PNB to rebid properties, sell various assets to raise P12.3 billion

MANILA, Philippines — Lucio Tan-led Philippine National Bank (PNB) is raising at least P12.3 billion as it rebids various acquired assets in the National Capital Region and auctions an industrial lot in Laguna.

In an invitation for a public sealed bidding, PNB said it is selling commercial lots with an aggregate size of 20,854 square meters located at Jefferson and Jackson avenues in Asiaworld City in Don Galo for P7.3 billion, lower than the P8.34 billion floor price set when it was auctioned on Sept. 15.

Another property up for grabs in Asiaworld City are residential lots along Lincoln and Jefferson streets in Marina Baytown West with a total area of 2,876 square meters for P1.18 billion, slightly higher than the previous floor price of P1.15 billion.

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PNB is also rebidding a commercial property along Alabang-Zapote Road in Barangays Pamplona and Talon Dos for P2.53 billion, repriced from the previous floor price of P2.6 billion.

The three properties were auctioned on Sept. 15.

The country’s fourth largest lender in terms of assets is also selling a 5,000-sqm industrial lot in Bagong Ilog, Pasig for P763.17 million and a 96,300-sqm industrial lot along Pulot-Diezmo road in Cabuyao, Laguna for P533.68 million.

The bank said interested parties should submit sealed bids together with the 10 percent deposit in the form of manager or cashier’s check to the Acquired Assets Management Group at the PNB Financial Center in Pasay City until Nov. 15. The bids would be opened at 9:01 am on Nov. 15.

PNB encourages prospective bidders to inspect the properties, including an examination of the legal status of the title prior to submitting their bids as the sale is on an as-is, where-is basis.

According to the bank, the winning bidder will take possession of the property only upon award, subject to PNB’s approval, and the execution of the contract to sell or deed of absolute sale, and payment of relevant charges.

“PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process,” it said.

Last April, PNB raised P3.68 billion from the sale of its foreclosed Manila North Harbor property to International Container Terminal Services Inc. (ICTSI) of businessman Enrique Razon.

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ICTSI edged other bidders for the 32,000-square meter commercial lot and building within the Manila Harbor Centre industrial zone in Tondo, Manila with a minimum bid price of P3.2 billion or P100,000 per square meter.

Last year, PNB executed a property-for-share swap involving the 10-hectare PNB Financial Center along Macapagal Boulevard in Pasay City, the PNB Makati Center in the Ayala central business district, as well as the foreclosed eight-hectare property at the corner of Buendia Avenue and Paseo de Roxas in Makati City.

As a result, the bank posted P34 billion in its books representing the difference between the fair value of P46.68 billion and the book value of P12.6 billion of the properties exchanged for shares of PNB Holdings Corp.

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The article was originally published in PhilStar Global and written by Lawrence Agcaoili.

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