Philippine firm Filinvest acquires idle GSIS property for PHP771M

January 10
1:49 AM 2014

The Gotianum family's property firm Filinvest Land Inc (FLI) purchased an idle property from state-run Government Service Insurance System (GSIS). The acquisition deal is priced at PHP771.5 million, according to Inquirer.

The said property, the Philcomcen building, measures 2,411 square meters. The building is located in Ortigas Center, Pasig City, and was sold under the asset disposal program of the GSIS, the report detailed.

Through a statement issued on Thursday, the GSIS said FLI won in a bidding held in December. The property firm's PHP771.5-million bid beat two other suitors. In addition, the said bid was 66% higher than the PHP464.42-million floor price set by the GSIS. Moreover, the insurance firm said the property's book value was only PHP234 million. FLI's bid was over three times that value, the report explained.

The acquisition of the Philcomcen property came amid the boom in the real estate industry of the country, the report added.

The Philcomcen building was among the three properties that GSIS sold in the December bidding, Inquirer reported.

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