PHILIPPINES – Sureste Properties Inc. (SPI), the hotel and resort development arm of Bloomberry Resorts Corporation (BLOOM), is purchasing a 15,676 square meter land in Vertis North, Quezon City Central Business District, Bloomberry said in a disclosure to the Philippine Stock Exchange.
The total purchase price is P1,977,401,992 or P126,142 per square meter. The purchase will be funded by internally generated funds of SPI, Bloomberry has disclosed.
SPI has paid the 20% down payment of P395,480,396.40. The balance of P1,581,921,593.60 will be paid 40% within 30 days from issuance of the Notice of Award, and 40% upon signing of the Deed of Absolute Sale and submission of all documents to the Register of Deed for the transfer of the title to the buyer.
SPI proposes to develop the property into a mixed use development in accordance with the Vertis North Master Plan, and subject to required regulatory and local government approvals.
The subject area is identified as Lot 7-A-1, Lot 7-A-2 and Lot 4 and was part of National Housing Authority’s (NHA) share in the joint venture between NHA and Ayala Land, Inc. (ALI) in the Vertis North project.
The property was subject of a bidding scheduled by the NHA on 7 August 2015. That bidding was declared a failed bidding because SPI was the only bidder.
A second bidding for the same property was scheduled by NHA on 28 August 2015. However the second bidding was likewise declared a failed bidding because SPI was the only bidder. In the subsequent negotiation after the two failed biddings, SPI submitted its offer for the property which was then accepted by the NHA as it satisfied the minimum bid price set by NHA.
SPI received the Notice of Award from NHA today, 9 October 2015.
Shares of Bloomberry Resorts Corp (PSE:BLOOM) were flat in today’s trading session at the Philippine Stock Exchange, ending the day at Php5.95 apiece. The stock hit an intra-day high of Php6.08 and dropped to Php5.82 until it closed at Php5.95. A total of 6.57 million shares with a value of Php39.099 million exchanged hands. – BusinessNewsAsia.com