The government has generated P205.76 million in rental and parking fees from the 2.2-hectare Mile Long property in Makati City, from the time it took over in mid-2017 up to January this year, the Department of Finance (DOF) said in a statement yesterday.
The Privatization Management Office (PMO) said in its report to the DOF the government has so far collected P262.68 million from August 2017 to January 2020 from tenants occupying the Mile Long Property, and is expected to collect another P2.56 million in receivables.
This brings the actual and estimated total collections from the prime lot to P265.25 million as of January 2020, said Gerard Chan, PMO chief privatization officer.
Deducting actual and estimated expenses amounting to P59.48 million nets an income of P205.76 million over the last 28 months that the PMO has been managing the property, Chan added.
The DOF said the property is almost 73 percent occupied as of January 2020.
Specifically, it has a total of 312 rental units, of which 227 are occupied by 131 establishments, 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 P7 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 DOF said the government was not able to collect rental fees from the 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.
