GA Sky Suites foreclosed by RCBC

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Update as of May 29, 2014 : DoubleDragon is planning to take over and finish the construction of the GA Sky Suites, according to a report from the Philippine Daily Inquirer: DoubleDragon eyes Delfin Lee property in QC

Rizal Commercial Banking Corporation (RCBC) has foreclosed the entire Globe Asiatique (GA) Sky Suites condominium, according to a notice to the public that recently appeared in several major newspapers. The GA Sky Suites condominium is located at the corner of EDSA and Quezon Avenue in Quezon City.

ga-skysuites-foreclosed-by-rcbc

This is how the GA SkySuites looks like after it was foreclosed (the unfinished building on the left). Image source: rjremulla @flickr.com via http://www.skyscrapercity.com/showthread.php?t=1249091&page=75

In the public notice, RCBC announced that they acquired the property through a “public auction arising from RCBC’s extrajudicial foreclosure of the pertinent mortgages” that included the GA Sky Suites, among a number of properties.

A poster of the GA Sky Suites that was foreclosed by RCBC

It was easy to foresee that Globe Asiatique would face difficulties arising from their controversial Xevera housing project in Pampanga, portions of which were also foreclosed by RCBC.

But who would have thought it was already so bad that it would come to a point where other projects like the GA Sky Suites had to be foreclosed by their creditor, which is RCBC in this case?!

I can’t help but wonder if Globe Asiatique could have prevented the foreclosure of the GA Sky Suites had their initial public offering pushed through, that is assuming people would still buy shares inspite of the allegedly anomalous Xevera housing project.

According to an article in Manila Standard, RCBC had lent a total of Php2.8 Billion to Globe Asiatique. Coincidentally, Globe Asiatique’s IPO could have raised Php3.3 Billion, but was postponed last September. Could the money they could have raised been used to bail them out? I guess we’ll never know.

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What happens to existing buyers of GA Sky Suites?

The GA Sky Suites is not yet ready for turn over to buyers and unit owners, and it seems construction has stopped at the moment. So what happens to the buyers and unit owners and the condominium units they have purchased that are not yet finished?

According to the public notice, “RCBC would like to assure the existing buyers that it will be communicating with them directly to address their concerns”.

Based on what I read in GA Sky Suites forum posts in skyscrapercity.com and pinoyexchange.com, RCBC appears to be doing just that, and they are informing buyers that they are taking over from Globe Asiatique.

Furthermore, latest updates about GA Sky Suites in the same forum in skyscrapercity.com also mentioned that RCBC will continue with the project and construction will resume by the first quarter of 2011.  I just hope that this is true and all goes according to schedule, for the sake of the buyers and unit owners.

