PCGG Commissioner for Asset Management Richard Roger Amurao said the decision to dispose of the two properties is in line with the agency’s privatization program schedule crafted under the new administration.
“The surrendered properties include a prime property in Mandaluyong City consisting of 2,012 square meters of commercial land with a minimum floor price of P101.606 million and the 3,875.57 square meters Hans Menzi compound residential property in Baguio City with a mimimum floor price of P37.246 million,” he said.
Amurao added the decision has been cleared by the government’s Privatization Council as contained in its letter to the PCGG on June 22, 2011, approving the proposal to sell the real-estate items through sealed public bidding.
The Mandaluyong property is strategically located along E. de los Santos Avenue (Edsa) fronting the Asian Development Bank and SM Megamall adjacent to MRT Ortigas station and within walking distance to other commercial establishments that include Robinsons Galleria and Edsa-Shangri-La Hotel. With its strategic location, the PCGG anticipates a higher yield from the sale of the property through competitive public bidding.
On the other hand, the Hanz Menzi compound, the PCGG stated, is located along Outlook Drive North in Baguio City. The property, which has a one-story residential house with concrete walkways and driveway, is situated in an area where land usage is mainly for residential purposes and is adjacent to tourist places such as Mines View Park, The Mansion House, and Wright Park.
With increasing interest of private firms and individuals on the real-estate industry, Commissioner Amurao is confident that both properties would attract more bidders and generate higher value for the property.
He added the properties were part of the assets surrendered to the national government through PCGG by Mr. Jose Yao Campos in 1986.
He likewise, said proceeds of the sale in accordance with Republic Act 6657 would go to the Comprehensive Agrarian Reform Program or CARP.
He stated that through PCGG’s efforts to recover ill-gotten wealth and privatize surrendered properties, a total of P93 billion have been remitted to the national government.
