PNB to bid out P2.8 billion real estate

MANILA, Philippines — Lucio Tan’s Philippine National Bank (PNB) plans to raise at least P2.83 billion through the sale of various real estate properties nationwide through a public sealed bidding next month.

On top of the list is a 3,648-square meter commercial property inside the Cebu Business Park with a floor price of P1.72 billion followed by another commercial property in Iloilo City worth at least P476.5 million.

In the National Capital Region (NCR), PNB is disposing two commercial lots with improvements including a P220 million commercial property in Malabon City and a P92.5 million property along Aurora Boulevard in Quezon City.

The listed bank is also bidding out properties in Batangas City worth P120 million, Biñan in Laguna valued at P55 million, Negros Occidental for P35 million, Mindoro Oriental with P25.5 million, a 2,832 square meter residential lot in Cebu City for P25 million, Candelaria in Quezon for P22 million, Calapan City in Oriental Mindoro for P15 million as well as two commercial properties in Nueva Ecija valued at P15 million and P10 million, respectively.

In an invitation for a public sealed bidding, the bank said interested parties should 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 9 a.m. of Sept. 13.

PNB encouraged prospective bidders 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.

According to the bank, the winning bidder will take possession of the property only upon award subject to PNB’s approval, and the execution of the contract to sell or deed of absolute sale, and payment of relevant charges.

“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 stated in the invitation.

The bank said the bidding is open only to direct buyers and not brokers, agents or referrers.