Prime lot in Manila to be placed on auction block
The Manila City government will be auctioning off a prime lot worth billions of pesos in Farola Compound, Tondo, after its owner failed to pay taxes.
The 22-hectare property, which is classified as a commercial lot, is located at the corner of R-10 and Zaragoza Streets.
Owned by Felix Sajot, the “prime property has a market value of P7.7 billion,” according to the city government.
A big portion, however, is occupied by informal settlers, the city assessor said in a statement.
City Assessor Jose de Juan added that Sajot owed the city around P1.09 billion in real property taxes and since there was a slim chance of it being paid, there was no choice but to place his land on the auction block.
Mayor Joseph Estrada, De Juan said, wanted to convert the property into a vehicle and equipment depot or sell it to its present occupants through the city’s Land-for-the-Landless Program. |
