Asset sold for P420M — source privy to the deal
THE National Development Co. (NDC) said it has closed the sale of its property in Pandacan, Manila to the Toll Regulatory Board (TRB), with a source privy to the transaction saying it was sold for P420 million.
The NDC in a statement on Thursday said it has received the second and final tranche of payment from the TRB for a 1.3-hectare portion of its five-hectare property in Pandacan.
NDC declined to disclose the final amount received on April 30, but a source said the total value of the transaction was P420 million.
Saturnino Mejia, NDC general manager, said in the statement that “the lengthy process resulted in a sale that reflects the market value of commercial properties in the Pandacan area,” without disclosing the original offer of TRB.
The source, however, said the amount agreed on was significantly higher than what TRB initially offered.
Mejia added that while negotiations on the sale took seven years to complete, “the conclusion of this transaction between NDC and TRB forms part of the strategic infrastructure project of the national government.”
The NDC said the negotiation, which started in 2018, took time because of the considerations from different stakeholders involved. It declined to elaborate.
The agency said the 1.3-hectare portion sold was previously acquired by the TRB for the Metro Manila Skyway Stage 3 (MMSS3) project. Due to the construction of the Skyway, the parcel was segmented into three irregular fragments.
The Pandacan asset transaction involved two deeds of sale — one for an area affected by the main alignment of the MMSS3 Project, and the other for a portion impacted by an interconnection structure, the NDC said.
The first tranche of payment was made in June 2024, and the collection was completed last month, April 30, led by Mejia and TRB Executive Director Alvin Carullo, it added.
NDC said the successful conclusion of the transaction highlights NDC’s ongoing commitment to unlocking the value of government assets and reinvesting in projects that drive national development and long-term growth.
