The property arm of diversified conglomerate San Miguel Corporation has put on the auction bloc at least three of its assets this year.

San Miguel Properties Inc (SMPI) chairman Ramon Ang said these assets are the 125-hectare lot in Tagaytay, the 5-hectare Manila Memorial property in Sucat, Paranaque, and a 1-hectare property along Pasay Road. The latter used to be San Miguel Corp.'s warehouse.

"These are up for sale or for joint venture," Ang said.

Ang, who is also also president and CEO of the parent company, also said it is cautiously optimistic about growth in the property business this year since 2009 is a "crisis year."

"San Miguel Properties is one of the companies which I am not sure if assets will be bought as easily as last year. We can't control whether the buyers themselves will have the money to purchase out lots," he shared.

San Miguel Properties made a record 220% jump in its net income in 2008 largely due to one-time gains from the sale of its Aurora Property for P1.5-billion, and the sale of its stake in KSA Realty Corporation for P1.8-billion.

But Ang said these gains are likely be difficult to sustain given the tight financial market.