jonathanburnnz: Government to Disclose Plans on the Fujimi Property ? Real Estate ...

Friday, 7 September 2012

Government to Disclose Plans on the Fujimi Property ? Real Estate ...

The Supreme Court of the Philippines ordered the government to share its plan on the Fujimi property in Tokyo, Japan.

The said property was obtained under former President Jose P. Laurel from Japanese Baron Zenjiro Yasuda. when the Philippines was under the Japanese rule at the time of World War II. Today, the property serves as the home of Philippine Ambassador Manuel Lopez.

According to The Daily Tribune, the Supreme Court ordered those involved to indicate in details and update the court whether the negotiated development will proceed or not. and whether petitioners are still eager to pursue the case.

In 2011, the Department of Finance arranged an auction for a proposed 50-year lease and development contract of the property. However, only one bidder showed interest which led to the cancellation of the bidding. Today, a petition that aims to stop the government?s plan to lease the property is pending before the Supreme Court.

Reports say that if the plan pushes through, the government might raise from the lease contract between P3 billion and P5 billion which the government would use to plug the budget deficit for which the government fixed a P279 billion limit this year.

The Kigoshi Group, a real estate firm, expressed interest in developing the Fujimi property. The group submitted a proposal after five other companies who were reported to have had talks with the government for the 50-year lease on the property backed out from the auction.

The Department of Finance also had created in 2003, a committee that plans and accepts development proposals for several Philippine-owned properties in Japan.

One of the projects submitted for the Fujimi property includes the development of more than 5,000 square-meter property in Fujimi Cho, Chiyoda-Ku in Tokyo. But to maximize the use of the property, the government decided to develop it by constructing a modern building.

Former finance secretary, Margarito Teves committed to give the government the necessary revenue to fill in the current budget deficit. However, former Ambassador to Japan Domingo Siazon disagrees to sell or lease the property.

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