AT THE TOSS OF A COIN, A US$5M DEAL WAS DONE

THE YEAR WAS 1988...

John Gokongwei and Henry Sy are tough competitors in terms of retail space building and mall propagation all across the Philippines. When the Ortigas prime property where Robinsons Galleria now stands, was up for sale by Don Paco Ortigas, These two business tycoons were keen on having this choicest among the Prime Ortigas properties. 

John Gokongwei's bid was P1,900 ($95) per square meter while Henry Sy's bid was P2,000 ($100) per square meter. At first, Henry Sy was comfortably happy because he thought he won the right to build whatever he intends to build then on this property they were bidding for then. But with John Gokongwei's business sense said he would also take care of paying the five percent agents commission, or another P100 per square meter, in effect offering the same amount as Henry Sy gave. 

A discussion ensued that Henry Sy protested and he insisted before Don Francisco Ortigas that he won that bid because the agents commission was not part of the terms of bidding. John Gokongwei said he would go to court. Don Francisco Ortigas was naturally apprehensive about the prospect of a court case. Considering he was selling a property for the first time in a long time, he did not want even the slightest hint of negative publicity.

He also felt that the legal process would take 10 years. So he instead decided to throw in another property for sale and proposed that a toss of a coin would determine who would get the property. That way, everyone comes out a winner. So Mr. Ortigas tossed the coin and thats how Henry Sy ended up with the SM Megamall site w/c he got as a consolation from losing the Prime Ortigas corner lot,  He negotiated in joint partnership with the Alba group to come up with the much bigger floor area for the present Megamall site.  

And so as they say, the rest is history and comparing the two behemoth Malls in the Ortigas area, Henry Sy finally had the last laugh since his Megamall has outdone the money being raked in by the Robinson's Galleria Mall.