Solaire to acquire 279-hectare land in Ternate, Cavite for integrated resort complex

Solaire operator Bloomberry Resorts Corp. on Monday announced the acquisition of a significant land area in Ternate, Cavite, which its unit intends to develop into an integrated resort and entertainment complex with a casino.

In a regulatory filing, Bloomberry said its newly incorporated subsidiary Solaire Entertainment Property Holdings Inc. (SEPHI) inked a purchase agreement with a group of landowners for 279 hectares of land in the Paniman area in Ternate, Cavite.

The land will be acquired from a group which includes Boulevard Holdings Inc., Puerto Azul Land Inc., Ternate Development Corp., and Monte Sol Development Corp.

“SEPHI intends to develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential, and mixed use development,” the filing read.

The land acquisition will have an average price of P2,700 per square meter for 2,797,768 square meters, or a total price of P7.553 billion, which will be paid through internally generated cash.

Bloomberry said that for clean titled land, it will pay 75% upon the execution of Deed of Absolute Sale, and the remaining 25% upon the issuance of a new title in the name of the buyer.

For untitled land or encumbered land, it will have a 10% down payment, and pay 65% upon the execution of the Deed of Absolute Sale after the land it titled. The remaining 25% will be paid upon the issuance of the new title.

“Subject lands are titled, unencumbered, and ready for delivery to the buyer free from all liens and unencumbrances,” the regulatory filing said.

Bloomberry’s subsidiaries include Sureste Properties Inc., Bloomberry Resorts and Hotels Inc., Bloomberry Cruise Terminals Inc., Solaire Korea Co. Ltd., and Bloomberry Resorts Japan Inc.

Shares in the company are trading up 6 centavos or 0.91% at P6.67 apiece as of 10:48 a.m. on Monday.—AOL, GMA News