Bloomberry to turn Quezon City property into mixed-use dev’t

By Leslie D.Venzon

MANILA, Oct. 9 (PNA) — Sureste Properties Inc. (SPI), the hotel and resort development arm of Bloomberry Resorts Corp. (BLOOM), is buying a 1.57-hectare lot in Vertis North, Quezon City Central Business District for Php 1.98 billion.

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 15,676-square-meter land is identified as Lot 7-A-1, Lot 7-A-2 and Lot 4, and was part of the National Housing Authority’s (NHA) share in the joint venture between NHA and Ayala Land, Inc. (ALI) in the Vertis North project.

SPI has paid the 20 percent down payment of Php 395.48 million, while the balance of Php 1.58 billion will be paid 40 percent within 30 days from issuance of the notice of award. SPI received the notice of award from NHA on Friday.

The 40 percent will be settled 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 will use its internally generated funds to purchase the property. (PNA)