The 2,000-square-meter Fry Grocery & Department Store along the National Highway in Lumbangan, Mabinay town, has been placed by its owner on the auction block.
The auction scheduled for Jan. 11, 2013 will cover both the lot and building.
Phillip Fry, owner of the grocery and department store, said the minimum auction bid price is US $125,000. “This solid masonry building cost over US $500,000 to build,” Fry said.
Pictures of the outside and inside of the three-level building can be viewed on the home pages of www.negros-island.com and www.real-estate.ph
Interested buyers may phone or text Hydon Icalina in the Philippines at cell phone 0915-429-4026 (or 63-0915-429-4026 for international calls); or phone Phillip Fry 1-480-217-7173 in the USA, or email [email protected] should they want to inspect the building before the auction.
The auction procedure, Fry said, is a two round sealed-bid auction.
In a sealed-bid auction, all bidders simultaneously submit their sealed bids to the auctioneer by the bid submission due date, so that no bidder knows how much the other auction participants have bid. The highest bidder is usually declared the winner of the bidding process.
The Philippine commercial building auction includes two rounds. The first round is when the sealed bid from an auction bidder is due by 1 p.m. of Friday, Jan. 11, 2013, (Philippine date and time) by either email attachment to [email protected], or by Fax to the USA 1-480-275-6316.
Upon receipt of the sealed bids, Phillip Fry will email and/or fax the details of the top three bid amounts (but not bidder identification) to all three of the top bidders.
The top three bidders shall have the right to submit a Round 2 bid within 48 hours. Fry said such second bid can be equal or higher in bid amount than the first round bid. (PR)
