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CDA buys three auctioned lots worth over $1.5M
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Posted on Nov 06 2008
The Commonwealth Development Authority bought three properties worth over $1.5 million, including interests, during an auction held Friday, Oct. 31, at the CDA Conference Room.
The properties included residential and fresh fish market lots in Tanapag with an outstanding amount of $943,538.88; an apartment building in San Roque with an outstanding amount of $499,896.59; and a vacant lot in Tatgua, Rota, with an outstanding amount of $93,651.22.
CDA acting chief executive officer Oscar C. Camacho said these amounts included 9 percent interest rate per judgment order.
Camacho said this would mean CDA is entitled to seek a corresponding amount, based on the 9 percent interest accrued on these properties and would be liable to the owners.
Records show the two lots in Tanapag, which were purchased for $281,000, each have an area of 2,099 square meters and were bought from borrower Juan M. San Nicolas.
The fish market has an appraised value of $123,000 while the residential lot was appraised at $158,000. Both have a deficiency amount of $662,538.88.
A default judgment on April 21, 2008, ruled that the client owed CDA a principal amount of $624,992.72; an interest of $300,252.95, late penalties of $17,127.46; and legal fees of $1,165.75.
The two-story eight-unit apartment building, including the lot in San Roque, has an area of 752 square meters bought from client/borrower Francisco I. Babauta. The property has an appraised value of $217,000 with a total deficiency of $282,896.59.
The vacant lot in Tatgua, Rota, which was bought from client/borrower Benjamin T. Manglona, has an area of 9,384.50 square meters with an appraised value of $75,000, with a deficiency of $18,651.22.
Camacho explained that by doing this, CDA would be able to take the properties away from those who could not manage them and give them to somebody else who can make them productive.
In a way, he said, this process will help the economy turn around because it tends to put these properties on a progressive trend and will create employment.
