The government is aiming to register a profit of P205.76 million from rental and parking fees from the 2.2-hectare Mile Long property in Makati City since taking over its management from mid-2017.
A report to Finance Secretary Carlos Dominguez III by the Privatization Management Office showed that the government had so far collected P262.68 million from August 2017 to January 2020 from tenants occupying the property. The state is expected to collect another P2.56 million in receivables.
The igure brings the actual and estimated total collections from the prime lot to P265.25 million as of January 2020, said chief privatization officer Gerard Chan of the Department of Finance-attached PMO.
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 said.
Dominguez commended the PMO at a recent DOF executive committee meeting for efficiently managing the property, which is almost 73 percent occupied as of January 2020.
The Mile Long property has 312 rental units, of which 227 are occupied by 131 establishments, and leaving 85 units available for occupancy.