Arbros withdraws offer to buy MC Adore
THE realty company proposing to buy the long idle MC Adore Hotel property for P68 million from Dagupan City has withdrawn its offer, but another company promptly took its place.
Arbros Realty, represented by Engr. Oscar Arcinue, sent a letter of withdrawal to Mayor Benjamin Lim dated September 1, 2011, a copy of which was e-mailed to The PUNCH.
Arcinue’s letter to Lim stated in part: “Please be advised that we are formally withdrawing our offer to buy MC Adore Hotel”.
Meanwhile, another company, Managen Development Corporation, has manifested its intention to buy MC Adore for P75 million in a letter to Lim.
Managen owns and operates the high-end San Marino’s Place, a subdivision by the bank of the Dawel River.
Similar to what he did with the offer letter of Arbros, the mayor forwarded Managen’s letter to the Sangguniang Panlungsod.
Managen’s letter does not specify any terms for the sale, except that it wants to buy MC Adore for P75 million.
Under Arbros’ offer, the city government was to assume the payment of accrued real property tax, capital gains tax, documentary stamp and agent’s commission while the company would have assumed only the payment of transfer tax and registration.
Arbros’ withdrawal is linked to the position earlier taken by businessman Cesar Duque, who wanted out of the business deal, as announced by his brother Gonzalo in his column item in the “Playing with Fire” (see Aug. 28, 201l issue of THE PUNCH).
Arcinue said his company thought of making an unsolicited offer to buy the MC Adore because various sectors were saying that the property was there standing as “a white elephant”.
He stressed that the company may have got it wrong when it thought that the city was sending a signal to dispose of the property.
Instead of being appreciated for its offer, he added, “we were tossed like a hot potato from one offer to another”.
Nonetheless, Arcinue said Arbros would be willing to participate should the city government decide to put the property up for bidding.
“We hope that we will be invited to participate in the bidding process,” he said.
In ending the letter of withdrawal, Arcinue said he hopes city officials would put their acts together to better manage the city’s assets for the good and welfare of the city and their constituents.
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