Bloomberry group to build mixed use dev’t in Vertis North

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Bloomberry group to build mixed use dev’t in Vertis North
Hotel and resort arm of Bloomberry Resorts Corporation purchases 15,676 square meter land in Vertis North

MANILA, Philippines –  Port Mogul Enrique Razon Jr.’s Sureste Properties Incorporated (SPI), the hotel and resort development arm of Bloomberry Resorts Corporation, is purchasing a 15,676-square-meter land in Vertis North, Quezon City Central Business District, to develop a mixed use complex.

The area being purchased covers 3 lots – Lot 7-A-1, Lot 7-A-2 and Lot 4 – that was part of the National Housing Authority’s (NHA) share in the joint venture between NHA and Ayala Land, Incorporated (ALI) in the Vertis North project, SPI said in a statement.

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 firm received the Notice of Award from the NHA on October 9.

The property was previously the subject of two biddings which were both declared failed, because SPI was sole bidder for both bids.

In the subsequent negotiation following the 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.

The total purchase price is P1,977,401,992 ($43.27 million) or P126,142 ($2,760) per square meter. 

SPI has paid the 20% down payment of P395,480,396.40 ($8.655 million). The remaining balance of  P1,581,921,593.60 ( $34.62 million ) 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 Deeds for the transfer of the title to the buyer. –

$1 = P 45.69

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