MORTGAGEE SALE
Land and Improvements Located at Koloua, Tongatapu, Tonga
INTERESTED PARTIES are invited to tender for the sublease of land and purchase of the improvements on the land as 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 Koloua, Tongatapu and is described as Deed of Grant Book 371 Folio 77 at Survey Plan R.P. 79/91-P26 Lot 9.
Details of the Property are as follows:
Expiry Date of Sublease: 11 November 2045.
Area: 764.0 square meters
Improvements: 1 Concrete Building on the land
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 a sublease of the allotment comprised in Deed of Grant Book 371/77 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 disposition 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 sublease of the land and purchase of the improvements 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 Deed of Grant Book 371/77.
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 approvals to the sublease of Deed of Grant Book 371/77 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 approvals.
All enquiries regarding inspection of the Property should be directed to Bank of South Pacific, contact: +676 7863738 or +676 20847, email: EKendler [at] bsp [dot] com [dot] pg
Tenders close at 12noon on FRIDAY 2nd MAY 2025 and should be delivered in a sealed envelope and addressed as follows: -
BSP KOLOUA TENDER
Bank of South Pacific (Tonga) Ltd
BSP House,
Taufa’ahau Road
Nuku’alofa
TONGA
No tenders will be received or considered after 12noon on Friday, 2nd May 2025.
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