The Department of Finance (DoF) expects to generate about P30 billion from the planned sale of two major government-owned assets by the end of the year.

Speaking during the contract signing for the recent sale of government-owned units at the Atrium of Makati, DoF Undersecretary and Chief Privatization Officer Michael Peter Alejandro said the government is preparing to privatize the Mile Long Complex and the Food Terminal Inc. (FTI) property.

In the pipeline

“In the pipeline, we’re still planning for Mile Long and FTI. Those are the flagship assets that we plan to privatize by the end of the year,” Alejandro said.

He said the government expects to raise roughly P10 billion from the sale of the Mile Long Complex, targeted for the third quarter, and another P20 billion from the FTI property before year-end.

The Mile Long Complex, commonly known as the Mile Long Arcade, is a commercial property along Amorsolo Street in Makati City that houses restaurants, retail establishments and offices.

The government regained control of the property in 2017 following years of legal disputes.

The FTI property, located in Western Bicutan, Taguig City, historically served as a hub for warehousing, food processing, cold storage, food marketing and distribution activities. A significant portion of its former estate has since been redeveloped into what is now Ayala Land’s Arca South.

Subject to approval

Alejandro said the planned sales remain subject to approval, with the Privatization Council expected to set minimum prices before the assets are offered to the market.

“Those aren’t set yet. We’ll get the Privatization Council to set minimum prices. We’re still getting appraisals for the properties to ensure fair valuations, and most likely we plan to auction them off,” he said.

He added that current estimates are based largely on zonal valuations and could change depending on market conditions.

Atrium of Makati sale

The DoF’s Privatization Management Office on Thursday announced the sale of state-owned properties at the Atrium of Makati to Sanpiro Realty Development Corporation.