Offer for MC Adore is low – BSL
MAYOR Benjamin Lim, after writing two recommendation letters to the Sangguniang Panlungsod (SP), has admitted that the P68 million offer by Arbros Realty for the MC Adore property is too low.
Lim clarified that upon receipt of the letter of Arbros, he necessarily had to write a letter to the SP because he, as city executive, cannot unilaterally decide to sell a property of the government.
Lim said he knows that if a government property is offered for purchase, the fair market value should be first determined by either by a private assessment company or the city assessor’s office.
That letter to the SP, he said, was intended to prompt discussion. The follow-up letter, he added, was sent after the city council failed to respond for more than two months.
Once the floor price is determined, Lim said, the city government can schedule a public bidding for the property.
The MC Adore property was acquired by the city government under the previous administration of Lim from the Assets Privatization Trust (APT), now the Privatization Management Office, for P50 million, which was paid over five years ending in 2007.
The property used to be a five-star hotel owned by Modesta Sabeniano but was foreclosed by the Development Bank of the Philippines following failure of payment of the loan taken to build it.
The administration of Lim bought the property, ostensibly to convert it into a new city hall and to house other national government agencies based in Dagupan.
The plan did not push through and upon Lim’s return to office last year, he did not consider pursuing it.
“Personally right now, I don’t think I would like to pursue that,” he said. He did not elaborate why he decided to shelve the plan.
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