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DoubleDragon to buy RCBC-foreclosed Globe Asiatique property on EDSA


DoubleDragon Properties Corp. is buying a 38-story building that used to be owned by controversial Globe Asiatique Realty Holdings Corp. but was foreclosed by Rizal Commercial Banking Corp. in 2010.
 
The company signed a deal with RCBC on April 30 a 90-day exclusivity rights and due diligence over the potential acquisition of the Skysuites Project, DoubleDragon said in a disclosure to the Philippine Stock Exchange on Wednesday.
 
“DD has just completed its initial due diligence and starting today DD and RCBC will be sending invitation letters to the existing buyers for a buyers' conference to discuss the proposal and conditions for the possible acquisition of the project,” the property developer led by Jollibee Foods Corp. founder Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia II told the exchange.
 
Skysuites is a commercial, office and residential tower on 2,811.60 square meters of prime property at the corner of EDSA and Quezon Avenue.
 
Should the acquisition push through, DoubleDragon will resume the sale and construction of the residential units and keep the commercial and office space for recurring income.
 
Isla Lipana and Co. was hired by DoubleDragon as legal, tax and financial advisor for the transaction.
 
Formerly owned by businessman Delfin Lee's Globe Asiatique, Skysuites was foreclosed by RCBC in September 2010 and the land title was transferred to the bank in December that same year. 
 
Lee was arrested last March in connection with a P6.6-billion estafa complaint involving ghost borrowers ghost borrowers in housing loans from the state-run Pag-IBIG Fund – a housing loan scheme for and private sector employees.
 
Once the Skysuites Project resumes, all stakeholders will benefit from the transaction, DoubleDragon said. VS, GMA News
 
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