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News Top Stories Hong Kong company, not UCPB, selling Fraser Place
News Top Stories Hong Kong company, not UCPB, selling Fraser Place
| Hong Kong company, not UCPB, selling Fraser Place |
| Friday, 06 June 2008 11:32 | ||||||
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Colliers said in a statement that it would bid the property, which is operated as a serviced apartment by Singapore- based Frasers Hospitality, at a minimum price of P1.6 billion. Asia Special Situations Inc., a financial investor that acquired the property from United Coconut Planters Bank earlier, owns the asset. Colliers issued that statement to clarify an earlier report in Standard Today that UCPB was re-selling the units. UCPB, meanwhile, denied that it was re-selling the units, saying that it had sold Fraser Place last year. “The buyer, a Hong Kong-based company, completed full payment of the contract price way back in December 2007,” said UCPB spokesman Ricardo Lepatan Jr. Fraser Serviced Residences Pte Ltd. Singapore, one of the three-biggest serviced apartments operators in the island state, owns another 143 units in Fraser Place. David Young, managing director at Colliers Philippines, said Forbes Tower, with an occupancy rate of 95 percent in the last three years, “presents a rare opportunity to acquire investment grade, income-producing residential property in the Makati market.” “Occupancy and room rates for hotels, serviced apartments and luxury condominiums in Makati are at historic highs and we expect Forbes Tower to attract interest from both investors and hospitality-related operators,” he added. Fraser Place was originally called the Forbes Tower, which UCPB took over when its developer failed to pay its loan from the bank. UCPB disposed of P8.68 billion in bad assets in November last year through a public bidding that Lehman Brothers won. Ernst and Young acted as the adviser for the sale, which consisted of P2.05 billion of bad loans and P6.63 billion in foreclosed properties. The sale reduced the level of UCPB’s bad assets by 42 percent to P12.11 billion. UCPB also sold P11.5 billion of bad assets in 2005.
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