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For
BAGUIO TOWNHOUSE
CONDOMINIUM CORPORATION
Located at
#14 Outllook Drive corner Romulo Drive,
Baguio City
SENEN D. GLORIOSO
President
Baguio Townhouse Condominium Corporation
#14 Outlook drive corner Romulo drive,
Baguio City
Sir:
In accordance with the Philippine Valuation Standards, this appraisal report is hereby
submitted for your evaluation. I understand that this report will be used as a basis for
Baguio Townhouse Condominium Building insurance coverage. I have inspected and
examined the subject property including the relevant documents available; and inquired
from the neighbouring properties for the fair appraisal of Market Value.
Due to the limited time in the preparation of this Appraisal Report, I would request
further study especially those that would require technical expertise.
I hereby certify that I have no vested interest on the subject property or on the Opinion
of Market Value herein reported.
CLIFFORD B. CUBIAN
SUBJECT PROPERTY
LOT PLAN
LOT NO. 1 (0.1623 has.)
LINE BEARING DISTANCE
Tie pt.
Triangulation
Station D Baguio S 55-56 E 1,063.44 m.
Townsite
1-2 S 3-29 W 30.92 m.
2-3 S 87-39 W 10.76 m.
3-4 N 85-34 W 26.24 m
4-5 N 35-59 W 15.52 m.
5-6 N 60-47 W 21.61 m.
6-7 N 50-36 E 13.17 m.
7-1 S 87-48 E 56.63 m.
The property subject of the appraisal is located along Outlook drive corner
Romulo drive, Baguio City. The subject property have five building structures and
an administrative office. The Building is covered by Tax declaration nos. 01-
07005-79239 and 01-07005-79240.
The subject property started in the early 1980s as a Condominium Unit for
sale under Montevideo Realty Development Corporation. After selling 47 condo
units, the management and maintenance was transferred to the Condo Unit
Home Owners Association under the name Baguio Townhouse Condominium
Corporation which was registered with the Securities and Exchange Commission
(SEC).
That the subject property is assumed to be free from any liens and
encumbrances as appearing from the provided copies of the Certificate of Titles.
Responsible ownership and competent property management are assumed.
d. Information, estimates, and opinion gathered were used in the report were
obtained from reliable sources and believed and assumed to be true and correct.
However, I assume no responsibility in the accuracy of the data
obtained/gathered.
e. Neither all, nor any part of the content of the report, or copy thereof shall
be used for any purpose by anyone but the client specified in the report.
f. The utilization of the land and the improvements is within the boundaries
of the property lines.
g. There is no encroachment.
h. No survey was made by the appraiser, Lot plans are based from the title of
the subject property.
I. SCOPE OF WORK
a. Actual inspection, both in the exterior and the interior of the subject
property.
b. Research public records for assessment pertaining to the subject property.
c. Prepare a brief history of the property.
d. Gather and analyse all the information and data obtained.
e. Take photographs of the property during the actual inspection.
f. Consider all three approaches to value and determine which approach or
approaches were applicable, given the nature of the subject and the
availability of such data.
II. DATA COLLECTIONS AND PROPERTY DESRCIPTIONS
a. The Region
b. The City
Baguio has morphed from what was once a grassy marshland into one of
the cleanest and greenest, most highly urbanized cities in the country. It has
made its mark as a premiere tourist destination in the Northern part of the
Philippines with its cool climate, foggy hills, panoramic views and lovely flowers.
Being the ideal convergence zone of neighbouring highland places.
Baguio is the melting pot of different peoples and cultures and has boosted
its ability to provide a center for education for its neighbours. Its rich culture and
countless resources have lured numerous investments and business opportunities
to the city.
c. The Neighbourhood
The Subject Property is composed of 47 units which have a total floor area
of 5,413.20 m. Approximately, the landings have an area of 324 sq.m. while
the 5 bridges have an area 105 sq.m.. The Administrative Office has a total floor
area of 43.5 m.
The combined Lot area is 2,959 m more or less covered by two separate
tax declaration nos.. The subject property is 36 years old from 1980.
