MANILA (AFP) - The Philippine government on Tuesday auctioned off a prime property once owned by the late dictator Ferdinand Marcos for more than US$2 million (S$2.5 million).
The 3,900 sq m lot in the mountain resort city of Baguio was acquired by a real estate firm for 93 million pesos (S$2.7 million), said Mr Nick Suarez, of the Presidential Commission on Good Government.
'It was a very successful, transparent bidding,' and the final price was more than three times the minimum bid, added Mr Suarez, whose agency is tasked with recovering the ill-gotten wealth of Marcos.
However another Marcos property, a 4,000 sq m lot on Manila bay with a minimum price of 278.6 million pesos, failed to sell after no bidders showed up, he said.
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