The Philippine National Bank (PNB) and Allied Bank shall be having a joint public sealed bidding of Prime properties for sale on November 19, 2010, Friday, 10:00am, at the 9th Floor, PNB Financial Center, President Diosdado Macapagal Blvd., Pasay City, Philippines.
Up for grabs are 74 prime properties, majority of which come from the Greater Metro Manila Area. Properties from Northern Luzon, Southern Luzon, Visayas, and Mindanao areas, consisting of residential, commercial, and industrial properties, are also included in this public sealed bidding.
Although this is said to be a list of prime properties, I noticed that the cheapest property on the list is a residential condominium in Sucat Road, Parañaque City, with a minimum bid price of Php883,000.00. The most expensive is a commercial lot in Pasig City with a minimum bid price of Php195,300,000.00
Refer to the pictures below for a preview of just some of the properties for sale (click to enlarge)
Complete list of properties for sealed bidding
PUBLIC SEALED BIDDING TERMS OF REFERENCE
1. For purposes of definition, the highest complying bid is the complying bid with the highest net proceeds to the Bank.
2. Sale of the property on an “As-Is, Where-Is” basis.
3. Sealed offer/s must be placed in an envelope containing the following:
a) Bidders should use the Bank-prescribed “Purchase Proposal Form” accompanied by a Buyer’s Information Sheet. If a bidder is a representative of a corporation, the representative must submit a Secretary’s Certificate to represent the said corporation.
b) Sealed offer/s to buy must be accompanied by non-interest bearing deposit of at least 10% of the offered purchase price in the form of Cashier’s/Manager’s Check payable to Philippine National Bank.
c) Proof of income such as Certificate of Employment, Income Tax Return and other audited financial statements should be included in the sealed envelope if payment of the bid price is on installment basis.
4. As a general rule “No bid below the floor price shall be accepted”.
5. No withdrawal of bids shall be allowed once the bid has been submitted. Any withdrawal of bid shall result to forfeiture by PNB of deposit. Upon selection of the highest complying bid, all non-winning offer including the deposit shall be returned accordingly.
6. In case two or more highest complying Price bids are identical, the following shall be considered:
• The bid on cash basis shall be considered as the winning complying bid
• If all bids are on installment basis, the bid with the least number of years for installment payments will be acknowledged as the winning complying bid
• If two or more bids are identical in amount and terms, a private sealed bidding shall be conducted on the next working day
7. In the event that the highest complying bidder fails to comply with the specified payment terms, the 10% deposit shall be forfeited as penalty.
8. PNB shall be responsible in the payment of Creditable Withholding Tax (CWT) up to the selling price only and any excess shall be for the account of the winning bidder. All other expenses such as documentary stamp tax, transfer tax, registration fees and other fees related to the transfer of the title in the name of the winning bidder shall be for the exclusive account of the winning bidder.
9. PNB reserves the right to reject any and all bids at its sole discretion, waive any defects or informality on the bids received and accepts the bid most advantageous to PNB but does not guarantee that any award shall be made.
10. PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process.
11. PNB reserves the right to withdraw the foregoing property at any time before the deadline of submission of bids.
12. PNB’s decision is final and binding.
*Winning bids for these properties are subject to final appoval of the bank.
*** PRICE AND STATUS OF PROPERTIES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE. PROPERTIES ARE ON AN “AS IS, WHERE IS” BASIS. ***
Inadvertent misprints shall not alter the property’s factual condition or shall they be deemed as a misrepresentation of the property.
For more details, please contact:
PNB SPECIAL ASSETS MANAGEMENT GROUP (Head Office)
- Mobile No. (0917) 507-8385
- Trunklines : (02) 526-3131 / 891-6040
- Locals: 4115 / 4713 / 4539 (Jenny Vi, Paulo & Notch)
- Email: [email protected]
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Real Estate Investor
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Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.
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