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5037 BSP Mortgagee Property Tofoa 26 Aug - 13 Sept 2019


Allotment  Land and Property 

Residential Property Located at Tofoa

INTERESTED PARTIES are invited to tender for the sub-lease of the Town Allotment (and buildings and improvements thereon comprising a 2 storey dwellinghouse, still under construction and not yet completed, and as more particularly described below, (hereinafter referred to as “the Property”) from Bank of South Pacific Tonga Limited ("the Bank") as mortgagee in possession. The Property is situated at Tofoa, and described as S/Plan. 79/91 – P8, Lot 1,  and occupied on an allotment basis.

Details of the allotment are as follows:

Deed of Grant no: Tohi 401 Folio 12
Expiry Date of Sub-Lease of Allotment: 14 October 2048
Purpose: Residential / Commercial
Area: 1152 square meters
Rent: $100.00 per annum             

Property is offered on an "as is where is" basis.

The disposition of the allotment land will be by way of sub-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 to 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 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 sub-lease.

All costs required for the completion of the sub-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 tenderer in addition to the purchase price.

The Bank will not be liable for any costs associated with the property after the transfer of 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 sub-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 the Bank’s agent, Paul Schaumkel at Tonga Real Estate, tel. 887-0040.

Tenders close on the 13th day of September 2019 and should be delivered in a sealed envelope marked: Tender -Tofoa Property and addressed to: -

Tofoa Property
BSP House
Taufa’ahau Road
Attn. Viliami Hia

No tenders will be received or considered after this date.