Private firm offers to buy MC Adore
A COMPANY has expressed intent to purchase the idle MC Adore properties now owned by the city of Dagupan after purchasing these from the Assets Privatization Corporation four years ago for P50 million.
Arbros Realty, based at the Arcinue Building in Dagupan City has put forward in a letter to Mayor Benjamin Lim an offer price of P68 million for the former MC Adore Hotel and the lot it occupies.
Lim has transmitted to the Sangguniang Panlungsod the letter which was signed by Engr. Oscar Arcinue and approved by real estate magnate Cesar Duque.
In its letter, Arbros is seeking a meeting with city officials to discuss the terms and conditions of its proposal, including the seller’s (city of Dagupan) assumption of the payment of real property taxes, capital gains tax, documentary stamps and agents commission while the buyer (Arbros) will assume payment of transfer tax and registration.
The MC Adore, practically a derelict building that is currently being used by ambulant vendors who refuse to locate at the Malimgas Market, was bought by the administration of Lim with an intent of converting it into the new Dagupan City hall.
The plan to renovate the former hotel never materialized.
The properties are covered by TCT Nos. 85543, 85545 and 85546, with a total area of 5,113 square meters, located in Barangay IV, Dagupan City.
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