MANILA - The hotel and resort development arm of Bloomberry Resorts Corp., Sureste Properties Inc. (SPI), is purchasing land in Vertis North, Quezon City for P1.98 billion.
In a disclosure to the stock exchange on Friday, Bloomberry said it is proposing to develop the 15,676-square meter land "into a mixed use development in accordance with the Vertis North Master Plan."
The land 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.
After two failed biddings wherein SPI was the lone bidder, SPI submitted its offer for the property, which was then accepted by the NHA as it satisfied the minimum bid price.
Bloomberry said its unit has already paid the 20 percent down payment of P395,480,396.40.
The balance of P1,581,921,593.60 will be paid 40 percent within 30 days from issuance of the Notice of Award, 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.
"SPI received the Notice of Award from NHA today, October 9, 2015. The purchase will be funded by internally generated funds of SPI," the firm said.
Vertis North is envisioned to become Quezon City’s first organized central business and lifestyle district. It is located next to Ayala's Trinoma mall along EDSA.
Ayala Land earlier said it is investing a total of P65 billion for the development of Vertis North.