BSP auction of P1.74-B Evercrest Golf Club fails

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) failed to dispose of the P1.74- billion Evercrest Golf Club and Resort in Batangas when not a single bidder showed up during yesterday’s bidding.

Pedro Tordilla Jr., committee chairman, yesterday revealed that the BSP has declared a failed bidding. “No one showed up,” Tordilla stressed.

The BSP had given interested parties until 10 in the morning yesterday to submit the bid forms in sealed envelopes for the sprawling golf course with hotel and clubhouse that was taken over by the BSP late last year.

The golf course with hotel and clubhouse is covered by Transfer of Certificate of Title no. 055-2010001003, 055-2010001002, and 055-10001001 covering about 78.8 hectares

Bidders were required to tender a bid bond equivalent to 10 percent of the offered price while offerors under the negotiated sale basis must submit an earnest money equivalent to 10 percent of the negotiated price either in cash, cashier’s or manager’s check payable to the BSP.

The balance of the bid tendered, the BSP said, should be paid for a maximum period of 10 years subject to an interest rate of seven percent per annum for payment term of not exceeding five years and eight percent per annum for payment term of more than five years up to 10 years.

The central bank added that the interest on the balance of the bid should in no case be lower than the prevailing treasury bond (T-bond) rate of comparable maturity as of the last auction date prior to the date of the public bidding.

After the failed bidding, Tordilla explained that the committee would apprise the central bank of the fresh development and would push for a possible negotiated sale for the property.

Representatives of Robinsons Land Corp. of taipan John Gokongwei and Citystate Savings Bank were present during the pre-bidding conference but never showed up during yesterday’s bidding.

Parties that have expressed interest in the property are concerned about the right-of-way and access roads going to the property as well as the cases pending before the courts.

The Evercrest Golf Club and Resort features a golf course as well as 76-room accommodations with balconies overlooking the panoramic view of the famous Caleruega Church as well as the breathtaking Taal Vista.