The Philippine Deposit Insurance Corporation (PDIC) will hold for the first time bulk sale of residential lots on February 19, Monday, the state-run deposits insurer said in a press release.
A total of 438 residential lots with a total area of 94,514 square meters in Silang, Cavite will be up for bulk sale on Feb. 19. Public bidding will be held at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. PDIC said that a reserve price has been set for these lots and bidders are instructed to submit their best offer.
This is the first time that PDIC will conduct a bulk sale, says PDIC President Roberto B. Tan said in a statement. “Not only will the bulk sale approach reduce administrative cost in liquidation, it will also engage other markets for asset disposal. A number of real estate developers have shown interest in the bulk sale of properties. There are also prospects for partnerships between former owners of the properties and those who will finance the bulk acquisition. This is a welcome development that we hope to tap into to hasten liquidation of similarly situated closed banks assets,” Mr. Tan said.
The lots comprise about 70% of the entire Real and Other Properties Acquired (ROPA) portfolio of the closed Accord Savings Bank, Inc., and are located in Green Farm Royale Subdivision, Barangay Pulong Bunga, Silang, Cavite. Sealed bids shall be accepted by the PDIC ROPA Disposal Committee from direct buyers only between 9:00 A.M. and 1:45 P.M. at the venue. Bids will be opened at 2:00 P.M.
The complete list of properties is posted in the PDIC website. Prospective bidders may also visit the Asset Management and Disposal Group at the 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City for details on the residential lots. For further information, interested buyers may call the PDIC Public Assistance Department at (02) 841-4630 to 31. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888- PDIC or 1-800-1-888-7342. Inquiries may also be sent via e-mail at email@example.com.
Bidders are advised to physically inspect said residential lots, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids. They are required to bring proper identification document (ID) with photo and to register at least one hour prior to the deadline for submission of bids. Bid documents such as Bid Forms, Conditions of Bid, and required format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website. PDIC reserves the right to withdraw without prior notice any or all of the properties offered for sale any time before the deadline for submission of bids.