Home » , , » GSIS disposes of P30-million Davao property

GSIS disposes of P30-million Davao property

The Government Service Insurance System (GSIS) recently added P30 million into its coffers with the sale of La Marbella, a four-storey hotel in Davao City. The property was sold to booming real estate developer Woodridge Properties, Inc. (WPI).

The hotel, an acquired asset of the GSIS, was turned over to the GSIS in August 2008 due to the failure of Metro Davao Agri-Hotel Corp. to settle an outstanding loan amounting P58.48 million.

Since the turn-over, the GSIS has been incurring an annual carrying cost of P450,000 to secure the property.

"The GSIS continues to dispose of non-performing assets (NPAs) to improve the cash position of the pension fund. This ultimately benefits our members and pensioners. We have been successful in unloading many big ticket accounts and with this, such assets are put to use and we are able to boost economic growth," GSIS President and General Manager Winston F. Garcia said.

WPI will re-open the hotel this year after undertaking several expansion plans, which includes increasing its capacity. The four-storey hotel has a land area of 410 square meters (sqm) and a floor area of 1,640 sqm. It currently has 38 rooms with amenities.

"WPI is currently diversifying thus our entry to the hotel and resort business. We saw the opportunity in La Marbella because its location is very strategic. It is located in J.P. Rizal which is downtown of Davao City," WPI President and Chief Executive Officer Ernesto T. Matugas said.

Founded in July 1997, WPI has developed more than 230,000 sqm of land and built more than 1,000 house and lot units for the middle income market. At present, it has P4 billion in new and upcoming projects and has a land bank of over 300,000 sqm.

WPI's main business is into middle-income residential development with several projects in Las Pinas and Cavite. With its diversification, the company is also developing a hotel in Las Pinas and is planning to operate the Puerto Azul Beach and Country Club, also an acquired asset of the GSIS.

"We have expressed our interest in operating Puerto Azul under the brand Best Western, which is an international hotel chain. We also continue to eye for other GSIS properties which we feel will highly contribute to the growth of our business," Matugas added.

The sale of La Marbella was concluded last week with Matugas, GSIS Senior Vice President for Asset Management Group Cecil L. Feleo, and other GSIS and WPI officials present during the turnover. (PIA)
Share:

No comments:

Popular Posts

Featured

Siargaonon women surfers dominate Pilipinas Surfing Nationals in Baler

Three Siargaonon women surfers went victorious during the Pilipinas Surfing Nationals  Leg 2 in Baler, Aurora recently. Nilbie Blancada (C...

Home Top Ad

Post Top Ad

Archive

Car News

{getPosts} $results={4} $label={Cars} $type={block2}

Post Bottom Ad

Responsive Ads Here

Fashion

News

Food

Sports

Food

Technology

Featured

Videos

Ł†Ł…ŁˆŲ°Ų¬ الاتصال

Name

Email *

Message *

About Us

There are many variations of passages of Lorem Ipsum available.

Popular Posts

Categories

Blog Archive

Recent Posts

Unordered List

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aliquam tincidunt mauris eu risus.
  • Vestibulum auctor dapibus neque.

Sample Text

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation test link ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate another link velit esse cillum dolore eu fugiat nulla pariatur.

Pages

Theme Support

Need our help to upload or customize this blogger template? Contact me with details about the theme customization you need.
Copyright © SURIGAO Today | Powered by Blogger