Update as of May 29, 2014 : DoubleDragon is planning to take over and finish the construction of the GA Sky Suites, according to a story from the Philippine Daily Inquirer: DoubleDragon eyes Delfin Lee property in QC

~~~

 

Jay Castillo
Real Estate Investor

PRC Real Estate Broker License #: 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
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Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.

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About Jay Castillo

Jay is the founder of Foreclosurephilippines.com where he shares real estate investing tips and foreclosed property listings. He quit his job as an I.T. Manager to focus on Real Estate Investing and Internet Marketing. He is a PRC licensed Real Estate Broker (REB License # 3194)... [Read more]

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  • http://globeasiatique.ph/ globeasiatique.ph

    ..Ang tagumpay ko ay ang tunay na tagumpay
    ng sambayanang Pilipino. Dinemanda ng Globe Asiatique ang pagibig para
    lang mapilitan itong ibigay na ang mga titulong iniipit nito. Sa desisyon
    ng RTC makati at sa pag affirm ng Court of Appeals dated March 20, 2013
    inuutusan na ng korte ang Pag-ibig na ibigay na ang mga titulo ng
    mga fully paid buyer/borrowers ng Pagibig.

    Ito po ang inilalahad sa desisyon ng korte
    sa Civil Case no. 10-1120 Page 19 Number 6 GLOBE ASIATIQUE REALTY HOLDINGS
    CORPORATION And DELFIN LEE and his capacity as President Of
    the corporation Plaintiffs Vs. HOME DEVELOPMENT MUTUAL FUND (HDMF) OR
    PAG-IBIG FUND, its board trustees and EMMA LINDA FARIA,
    officer-in-charge, Defendants Motion for Execution (Against Defendant Home
    Development Mutual Fund) REGIONAL TRIAL COURT Branch 58 Makati City

    6. Defendants are ordered to release the
    corresponding Transfer Certificate of Titles [s] (TCT’s) of those accounts
    which are fully paid or subjected to automatic off-setting starting from the list in Annex
    “E” of the Motion for Summary Judgment and thereafter from those listed in Annex “F” thereof and cause the
    corresponding cancellation of the
    annotations in the titles thereof. Hindi lang iyon, inuutusan pa silang irespeto ang mga kasunduan nila o mga kontrata
    kabilang ang mga sumusunod :

    3. The unilateral cancellation by
    defendant HDMF of the continuing FCAs specifically the latest FCAs of
    December 15, 2009, January 5 and March 17, 2010 and CSA dated 10 February
    2009, is hereby SET ASIDE;

    4.Defendants are ordered to automatically
    off-set the balance of those listed in Annex “B” of the Motion for Summary
    Judgment against the retention money, escrow money, funding commitment
    fees, loan take-out which are still in the control and possession
    of defendant HDMF;

    5. Defendants are ordered to accept the
    replacement-buyers listed in Annex “F” of the Motion for Summary Judgment,
    which list is unopposed by defendants, without interest or penalty from
    the time of defendant HDMF’s cancellation of the Collection Servicing
    Agreement (CSA) resulting to the refusal to accept the same up to the time
    that these replacement buyers are actually accepted by defendant HDMF;
    Maaari nyo pong idownload ang buong desisyon sa website ng Globe Asiatique
    Patuloy kong ipinaglalaban ang karapatan ng mga buyers/borrowers ng
    pag-ibig hanggang sa mga pagkakataong ito. Maaari nyo naring tingnan ang
    estado ng inyong titulo sa pagpunta sa website ng Globe Asiatique.
    Kinakailangan nyo lamang po magregister at ivalidate ang inyong email, maaari
    rin po ninyong gamitin ang inyong Facebook account para samabilis na
    pagpaparegistro.

  • http://globeasiatique.ph Globe Asiatique

    After 18 years in the industry with a “Triple A” record i suddenly became a scam artist overnight.
    Please watch the full story behind this dark politics.

    Know the truth at globeasiatique.ph

  • veronica

    hi sir jay, ask ko lang po,meron po ako nabili na 2 units in Santa Barbara 2 yun isa po sa tita ko,,so in house financing po ako pero later on nalaman ko po na under ng Pag-Ibig yun 2 units na nabili ko from GA,,eh hinde naman po ako member ng Pag ibig,,panu po kaya yon? :-( so ang option po na binibigay ng GA sakin is to transfer unit na hawak ng RCBC,panu po ba yun? hinde po ba mas lalo maging complicated yun situation ko,and pwde ko po ba marefund yun nabayad ko:-( after this shocking situation from GA. maraming salamat po..

