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7501 Mortgage Sale 23 August - 22 September 2023


Leasehold Land and Incomplete Building

Residential Property Located at Fua’amotu

INTERESTED PARTIES are invited to tender for the transfer of the Leasehold Land under Lease No.8965 and buildings and improvements thereon comprising a single dwelling house, under construction and not yet completed (hereinafter referred to as “the Property”) from Bank of South Pacific Tonga Limited ("the Bank") as mortgagee in possession. The Property is situated at Fua’amotu, and described as Lot 12 on Survey Office Plan 74/96-P3, and occupied on a leasehold basis.

Details of the allotment are as follows:

Registered Lease Number: 8965
Expiry Date of Lease: 10 January 2067
Purpose Residential
Area 769.7 square meters
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 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 transfer of the lease.

All costs required for the completion of the transfer 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.

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 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, (phone no.887-0040 / 77-14977 or email - tongarealestate [at] gmail [dot] com )

Tenders close at 4:00 pm on the 22nd day of September, 2023 and should be delivered in a sealed envelope marked: Tender - Fua’amotu Property and addressed to: -

Stephenson Associates
Licensed Lawyer
First Floor, Lalita Building
Cnr Wellington & Railway Road
Nukualofa, TONGA

No tenders will be received or considered after this date