PCGG to auction sequestered properties in September

Posted at 06/28/14 9:48 AM

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) is set to auction in September P114 million worth of real estate properties recovered from the cronies of the late strongman Ferdinand Marcos.

In a statement, PCGG Chairman Andres Bautista said the agency has been given the green light by the Department of Finance (DOF)’s Privatization Council to sell the sequestered properties.

The assets include a house and lot with land area of 727 square meters located in North Greenhills, San Juan City; a property in Valle Verde III subdivision in Pasig City; and a parcel of land with an area of 582 square meters in Capitol Hills, Diliman Quezon City.

Bautista said the minimum bid price for the Greenhills property was set at P60,743,000; the Valle Verde property, P45,471,000; and Capitol Hills property, P8,148,000.

The PCGG has set the bidding on Sept. 1 for the Greenhills and Valle Verde properties and Sept. 2 for the Capitol Hills property. Bid documents are available on June 30 up to July 25.

Bautista said he is confident the properties will attract a number of prospective bidders due to the location of the properties as well as the prevailing real estate market.