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Sterling Bank of Asia invitation to bid for repossessed real estate properties

Sterling Bank of Asia invites interested parties to bid for their repossessed real estate properties for sale on an “As is where is” basis. The deadline for submission of sealed bids will be on Thursday, August 11, 2011, 3:00pm. Thanks again to Resnel of the Acquired Assets Department of Sterling Bank of Asia for sending us this invitation to bid. Please continue reading to see the complete list of properties for sale, bidding guidelines, and instructions on how to view pictures of the properties.

“As is where is”
July 27, 2011

Sterling Bank of Asia is inviting everyone to submit sealed bids for the following repossessed real estate properties:

Property Type Location Landmarks Lot Area Total Floor Area Floor Prices
1 Industrial Lot w/ 3-storey Improvement #137 Mariano Ponce St., Bagong Barrio West, CaloocanCity World City College Caloocan, Caltex Gas Station, St. Paul Hospital 720 sqm 965 sqm PhP13,000,000
2 Residential Vacant Lot Block 13 Lot 20 Don Jesus Blvd., Alabang Hills Village,Muntinlupa City 5 minutes away from West Service Road at SLEX, Total Gas Station 749 sqm N/A PhP10,200,000
3 Residential Lot w/ 2-storey Improvement No. 40 Gng. Regina Lirag St., BF Homes Phase 1, Pque. City Near entrance of BF Homes at Presidents Ave., Starbucks BF Presidents Ave. 280 sqm 266 sqm PhP8,700,000
4 Residential Lot w/ 2-storey Improvement Block 2 Lot 13 St.Francis Homes I, Brgy. San Francisco, Biñan, Laguna 5 minutes away from Southwoods exit at SLEX 232 sqm 320 sqm PhP5,000,000


  1. This invitation is open to the public.
  2. The assets are offered on an “as is, where is” basis, thus, prospective buyers are advised to personally visit, inspect and verify them and their pertaining document/s of ownership to ascertain their actual condition and status. Pictures and vicinity maps of the properties for bidding can be viewed at the Bank’s website, www.sterlingbankasia.com. (Scroll down to the bottom of the page and click on the image that says “Repossessed Real Estate Properties”)
  3. The Bank is presently consolidating the assets’ documents of ownership to its name.
  4. Visits to the property and photocopies of the ownership documents can be coordinated with the personnel of Acquired Assets, specifically Resnel (0917-534-2697 or 0932-691-1608 or 02-982-9388 local 2781) or Adrian (0927-394-8279 or 02-982-9388 local 2718) or Junie (0917-878-6540 or 02-982-9343) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-982-9377 or 02-217-6780). They may also be reached through acquired.assets@sterlingbankasia.com.
  5. The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
  6. All interested parties may submit their bids in sealed envelopes to the Office of the Audit Group Head, 2nd Flr.Sterling Bank of Asia Corporate Center, Ortigas Ave., Greenhills, San Juan.
  7. All bids must be submitted in the prescribed bid form and must be accompanied by a deposit in the form of a check payable to Sterling Bank of Asia amounting to PhP 50,000 or 10% of the bid price, whichever is lower. It would form part of the purchase price in case the bidder wins. In the case of a losing bid, it would be returned to the bidder.
  8. The last day of submission of bids shall be on Thursday, August 11, 2011, 3:00 p.m. The prices quoted above shall be valid only up to the last day of submission.
  9. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative fromacquired assets on the next banking day following the last day of submission. The properties shall be awarded to the highest bidder. In the event of a tie, the same shall be settled by the drawing of lots.
  10. Sterling Bank reserves the right to reject any or all bids, to waive any formality therein and to accept the bid most advantageous to the Bank. The decision of Sterling Bank would also be final and binding.
  11. Winning bidders would be notified by Acquired Assets after the results of the bidding are approved by the Bank’s management. Notified winners would have ten (10) working days from receipt of notice to complete the purchase price either in cash or through an approval for a real estate loan facility from Sterling Bank. Failure to fully settle the bid price within the prescribed 10 working day period shall revoke the winning bidder’s right to purchase the subject property and forfeit his/her bid deposit in favor of the Bank.
  12. Losing bidding participants would also be notified of the results the following day after the Bank’s approval of the bidding results. Bid deposit checks of the losing bidders can be claimed upon receipt of notice at Acquired Assets Department 26thfloor Wynsum Corporate Plaza, F. Ortigas Jr. Ave. (formerly Emerald Ave.), Ortigas Center, Pasig City.
  13. Upon full settlement of the winning bid price or purchase price, the Bank would execute a Deed of Sale in favor of the winning bidder and release all pertinent documents of the property within five (5) working days subject to the documentary requirements of the Bank. The capital gains tax on the sale shall be shouldered by the Bank while the other taxes, fees and expenses necessary for the transfer of ownership to the winning bidder or buyer shall be for the account of the buyer.
  14. The subject property would be turned over to the winning bidder or buyer upon full payment of the winning bid and completion of the Bank’s documentary requirements on the sale.
  15. For further inquiries, you may call Resnel (0917-534-2697 or 0932-691-1608 or 02-982-9388 local 2781) or Adrian (0927-394-8279 or 02-982-9388 local 2718) or Junie (0917-878-6540 or 02-982-9343) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-982-9377 or 02-217-6780). They may also be reached through acquired.assets@sterlingbankasia.com.


A copy of the bid form and a pdf document containing pictures of the properties can also be accessed below, just click to download:

Source: www.sterlingbankasia.com

By the way, I noticed that there is also a list of Sterling Bank of Asia Repossessed cars for sale on their website. Check it out if you are looking for repossessed cars.

Happy hunting!


To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: https://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
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Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose. I am not yet accredited with Sterling Bank of Asia but my wife and I are about to submit our accreditation forms and other requirements.

PS. Sorry guys, I have been under the weather for the past few days which explains why I have not been able to post articles aside from listings of foreclosed properties…

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About the author - Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
Avoid losing money, wasted time and effort caused by buying foreclosed properties that have too many problems, with our free 60-item Property Due Diligence Checklist. Grab your free copy now.

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