What happened?
For the third time in less than five months, the Inmobiliaria La Poza SA., has lowered the price of its housing project located in Pucon.
The construction company has already carried out two auction processes in which there have been no bidders to be awarded the tender.
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This is a millionaire Real estate project which is half built in the commune of the La Araucanía Region, specifically on Camino Villarrica-Pucón 1200.
Specifically, they are 170 apartments located on a plot of land measuring 8,700 square meters, which, despite not being completed, present a progress from 75% to 90%.
What is the price of the real estate project?
At the beginning of the year, on January 25, the first auction was held, which put a minimum bid 500 thousand UF (approximately US$ 20 million)then the second bid was on April 25 and had a minimum of 400 thousand UF (about 16 million dollars). In no instance were there any interested parties.
Currently, the creditors agreed to reduce the value and left it 300 thousand UF at least (12 million of the North American currency)which must be paid entirely in cash.
There has only been one interested party, however, his proposal did not convince the board, since he offered 235 thousand UF (US$ 9.3 million)which was widely refused.
Company was declared bankrupt
The decision to reduce the price has not been to the taste of many. The real estate lawyer, Gonzalo Bulnes stated, “You cannot lower the minimums by claiming that there are no bidders when there has been no auction. If you want to violate the express instructions of the superintendency, you will have to give explanations to your superintendent at the time. This cannot be accepted and I want to remind you that here you must declare the auction frustrated or void in order to be able to make the corresponding discounts and here, simply, there has not even been an auction, since both were suspended.”
This is taking into account that reducing the minimum for the auction, without having carried out it, constitutes a failure to comply with Instruction No. 2 of the Superintendence of Insolvency and Re-entrepreneurship.
It should be taken into account that the company requested its judicial reorganization in August 2020, which was granted at the end of that year. However, in January 2022, Banco Security requested the liquidation of the real estate company for non-payment of 16 promissory notes. At the end of June 2023, lThe court declared the company bankrupt.
