G.A. sky suite foreclosed by RCBC

**projector** · May 9th, 2011 11:40 PM

http://www.foreclosurephilippines.co...d-by-rcbc.html

**Monseratto** · May 19th, 2014 02:11 PM

Anyone here stuck with this investments???

First projct of newly listed Double Dragon???

GA Sky Suites [38F|220m|res] - Page 84 - SkyscraperCity

GASkysuites has been bought by Jollibee...more news to come this month...I think buyers will receive letters very soon....

**CVT** · May 19th, 2014 02:18 PM

Hhhhmmmmm.... Double Dragon.....

“Familiarity breeds awe”
23.2K:veiledsmile1:

**badkuk** · May 19th, 2014 02:42 PM

Originally Posted by Monseratto

Anyone here stuck with this investments???

First projct of newly listed Double Dragon???

GA Sky Suites [38F|220m|res] - Page 84 - SkyscraperCity

Ganyan style nila ngayon, they buy into existing/ongoing developments so they can make a name for themselves quickly. Both Injap and Jollibee swimming in cash, sa property dev't na lang binuhos

e.g. some mall/property in Divisoria
Taft Towers beside DLSU

Glad to hear they picked this up, kawawa naman ng condo owners kung sakali

**niwde11** · May 19th, 2014 04:47 PM

Is it good news or bad for those who invest?

Posted via Tsikot Mobile App

**Monseratto** · May 30th, 2014 03:44 PM

The location is right smack beside Ayala's Vertis North Project aka QCBD....

DoubleDragon buying Globe Asiatique tower in Quezon City - Manila Standard Today

DoubleDragon buying Globe Asiatique tower in Quezon City
By Jenniffer B. Austria | May. 29, 2014 at 12:01am
2
Newly-listed property developer DoubleDragon Properties Corp. is buying the 38-story residential and office tower of Globe Asiatique Realty Holdings Corp. in Quezon City that was foreclosed by Rizal Commercial Banking Corp.

The Skysuites project is a 38-story commercial, office and residential tower that sits on a 2,811.6-square-meter prime property at the corner of Edsa and Quezon Avenue. The property, formerly owned by Globe Asiatique of businessman Delfin Lee, was foreclosed by RCBC in September 2010. Lee was arrested in March over a P6.6-billion estafa complaint filed against him. He was accused of using ghost borrowers to obtain P6.6 billion in housing loans from Pag-IBIG Fund.

DoubleDragon said in a disclosure to the stock exchange the company signed a memorandum of agreement with RCBC on April 30, which granted the property firm a 90-day exclusivity and due diligenceperiod for the possible acquisition of RCBC’s foreclosed property, the Skysuites project.

“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 buyer’s conference to discuss the proposal and conditions for the possible acquisition of the project,” DoubleDragon said.

The structure has two towers, including a residential tower and an office tower with a commercial and parking podium that connects the two towers.

DoubleDragon said it intended to continue both the construction and sale of the remaining inventory of the residential units and planned to retain the commercial and office space for DD’s recurring rental income.

The planned acquisition remains subject to the satisfaction of the completion of the conditions set forth by DD and RCBC under the MOA.

**SiRbossR** · June 1st, 2014 03:32 AM

Sa totoo lang maganda ung design nung GA towers ung sa may boni. 2 storey kasi kada unit

Posted via Tsikot Mobile App

**Monseratto** · September 3rd, 2014 11:40 AM

Double Dragon formally acquires Sky Suites from RCBC. Happy ending for those whose invested.

DoubleDragon acquires foreclosed Globe Asiatique property
ABS-CBNnews.com
Posted at 09/01/2014 11:48 AM | Updated as of 09/01/2014 11:48 AM

MANILA, Philippines - DoubleDragon Properties has acquired the foreclosed Skysuites Tower property, formerly owned by Globe Asiatique, in Quezon City.

In a disclosure to the stock exchange, DoubleDragon said it signed an agreement with Rizal Commercial Banking Corp. (RCBC) for the acquisition of the Skysuites Tower on Monday.

DoubleDragon, owned by Jollibee founder Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia, did not disclose the acquisition price.

Skysuites Tower is a 38-storey commercial, office and residential building on a 2,811.60 square meter prime lot at the corner of EDSA and Quezon Avenue.

DoubleDragon said it plans to relaunch and rebrand the project with the year. "DD will make the project one of the most iconic and prominent landmarks along EDSA," the company said.

"DD will continue both the construction and the sale of the remaining inventory of the residential units and intends to retain the commercial and office spaces for DD's recurring rental income,"it added.

The property company said the Skysuites Tower is expected to contribute P5.2 billion in revenues. It is expected to start contributing to DoubleDragon's net income by the second half of 2014.

RCBC foreclosed the Skysuites Tower property in September 2010.

Globe Asiatique's president Delfin Lee and other officials were embroiled in a scandal involving allegedly anomalous housing loans given to "ghost" borrowers.

Last July, Philippine National Police's Task Force Tugis operatives arrested Lee, an accused in the P6.6 billion housing scam, at the lobby of the Hyatt Hotel in Pasay City.