Sureste Properties Inc. (SPI), the hotel and resort development arm of Bloomberry Resorts Corp., on Friday said it is purchasing a parcel of land in a development of Ayala Land Inc. in Quezon City.
Sureste said in a statement that it has purchased some 15,676 square meters of property in Vertis North.
The area is identified as Lot 7-A-1, Lot 7-A-2 and Lot 4, and was part of the National Housing Authority’s (NHA) share in the joint venture between the NHA and Ayala Land in the Vertis North project.
“SPI received the notice of award from the NHA today, October 9,” the company said.
The total purchase price is P1.97 billion, or P126,142 per square meter.
The company said that it has paid the 20-percent down payment of P395.48 million. The balance of P1.58 billion will be paid 40 percent within 30 days from issuance of the notice of award, and the remaining 40 percent upon signing of the deed of absolute sale and submission of all documents to the Register of Deeds for the transfer of the title to the buyer.
“The purchase will be funded by internally generated funds of SPI,” it said.
The property was the subject of a bidding scheduled by the NHA on August 7. That bidding was declared a failed bidding, because SPI was the only bidder. A second bidding for the same property was scheduled by the NHA on August 28, but was, likewise, declared a failed bidding because SPI was still 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 the NHA.
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 company said.