Sureste Properties Inc. (SPI), the hotel and resort development arm of publicly listed private gaming firm Bloomberry Resorts Corp., announced on Friday that it is purchasing a parcel of land that is part of the National Housing Authority’s (NHA) share in a joint venture with Ayala Land Inc.
In a disclosure posted on the Philippine Stock Exchange’s website, SPI identified the 15,676 square meters of land in Vertis North, Quezon City as Lot 7-A-1, Lot 7-A-2 and Lot 4.
The firm noted that the land is a part of the joint venture between NHA and ALI in the Vertis North project.
SPI said the total purchase price of the property is P1.98 billion or P126,142 per square meter. A downpayment of 20 percent amounting to P395 million was already made, the company reported.
The SPI said 40 percent of the remaining balance, or P1.58 billion, will be paid within 30 days from issuance of the Notice of Award, while the rest will be settled upon signing of the Deed of Absolute Sale and the submission of all documents to the Register of Deed for the transfer of the title to the buyer.
According to SPI, the NHA scheduled the purchased property for bidding last August 7 but it a failure was declared since the company was the only bidder at that time.
“A second bidding for the same property was scheduled by NHA on 28 August 2015,” SPI disclosed to the PSE. “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 said it received the Notice of Award from the NHA yesterday.
The company said the payment for the purchase will come from internally generated funds.
It added it proposes to turn the property into a mixed-use development in accordance with the Vertis North Master Plan, and subject to required regulatory and local government approvals.