Arkong Bato property in Valenzuela City was bought by
PINAG-ISANG DAMDAMIN NG ARKONG BATO INC. (PIDABI) from B. E. San Diego Inc. On
December 23, 1987, thru the Zonal Improvement Program of the National Housing
Authority using the Community Self-Help approach.
Per the Deed of Absolute Sale, the property measured
75,053 m2 and was purchased at an average cost of P100.00/m2 or a total price
of P 7,505,300. Seventy percent (70%) of this amount would be paid to B.E.S.D.
upon the transfer of the new TCT to PIDABI’s name. The remaining 30% amounting
to P2, 251,590.00 would be paid to the landowner in four (4) quarterly payments
in 1988.
Of the 70% direct payments to B.E.S.D. 60% amounting to P
4,503,180.00 was loan by PIDABI from NHA which constituted the second mortgage
were annotated to the 34 titles transferred to PIDABI’s name.
These 34 TCT’s have total area of 75,422 m2. But per lot
and technical descriptions, it appears that the whole subdivision measures
77,676 m2.
The excess area of 2,254 m2 is attributed to the 9 titled
lots sold earlier by B.E.S.D. which was not segregated. Yet, when the actual occupied
lots were surveyed, it was found that he area of 2,369 m2 or an excess of 115
m2.
Still, 20 homelots with a total area occupied is 2,730 m2
and covered by the 34 TCT’s bought by PIDABI, are also found to have been
previously sold by B.E.S.D. Hence, a total of 2,845 m2 will be segregated from
the 75,422 m2 originally bought by PIDABI. At P100.00/m2, the net area of
72,577 will now cost P 7,257,700.00.
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