  • ymanalo

    hello, we owned 2 units in GASS, it’s been a long time since i havent talk to Ms. Theresa the manager of GASS, i wonder how can i get our payments and would they gave me back all the payments that my sister and i made to them. It would be a pleasure if u can give me some info regarding GASS. Thank you. God Bless

  • Vynes

    Hi,

    I bought a unit from this GA Sky suite, paid the 20% if the total cost (P4.6M) of the unit. We recived a letter from RCBC stating a refund (but the period of refund is from Oct 2010 to Feb 2011). The payment that was received from Jan 2010 to Sept 2010 has no clarification yet. Is there anyone who can help the buyer please?

    • http://www.foreclosurephilippines.com Jay Castillo

      Hi Vynes, I’m just glad RCBC is giving a refund. I’m not sure who you should contact, but I can give you the contact numbers of the people from RCBC Acquired Assets Group as follows:

      RCBC Acquired Assets contact persons:
      Elma 894-9908/894-9000 loc. 2233
      Jeng 878-3436
      Ging 894-9099
      Lyn 878-3435
      Channel Mgt. 0918-992-9605

  • laksmigovinda

    hi po sir jay… gusto ko lang po itanong kung ano na mangyayari sa commission ng ahente  ng GA SKY SUITE ngayong foreclosure na pala? may pag asa pa po ba itong makuha? hindi po ba dapat maibigay na ng GA ang buong commission ng mga ahente?

  • laksmi

    hi jay.. gusto ko lang po malaman kung pano na makukuha ng mga agent ng GA Sky Suite yung commisssion nila ngayon na foreclosure na pala yun? may pag asa pa po ba na makuha pa nila yung ibang commission? at posible po ba na maibigay nila yun commission ng buo na?

    Salamat po =)

    God bless!

    • http://www.foreclosurephilippines.com Jay Castillo

      Hi Laksmi,Naku, mukhang malabo napo na makakuha pa ng commission dahil wala na talagang pondo at naforeclose na yung buong project. :-(

  • OFW Dubai

    Hi Jay

    Ako po ay isang OFW dito sa Abu Dhabi, UAE. Gusto ko lang po sanang idulog sa inyo ang aking problema tungkol sa binibili kong house and lot (RFO- ready for Occupancy) sa St. Monique Valais sa Pantok, Binangonan, Rizal under sa Globe Asiatique/FILMAL under IN-HOUSE FINANCING.

    As of now (14 January 2011), ay hindi pa rin nila nai-tu-turn over sa akin ang bahay, kahit na nakabayad na ako ng P260T downpayment plus 2 months monthly amortization for the months of December 2010 & January2011 (e.g.P29T + P29T), as agreed. Puro pangako lang po sila.

    Gusto ko lang po sanang malaman ang mga legal options na available para sa aking problema. Puwede ko po bang bawiin nalang ang lahat ng pera na aking naibayad na sa kanila, since hindi naman nila natupad ang aming kasunduan na after paying P260T downpayment ay makakalipat na kami sa bahay sa St. Monique Valais?

    Nangangamba rin po ako sa napanood ko sa TFC (Channel 2) dito sa Dubai ang tungkol sa kaso ni Mr. Delfin Lee, president ng Globe Asiatique/FILMAL Corporation (COURT CASE VS DELFIN LEE & FILMAL/GLOBE ASIATIQUE VS PAGIBIG). Related po ba ito sa mga problemang aking ngayon nararanasan sa kanila?

    So, what will happen po sa existing buyers ng units sa Saint MOnique Valais?

    Gumagalang,

    OFW Dubai

    • http://www.foreclosurephilippines.com Jay Castillo

      Good morning po, sorry po at ngayon ko lang nabasa ang message niyo. Pasensiya napo at hindi ko rin po kayang saguting ang mga tanong niyo pero mag re-research po ako tungkol dito at ishare ko po ang mahahanap ko.

    • http://www.foreclosurephilippines.com Jay Castillo
  • Pingback: Tweets that mention GA Sky Suites foreclosed by RCBC()

  • http://www.propertybuyerphilippines.com lynn arielle monsanto

    Hmmmmmm… is this a foretaste of or a prelude to the “bubble burst” that Trace has prophesied about? Interesting. Let’s keep our ears and eyes open.

    • http://www.foreclosurephilippines.com Jay

      Hi Ms. Lynn, I hope not! I believe this was caused by the mess that happened between Globe Asiatique and Pag-ibig and is an isolated incident.

      Without that mess, they would most probably be still doing okay.

      I also believe the IPO would have pushed through without that mess, and they would have been able to settle their obligations.

  • gleceper

    Wow!

    Jay, this condo is one huge freakin’ ticket.

    ;)

    • http://www.foreclosurephilippines.com Jay

      I know what you mean! Reminds me of Palm tower in Makati.