Gov’t sells idle Atrium of Makati units for P1 billion

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Built in the 1980s, the Atrium is among the more recognizable low-rise office buildings along Makati Avenue

MANILA, Philippines – The Atrium of Makati, the squat concrete office building facing Ayala Triangle Gardens, has delivered a P1-billion windfall for the government.

The Department of Finance (DOF) said on Thursday, July 16, that the government had completed the sale of 24 condominium units and 21 parking spaces in the decades-old Makati Avenue building. The sale was made to Sanpiro Realty Development Corporation.

Finance Secretary Frederick Go said the sale was part of the government’s effort to convert properties that were no longer being fully used into cash for public spending.

“This sale demonstrates our commitment to turn idle government assets into revenues that strengthen our capacity to fund priority programs and support long-term national development,” Go said.

The transaction pushed the Privatization and Management Office (PMO) collections to P1.87 billion during the first half of 2026. That already matched the office’s collections for the whole of 2025 and was about two and a half times its full-year 2026 target, according to the DOF.

ATRIUM SALE. DOF, PMO, and Sanpiro Realty Development Corporation officials sign the deed of sale for the Atrium of Makati. Photo from the Department of Finance.

Built in the 1980s, the Atrium is among the more recognizable low-rise buildings along Makati Avenue, distinguished by its heavy concrete exterior and deep horizontal window bands. It was designed in the Brutalist style and sits beside the ultramodern glass skyscrapers of Zuellig Building and across from Ayala Triangle, near the intersection of Makati Avenue and Paseo de Roxas.

The Privatization Council also recently approved new guidelines that would allow more ways of disposing of state property, including the acceptance of unsolicited offers. Unsolicited proposals could help the government move properties that have attracted little market interest.

Chief Privatization Officer Michael Peter Alejandro said the government planned to build on the Atrium sale as it brought other properties to market.

“We will build on this momentum as we pursue other properties for disposition in the pipeline,” Alejandro said. – Rappler.com