Building II
- composed of 8 unit owners, 4 Floors, 1 Attic, 849.67 square meter total
sold units. With 2 emerging lights and 1 fire cabinet. All units are 2 BR/G
Excluding Terrace = 3 BR., GV = 2 BR. WITH MAIDS ROOM.
Building IV
- composed of 13 units owners, having 6 Floors, 1 Attic and a total of
1,618.45 square meters sold units. With 2 emerging lights and 1 fire
cabinet. All units are 3 BR with maids excluding GV IVA = 1 BR and GV
IVB = 2 BR.;
Building V
- composed of 11 owners, 5 Floors, 1 Attic, 2 emerging lights with 1 fire
cabinet. A total of 1,340.62 square meters sold units. All units are 3 BR
with maids excluding GV VA = 1 BR and GV VB = 2 BR.;
The buildings is occupying a lot area of 1,086.09 sq.m. more or less. The
remaining 1,872.91 sq.m. is common area which covers the parking spaces,
pathways, admin office, center tank and water pump house.
Common Area:
approximate
Admin. Bldg. 43.5 sq.m.
5 bridges 105 sq.m.
Landings 324 sq.m.
3. Description of the Site
Summary:
1. Market Analysis
The influx of various tourist in the City especially in Pacdal Area and the
increase in the population have created a demand for residential houses, condo
units and apartments either for long term or short term.
The supply of land in Baguio City is limited. The total area of 49 square kilo
meters covering the whole of Baguio City is divided into forest and watershed,
industrial, commercial, parks and residential area. The high cost of land
development and building construction, increasing prices of land, and financing
charges on real estate loans even depress the market.
Highest and Best Use is defined as the most profitable likely use of the
property. This opinion may be based on the highest and most profitable
continuous use to which the property is adopted and needed, or that use to
which may reasonably be expected to produce and the greatest return to land
over period of time.
Due to the numerous visitors and tourists in the area, the site can be
used as a parking lot for cars and buses. The site can also be a waiting area
for coffee, loading and unloading of people.
2. IDEAL IMPROVEMENT
3. PROPERTY AS IMPROVED
The Land Value according to the latest sales as of November 01, 2016 of lots
found near V. De Los Reyes Street or within the outlook area ranges from P25,000
to P30,000 per square meter. This is the prevailing sales price in the area.
a. Cost Approach
COST APPROACH
DATA:
NET OPERATING INCOME OF THE PROPERTY P 1,748,779.39
APPRAISED VALUE OF BUILDING BY COST APPROACH
BUILDING & SITE IMPROVEMENT P 35,423,202.50
CAPITALIZATION RATE:
INTEREST RATE (LAND & BLDG.) ?
RECAPTURE RATE (100%/14) 7.14% (TOO BIG)
OVERALL RATE 1.44%
LAND VALUE (P / %) P ?
ADD: BUILDING VALUE BY COST APPROACH 35,419,084.75
FAIR MARKET VALUE (LAND AND BUILDING)
THE INCOME APPROACH CANNOT BE USED IN DETERMINING THE VALUE OF THE SUBJECT
PROPERTY BECAUSE THE REVENUE GENERATED IS ONLY ENOUGH FOR THE
MAINTAINANCE & MANAGEMENT OF COMMON AREAS AND NOT FOR THE RECOVERY OF
THE VALUE OF CAPITAL. THE OVERALL RATE OF 1.44% FOR THE WHOLE PROPERTY (LAND
& BUILDING) IS LESSER THAN THE RECAPTURE RATE OF 7.14% (BLDGs. REMAINING
ECONOMIC LIFE), HENCE, RESULTING TO AN ABNORMAL FIGURE MAKING IT INCAPABLE
OF ASCERTAINING THE INDICATIVE VALUE OF THE SUBJECT PROPERTY.
Say P 109,300,000.00
Enclosures:
1. TCT No. T 26845
2. Tax dec PI No. C 01 -07005-54416
3. Tax dec PI No. C 01 -07005-54415
4. Tax dec improvement PI No. 01-07005-79239
5. Tax dec improvement PI No. 01-07005-79240
6. Site development Plan
7. Vicinity Map and Lot Plan
8. Photos
PICTURES OF THE SUBJECT PROPERTY: