Integrated resort operator Bloomberry Resorts Corp. has expanded its domestic footprint with the purchase of a 15.7-hectare property in the Vertis North central business district project of real estate giant Ayala Land Inc.
The Quezon City property was purchased by Bloomberry’s hotel and resort development arm— Sureste Properties Inc.—from the National Housing Authority (NHA) for P1.98 billion.
The deal priced the property at P126,142 a square meter.
In a disclosure to the Philippine Stock Exchange on Friday, Bloomberry said Sureste was keen on developing 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 property is part of NHA’s share in the joint venture with ALI in the Vertis North project.
Bloomberry said the property was first bid out by the NHA in August, but this auction failed because Sureste was the only bidder.
A second bidding was scheduled by NHA in the same month but this was likewise declared a failed bidding because Sureste remained the only bidder.
In the subsequent negotiation after the two failed biddings, Bloomberry said Sureste had submitted its offer for the property which was then accepted by the NHA as it satisfied the minimum bid price.
Sureste has paid the downpayment equivalent to 20 percent of the purchase price or P395.48 million.
Another 40 percent will be paid within 30 days from the issuance of notice of award while the final 40 percent will be paid upon signing of the deed of absolute sale.
The notice of award from NHA was received by Sureste on Oct. 9, Bloomberry said.
Bloomberry is the developer and operator of the Solaire Resort and Casino, the first integrated resort in Pagcor Entertainment City.
Bloomberry has likewise gained a foothold in South Korea.
ALI, meanwhile, earlier announced that it was investing P65 billion in Vertis North, a new large-scale mixed-use urban hub comprising of about 45 skyscrapers.
It is envisioned to become Quezon City’s central business district.
This property is right beside the TriNoMA mall, also run by the Ayala group.