Real-estate services firm CB Richard Ellis (CBRE) Philippines has been tapped by the Land Bank of the Philippines to manage its first ever property auction in March.

The company’s Investment Properties and Capital Markets group will auction approximately P4 billion in real and other properties acquired (ROPA) that include condominiums, stand-alone residences, office space, and vacant residential and commercial lots.

Land Bank has about P12 billion worth of real and other properties acquired as of December 2006.

“We are optimistic that given CBRE’s track record of conducting several auctions where more than 1,000 properties have been sold nationwide, we will be able to dispose of a sizeable chunk of our ROPAs through this property auction,” said Ma. Cecilia Sacay, head of the bank’s special assets department.

CB Richard Ellis is the world’s largest commercial real estate services company, providing expertise in investment sales, commercial and industry leasing, asset and facilities management, as well as research and consultancy.

“We were initially engaged to manage the disposition of LBP’s properties in Metro Manila, Rizal, Bulacan, Cavite, Batangas, and Laguna,” said Michael Mabutol, associate director of CBRE’s investment properties and capital markets group.

“We are committed to help the bank in the efficient disposal of its ROPAs,” he added.

Sacay said that engaging a third party auction manager was part of the LBP’s aggressive efforts to hasten the reduction of its ROPAs.

“This year, we are pursuing activities like these to complement our regular selling activities. This is also in preparation for the implementation of the Basel II, which necessitates banks to dispose of their ROPAs the soonest and most efficient way possible,” she said.

Under Basel II, real and other properties acquired will be subjected to a capital charge, making it costly for banks with a significant number of ROPAs.

“We are honored to have been chosen by the Land Bank to help them in the disposition of their ROPAs. This auction signals a good start in 2007 for both CBRE and LBP,” said Don Ubaldo, manager of CBRE’s investments and capital markets group.

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Real-estate services firm CB Richard Ellis (CBRE) Philippines has been tapped by the Land Bank of the Philippines to manage its first ever property auction in March.