BANK OF SOUTH PACIFIC - TONGA
Leasehold Land and Property
Residential Property Located at Ma’ufanga, Tongatapu
INTERESTED PARTIES are invited to tender for the transfer of the leasehold land (and the buildings and improvements thereon) as more particularly described below, (hereinafter referred to as “the Property”) by Bank of South Pacific Tonga Limited ("the Bank") as mortgagee in possession. The Property is situated in Anana, Ma’ufanga, approximately 3 kilometres from Nuku’alofa, and includes a partially constructed single level residential dwelling, and is occupied on a lease deed basis.
Details of the lease are as follows:
|Expiry Date:||12 November 2059|
|Area:||827.6 square metres|
|Rent:||$50.00 per annum|
Property is offered on an "as is where is" basis
The disposition of the leasehold land and Property will be by way of transfer of the lease and is subject to approval from the Minister of Lands, Survey and Natural Resources and the Cabinet of the Government of Tonga.
The highest or any tender need not necessarily be accepted.
Each tender bid is be accompanied by a bank cheque for the amount of 10% of the bid lodged, such cheque being payable to Stephenson Associates Trust Account (Stephenson Associates being the law firm nominated by the Bank to act as escrow agent in respect of the sale).
Deposits will be returned to the unsuccessful tenderers within fourteen days of the successful tenderer being determined.
The successful tenderer will be notified in writing and will be required, as a condition precedent, to pay a further 10% of the purchase price by bank cheque within five working days of being notified of the acceptance of their offer), and to enter into a formal agreement for the purchase of the property reflecting the terms of this tender and otherwise acceptable to the Bank.
The balance of the purchase price will be payable within five working days of the date that the parties are notified of the granting of cabinet approval to the transfer of the lease.
All costs required for the completion of the transfer of lease such as registration fees etc. shall be borne by the successful tenderer.
All bids will be deemed to be exclusive of consumption tax (if any), and any such tax will be payable by the successful the tenderer in addition to the purchase price. It is the bank’s understanding that as the use of the property is residential the transfer will not be subject to imposition of consumption tax, but tenderers should independently verify this position.
The Bank will not be liable for any costs associated with the property after the transfer the Property to the successful tenderer has been completed, except for any outstanding utilities cost incurred while the property was in the Bank's possession.
In the event that the necessary consents to the granting of the transfer of the lease to the successful tenderer are refused then all monies paid by the successful tenderer to the Escrow Agent or to the Bank will be refunded within 14 days from the date the Bank is notified of the refusal of such consents.
All enquiries regarding inspection of the property should be directed to Paul Schaumkel, Tonga Real Estate, (phone no.887-0040).
Tenders close at 4.00pm on the 01st day of October 2018 and should be delivered in a sealed envelope marked “Ma’ufanga – Lease No.7764 Tender” and addressed to: -
Ma’ufanga – Lease No.7764
Bank of South Tonga Limited
Attn. Viliami Hia
No tenders will be received or considered after this date.