Mile Long property yields P262 M for gov’t

Published February 11, 2020, 12:00 AM

by manilabulletin_admin


The government continues to earn million of pesos in rental and parking fees from the Mile Long property in Makati City under the Privatization Management Office’s (PMO) management, the Department of Finance (DOF) said yesterday.

In a statement, the DOF said yesterday that the government already generated ₱262.68 million in rentals and parking income from the 2.2 hectare Mile Long property from August 2017 to January this year.

Based on a PMO report submitted to the DOF, the government is also expecting to collect another ₱2.56 million in receivables from Mile Long.

“This brings the actual and estimated total collections from the prime lot to ₱265.25 million as of January 2020,” Chief Privatization Officer Gerard Chan said.

Deducting actual and estimated expenses amounting to ₱59.48 million nets an income of ₱205.76 million over the last 28 months that the PMO has been managing the property, Chan added.

Finance Secretary Carlos G. Dominguez III commended the PMO “for efficiently managing the property,” which is now almost 73 percent occupied as of January 2020.

Currently, Mile Long property has a total of 312 rental units, of which 227 are occupied by 131 establishments, and leaving 85 units available for occupancy.

Chan said 22 of these available units are reserved for the Supreme Court, which has signified its intention to house some of its offices in the Sunvar Plaza portion of the Mile Long lot.

He said earlier the government has so far been earning around ₱7 million a month in net income from the Mile Long property since the government took over its management in August 2017 or two years ago.

In contrast, the government was able to collect nothing in rental fees from this prime Makati lot’s former lessee — Sunvar Realty Development Corp. — for 14 years prior to PMO’s takeover in 2017 owing to the then-pending legal case over the property.