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7744 Mortgagee Sale 30 Jan - 29 Feb 2024


Property located at ‘Utungake, Vava’u, Tonga

INTERESTED PARTIES are invited to tender for the land only described below (hereinafter referred to as “the Property”) by Bank of South Pacific Tonga Limited (“BSP”) as mortgagee in possession.

The Property is situated at ‘Utungake, Vava’u and is described as Deed of Grant Book 294 Folio 31 at Survey Plan 4747A LOT 34

Details of the Property are as follows:

Expiry Date of Sublease: 16 November 2035
Area: 1464m2
Improvements: No improvements

The Property is offered on an "as is where is" basis. Interested parties are responsible for making their own inquiries and taking such professional advice as they consider necessary prior to bidding.

The disposition of the Property will be by way of sublease of allotment (DG 294/31) 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 by BSP.

Each tender bid is to be in writing and accompanied by a bank cheque in 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 BSP to act as escrow agent in respect of the transfer of the Property).

Deposits will be returned to the unsuccessful tenderers within 21 days of the successful tenderer being determined, or no tender being accepted.

Any successful tenderer will be notified in writing and will be required, as a condition precedent, to pay a further 10% of the bid 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 transfer of the Property reflecting the terms of this tender and otherwise as acceptable to BSP.

The balance of the bid price will be payable within five working days of the date that the parties are notified of the granting of cabinet approval to the sublease of allotment (DG 294/31)

All costs required for the completion of registration of the sublease 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).

BSP will not be liable for any costs associated with the Property after registration of the sublease of the Property to the successful tenderer has been completed.

In the event that the necessary consents to the sublease of allotment (DG 294/31) to the successful tenderer are refused then all monies paid by the successful tenderer to the escrow agent or to BSP will be refunded within 21 days from the date that BSP is notified of the refusal of such consents.

All enquiries regarding inspection of the Property should be directed to Paul Schaumkel, contact: +676 8870040, email: tongarealestate [at] gmail [dot] com

Tenders close at 3pm on THURSDAY, 29 FEBUARY 2024 and should be delivered in a sealed envelope and addressed as follows: -

Stephenson Associates
Licensed Lawyers
First Floor
Lalita Building
Cnr Wellington & Railway Roads

No tenders will be received or considered after 3pm on Thursday, 29 February 2024.