APPRAISAL OF REAL ESTATE PROPERTY OF

Celedonia M. Cortez

LOCATED AT: Lot 10-S-7 Earth Street, San Felipe Subd., Mojon, Malolos City, Bulacan
 FILE NO.:18-10002

Gentlemen:

Pursuant to your instruction, we have made an investigation and appraisal of a certain real estate property exhibited
to us as that purpose of expressing an opinion of Market Value of the property as of August 23, 2020.

Appraisal covers 1 residential lot and a residential building bearing postal address number Lot 10-S-7 Earth St., San
Felipe Subd., Mojon, Malolos City, Bulacan.

The term Market Value as used herein is defined as “the estimated amount for which a property should exchange
on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion”. (Philippine
Valuation Standards, 1st Edition)

We have personally inspected the property, investigated local market conditions and have given consideration to the
following:
Location, character, utility and other physical attributes;
Sales and holding prices of comparable properties, and
Highest and Best Use (HBU) of the subject property

Highest and Best Use (HBU) is defined as The most probable use of a property which is physically possible,
appropriately justified, legally permissible, financially feasible, and which results in the highest value of the
property being valued.* (Philippine Valuation Standards, 1st Edition)

After investigation and analysis of all relevant factors, and as supported by the attached appraisal report, it is our
opinion that Market Value of subject property as of August 23, 2020 is reasonably represented in the amount of
One Million Three Hundred Thirty Thousand Five Hundred Pesos (P1,330,500) subject to the attached
Limiting Conditions.

Pursuant to Rep Act No. 9646 also known as the RESA Law, appraisal was conducted and rendered by or under the
supervision of a Licensed Real Estate Appraiser.

WE HEREBY CERTIFY that we have neither present nor prospective interest on the subject property or on the
assigned Market Value.

Certified by:

Darwin S. Bartolome
Licensed Real Estate Appraiser
PRC Reg No. 10207

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 LIMITING CONDITIONS

1. ALL existing liens and encumbrances, if any, have been disregarded and the property was appraised as
though free and clear under “fee simple ownership”. Fee Simple Ownership is defined as “Absolute
ownership of a property subject only to limitations imposed by the state (police power, eminent
domain, escheat, and taxation). Also referred to as “freehold”.

2. The undersigned appraiser, by reason of this appraisal is not required to give testimony or attendance in
court or to any governmental agency with reference to the subject property unless arrangement has been
previously made thereof.

3. We have made no investigation of and assumed no responsibility for any benefits to or liabilities against the
property appraised

4. No relocation survey was made to pinpoint the exact locations of the property’s cylindrical ground concrete
monuments. In the absence of vicinity and / or relocation plans, tax map, subdivision plans, it is assumed
that the property as shown by the owner or his representatives is the property described in the title.
Therefore, appraisal conducted will just serve as an off-hand estimate of Market Value and relocation
survey conducted by a Licensed Geodetic Engineer is recommended.

5. Structural or any engineering tests were not conducted on the subject building/s thus Valuer assumed no
responsibilities on their soundness and durability.

6. We have assumed in our valuation that the property as currently use is not in contravention of any planning
or similar government regulations.

7. Erasures on appraisal date and values invalidate this valuation report.

8. Neither the whole nor any part of this report and valuation, nor any reference thereto, maybe included in
any document/s, circular/s or statement/s without our written approval of the form and context in which it
will appear.

9. This appraisal report must not be utilized as reference for loan accommodation particularly in RCBC,
where the undersigned appraiser is currently employed.
 NARRATIVE REPORT

GENERAL

This report covers an investigation and valuation of certain real estate property located at Lot 10-S-7
Earth Street, San Felipe Subd., Brgy. Mojon, Malolos City, Bulacan.

Valuation was made for the purpose of expressing an opinion of Market Value of the property as of
August 23, 2020.

The term Market Value as used herein is defined as “the estimated amount for which a property should exchange
on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.” (Philippine
Valuation Standards, 1st Edition)

In this definition, it is assumed that any transaction shall be based on cash or it its equivalent
consideration. The price which the property would fetch is offered for sale in the open market would
undoubtedly be affected should be the sale be on terms, whether favorable or unfavorable.

It is further assumed that the title of the property is good, marketable and free from liens and
encumbrances, and the fee simple ownership is transferable.

PROPERTY LOCATION AND IDENTIFICATION

The property appraised is an improved residential parcel bearing postal address Lot 10-S-7 Earth Street,
San Felipe Subd., Brgy. Mojon, Malolos City, Bulacan.

The site is located approximately 400 meters from A. Mabini Street (Plaridel-Malolos Road), some 1.45
kilometers from Malolos Crossing and McArthur Highway, and about 2 kms from Bulacan Provincial
Capitol.

Fronting right of way is approximately 6 meter wide, concrete paved road.

NEIGHBORHOOD DATA
The property is located in an area where land development is predominantly residential.

Generally streets in the neighbourhood follows a gridiron pattern designed to carry light vehicular and
pedestrian traffic load. Major thoroughfares are concreted with widths ranging from 6 to 8 meters, and
well lighted with standard street lamps

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Considered as some of the major landmarks in the vicinity are:
 Dignas Lechon
 Kalye Mabini Resto
 Bulacan State University
 Chowking Malolos Crossing
 Bulacan Provincial Capitol
 New Malolos City Hall
 Puregold Malolos
 Malolos Sports and Convention Center
 Sacred Heart Hospital

It is accessible to various commercial establishments along A.Mabini Street extending from McArthur
highway all through Malolos Crossing. Other community centres like public market, churches,
hospitals/clinics, post offices, public and private schools are likewise accessible from the property.

