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Sterling Bank repossessed real estate sealed bidding slated on October 27, 2011

Sterling Bank of Asia invites everyone to participate in the sealed bidding of their repossessed real estate properties for sale for the month of October 2011. The complete listing can be seen below. Last day for the submission of bids shall be on October 27, 2011, 3:00 pm. The prices quoted below shall be valid only up to the last day of the submission of bids.

Please refer to the bidding rules and guidelines after the list of repossessed real estate properties below.

INVITATION TO BID
“As is where is”
as of October 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

Minimum Bid Price/Floor Price

1

Residential Lot w/ 2-storey Improvement

421 Orbit St., cor. Atlas St., Aero Park Subd., Better Living, Parañaque City

5 minutes away from SM Bicutan and Bicutan Interchange, 10 minutes to the Airport

1,046sqm

452.24sqm.

PhP11,700,000.00

2

Residential Lot w/ 2-storey Improvement

No. 40 Lot 3 Multinational Ave., Multinational Village, Brgy. La Huerta, Parañaque City

Less than a KM away from Ninoy Aquino International Airport Terminal 1

700sqm

315.66sqm

PhP8,900,000.00

3

Residential Lot w/ 2-storey Improvement

#40 Gng. Regina Lirag St., BF Homes Phase 1, Pque. City

Near entrance of BF Homes at Presidents Ave., Starbucks BF Presidents Ave.

280sqm

266sqm

PhP8,700,000.00

4

Residential Lot w/ 2-storey Improvement

Blk 5 Lot 16 Champaca St., El Vinda Subd., Brgy. San Vicente, San Pedro, Laguna

10 minutes away from San Pedro Municipal Hall and Divine Mercy Hospital

318sqm

382sqm

PhP6,400,000.00

5

Residential Vacant Lot

Lot 5 Multinational Ave., Multinational Village, Brgy. La Huerta, Parañaque City

Less than a KM away from Ninoy Aquino International Airport Terminal 1

700sqm

N/A

PhP6,300,000.00

6

Residential Vacant Lot

Lot 7 Multinational Ave., Multinational Village, Brgy. La Huerta, Parañaque City

Less than a KM away from Ninoy Aquino International Airport Terminal 1

700sqm

N/A

PhP6,300,000.00

7

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

232sqm

320sqm

PhP5,000,000.00

8

Two Adjacent Lot used as Private resort

Lots 5-A & 5-B Road Lot 2 Baltao Subd., Brgy. Sta. Cruz, Antipolo City, Rizal

A 10 minute walk from the famous  Hinulugang Taktak Falls, less than a KM from the Antipolo Church

442sqm

278sqm

   PhP4,230,000.00

9

Residential Lot w/ 1-storey Improvement

No. 8 Umber St., SSS Village II, Brgy. Concepcion II, Marikina

Near SSS Village Elementary School, St. Paul of the Cross Church and Manila Water (SSS Village)

410sqm

200sqm

PhP2,900,000.00

10

Residential Lot w/ 1-storey Improvement

Blk 4 Lot 20 Mars St., Harmony Homes Subd., Brgy. San Vicente, San Pedro, Laguna

Near Our Lady of Assumption School, Mater Ecclesia School and Adelina Complex

150sqm

120sqm

PhP2,300,000.00

INVITATION’S RULES AND GUIDELINES:

  1. This invitation is open to the public.
  2. THE INDICATED PRICES ARE ONLY VALID UNTIL OCTOBER 27, 2011.
  3. 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.
  4. The Bank is presently consolidating the assets’ documents of ownership to its name.
  5. Visits to the property, photocopies of the ownership documents, pictures and vicinity maps can be coordinated with the personnel of Acquired Assets Management Department, specifically Resnel (0917-878-65-40 or 0922-851-80-70) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780).  They may also be reached through acquired.assets@sterlingbankasia.com.
  6. The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
  7. 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.
  8. 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.
  9. The last day of submission of bids shall be on Thursday, October 27, 2011, 3:00 p.m.  The prices quoted above shall be valid only up to the last day of submission.
  10. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from acquired assets mgt. dept. on the next banking day following the last day of submission. The properties shall be awarded to the highest bidderIn the event of a tie, the same shall be settled by the drawing of lots.
  11. 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.
  12. Winning bidders would be notified by Acquired Assets Mgt. Dept. 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.
  13. 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 Management Department 26th floorWynsumCorporatePlaza,F. Ortigas Jr. Ave. (formerlyEmerald Ave.),OrtigasCenter,PasigCity.
  14. 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.
  15. 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.
  16. For further inquiries, you may call Resnel (0917-878-65-40 or 0922-851-80-70) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780).  They may also be reached through acquired.assets@sterlingbankasia.com.

Official bid form: Sterling Bank Bid Form for Real Estate Properties with broker’s name

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker License No. 3194
Blog: https://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

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About 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]
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