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.