COMMUNITY FACILITIES AND UTILITIES:

Electric power, water supply and telecommunication facilities are available at the site.

Tricycles and Public utility jeepney serves as the major mode of transport, available throughout the day.

Street lights, garbage collection, foot and mobile patrol by Philippine National Police, and other
community facilities and utilities are maintained (jointly) by the local and the city government.

LAND DATA

Based on the documents furnished us, the property is technically described as follows:

TCT NO LOT/BLK/PLAN NO AREA REGISTERED OWNER DATE REG.

(SQM)
Celedonia M. Cortez m/to January 14,
T-16807 Lot 10-S-7 Psd-03-044830 161
Pedro B. Cortez 1992

The aforementioned certificate of title was issued by the Registry of Deeds of Guiguinto Bulacan.

The land is bounded by the following properties:

POINTS BOUNDING PROPERTY/S

1-2 Lot 10-S-6 (resd’l. bldg.)
2-3 Lot 10-S-9 (resd’l. bldg..)
3-4 Lot 10-S-10 (earth street)
4-1 Lot 10-S-11 (unnamed road)
Attached and forming an integral part of this report is a plan of the property as (copied from the
documents, plotted from the technical descriptions appearing in the titles) furnished us. As shown, the
land has a rectangular shape with road frontage of 21.52 meters.

The terrain of the land maybe considered as generally flat.

DESCRIPTION OF IMPROVEMENTS:

The land is presently improved with a residential apartment described as follows.

Residential Building 1
Type : Residential Building Foundation : Reinforced Concrete
s
No. of Storey : One (1) Framings : Reinforced Concrete
No. of Bedrooms : 3 Roofings : Prepainted longspan
No. of T&B : 2 Ceiling : Painted plywood
Cost Grade : Average Flooring : Ceramic tiles
Gross Floor Area : 69 sq.m. Walls : Painted plastered CHB
Net Floor Area : 69 sq.m. Partitions : Painted plastered CHB
Occupants : Not occupied Windows : Glass jalousies
Age : 20 years (observed age) Doors : Panel and flush type
Observed Condition : Poorly maintained Roofing : Corrugated GI Sheets

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HIGHEST AND BEST USE

Based upon analysis of the prevailing land usage in the neighborhood and the property itself, we are of
the opinion that (the existing improvement/s) a residential land development would represent the Highest
and Best Use of the property.

Highest and Best Use is defined as “The most probable use of a property which is physically possible,
appropriately justified, legally permissible, financially feasible, and results in the highest value of the
property being valued.” This opinion maybe 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
the greatest net return to land over a given period of time.

VALUATION

The value of the improvement was arrived at by using COST APPROACH. It is a process of estimating
the replacement cost new or reproduction cost new in the improvements considering the prevailing
market prices of materials, labor, contractor’s overhead, and profit and other charges, less allowance for
physical depreciation and obsolescence. The value of the land is then added to arrive at an indication of
value for the property.

The value of the land was estimated by using MARKET DATA APPROACH. This approach of
comparison is based on the assumption that “NO PRUDENT PURCHASER WILL BUY MORE
THAN WHAT WILL COST HIM TO ACQUIRE AN EQUALLY DESIRABLE SUBSTITUTE
PARCEL OR SITE”. The value of the land is based on sales and listings of comparable property
registered within the vicinity. The technique of this approach required the establishing of comparable
property by reducing reasonable comparative sales and listings to a common denominator. This is done
by adjusting differences between the subject property and those actual sales and listings regarded as
comparables. Properties used as basis of comparison are situated within the immediate vicinity of the
subject property.

LAND VALUE

In valuing the land, records of recent sales and offerings of similar land are analyzed and comparison
made for such factors as size, characteristics of the lot, location, quality, and prospective use. Further,
records or recent sales (Deed of Sale filed with government offices) generally indicate an understatement
of the selling price, and therefore, these cannot be utilized for purpose of comparison. Although no sales
of truly comparable land have occurred, the following are believed to provide reasonable bases for
comparison:
LISTINGS:

Source Area (sqm.) Price Location Remarks

Internet / Cora 120 sq.m. 5,000/sq.m. Residential lot along Mahusay Vacant lot
Anos / Street, Maunlad Homes, Mojon,
09499883849 Malolos City
Facebook / Cecil 120 sq.m. 5,000/sq.m. Residential lot at Maunlad Homes, Vacant Lot
Pepay Mojon, Malolos City
Internet / 108 sq.m. 8,000/sq.m. Dew Plant Street, Phase 4A, Grand Vacant lot
Gladelene Garcia / Royale Subd., Malolos City
09569406866

After an analysis of the market data, considering such factors as location, desirability, neighborhood,
utility, size, and time element, market value of the appraised land is estimated as follows:

LOT NO. AREA UNIT VALUE Market

(SQM) Value
Lot 10-S-7 161 P 5,500.00/sq.m. 885,500

SUMMARY

COMPONENTS MARKET VALUE

LAND P 885,500
BUILDINGS 445,000
GRAND TOTAL P 1,330,500
Say 1,330,500

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 VICINITY MAP

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