Bloomberry Resorts purchases land in Quezon City

Sureste Properties Inc., the hotel and resort development arm of Bloomberry Resorts Corporation, is purchasing a plot of land measuring more than 15,000 square meters land in Quezon City, Philippines.

The 15,676 sq. m area valued at PHP1.98-billion ($43.16-million was purchased from the National Housing Authority’s share in the joint venture between the NHA and Ayala Land, Inc. in the Vertis North project.

“The transaction will allow BLOOM (through wholly-owned subsidiary SPI) to acquire a valuable piece of property in a fast-growing district in Metro Manila. This property will be developed into a mixed-use development that will have hotels, commercial and residential features. This will allow BLOOM to have more diversified revenue sources,” the company said.

“This will have a positive impact on BLOOM as it will allow the company to have more diversified revenue sources.”

SPI has paid the 20 percent down payment of P395.4 million. The balance of P1.5 billion will be paid 40 percent within 30 days from issuance of the notice of award, and 40 percent upon signing of the deeds.