By Jenniffer
B. Austria | May. 29, 2014 at 12:01am [ manilastandardtoday.com ]
Newly-listed
property developer DoubleDragon Properties Corp. is buying the 38-story
residential and office tower of Globe Asiatique Realty Holdings Corp. in Quezon
City that was foreclosed by Rizal Commercial Banking Corp.
The Skysuites
project is a 38-story commercial, office and residential tower that sits on a
2,811.6-square-meter prime property at the corner of Edsa and Quezon
Avenue. The property, formerly owned by
Globe Asiatique of businessman Delfin Lee, was foreclosed by RCBC in September
2010. Lee was arrested in March over a P6.6-billion estafa complaint filed
against him. He was accused of using ghost borrowers to obtain P6.6 billion in
housing loans from Pag-IBIG Fund.
DoubleDragon
said in a disclosure to the stock exchange the company signed a memorandum of
agreement with RCBC on April 30, which granted the property firm a 90-day
exclusivity and due diligenceperiod for the possible acquisition of RCBC’s
foreclosed property, the Skysuites project.
“DD has just
completed its initial due diligence and starting today DD and RCBC will be
sending invitation letters to the existing buyers for a buyer’s conference to
discuss the proposal and conditions for the possible acquisition of the
project,” DoubleDragon said.
The structure
has two towers, including a residential tower and an office tower with a
commercial and parking podium that connects the two towers.
DoubleDragon
said it intended to continue both the construction and sale of the remaining
inventory of the residential units and planned to retain the commercial and
office space for DD’s recurring rental income.
The planned
acquisition remains subject to the satisfaction of the completion of the
conditions set forth by DD and RCBC under the MOA.
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