THE government has earned P142.6 million from the Mile Long property in Makati City since it took over the management of the state-owned prime real estate in August 2017, the Department of Finance (DOF) said on Wednesday.
Gerard Chan, chief privatization officer of the Privatization Management Office attached to the DOF, said the government collected a total of P185 million in rental fees over a 21-month period.
Net earnings reached P142 million after expenses recorded from August 2017 to June 2019 totaling P42.46 million were deducted from the total collection, Chan said in his report to Finance Secretary Carlos G. Dominguez III.
“That’s roughly [an income of] P7 million a month from zero,” Dominguez said in a statement.
The finance chief noted that the government did not earn from the property for 14 years because it was embroiled in a legal battle with Sunvar Realty Development Corp. (Sunvar Realty), which refused to vacate the property even after its lease contract had expired in 2002.
Before the government took over the management of the Mile Long property, it was not able to collect rental fees from its former lessee, Sunvar Realty, owing to the then-pending legal case over the property.
The number of establishments housed by the property as of June reached a total of 128 representing a 71-percent occupancy rate, as they occupy 219 units of the 309 available units in the Mile Long property in Makati City, according to Chan.
In June 2018, Dominguez said the government plans to redevelop the Mile Long property into a mixed-use high-rise area. All the revenues generated from the project will go fund the military’s pension.
He said the government is mulling over the transfer of the ownership of Mile Long to a government-owned and -controlled corporation (GOCC), such as the Bases Conversion and Development Authority (BCDA), which could go into a joint venture with the private sector for the development of the area.
Noted Architect and urban planner Felino A. Palafox Jr. has already submitted four concept designs on how to redevelop the Mile Long property, according to Dominguez.
In June 2017 the Court of Appeals (CA) ruled in favor of the government in the case involving the 2.9-hectare property known as the “Mile Long” property in Makati City.
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