Bloomberry bags NHA property in ALI’s QC township for P1.9 B

MANILA, Philippines - Bloomberry Resorts Corp. has acquired a property in Vertis North in Quezon City for P1.9 billion.

The 15,676 square meter lot, which forms part of the National Housing Authority’s share in a joint venture with Ayala Land Inc. involving Vertis North, will be developed into a mixed use complex.

The property was acquired through Sureste Properties Inc., the hotel and resort development unit of Bloomberry.

The development is subject to required regulatory and local government approvals, Bloomberry said.

Sureste, which received the notice of award from NHA yesterday, made a 20 percent downpayment of P395.4 million.

The balance of P1.58 billion will be paid as follows: 40 percent within 30 days from issuance of the award notice, and 40 percent 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.

The purchase will be funded by internally generated funds.

The property was the subject of a bidding scheduled by the NHA last Aug. 7.

The bidding, however,  was declared a failure because Sureste was the only bidder.

NHA then conducted a second bidding for the same property on Aug. 28 which was again declared a failure with only Sureste submitting a bid.

“In the subsequent negotiation after the two failed biddings, Sureste submitted its offer for the property, which was then accepted by the NHA as it satisfied the minimum bid price set by NHA,” Bloomberry said.