Bloomberry Acquires Vertis North Land in QC

Paranaque—(PHStocks)—Sureste Properties Inc. (SPI), the hotel and resort development arm of Bloomberry Resorts Corp. (PSE: BLOOM), is purchasing a 15,676 square meter land in Vertis North, Quezon City Central Business District.

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.

The total purchase price is PhP1,977,401,992 or PhP126,142 per square meter. SPI has paid the 20% down payment of PhP395,480,398.40. The balance of PhP1,581,921,593.60 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 received the Notice of Award from NHA on 9 October 2015.

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.