang-Zapote Road in Pamplona, Las Piñas City – for P2.6 billion or P73,373 per sqm.

PNB president and CEO Jose Arnulfo “Wick” Veloso earlier said the properties are classified under real and other properties acquired (ROPA) or more commonly known as acquired properties by the bank.

Last year, PNB executed a property-for-share swap involving the 10-hectare PNB Financial Center along Macapagal Boulevard in Pasay City, the PNB Makati Center in the Ayala central business district, as well as the foreclosed eight-hectare property at the corner of Buendia Avenue and Paseo de Roxas in Makati City.