IRR SUMMARY BETWEEN PONCIANO AND ARELLANO PROPERTIES FOR SALE

PROPERTY PONCIANO ARELLANO DIFFERENCE

LOT AREA (SQ. MTRS.) 287 242 45
SELLING PRICE 22,000,000 10,500,000 11,500,000

ZONAL VALUE OF LOT PER SQARE 35,000 22,500 12,500

TOTAL ZONAL VALUE 10,045,000 5,445,000 4,600,000

ASSUMED VALUE OF THE BUILDING 11,955,000 16,380,000 (4,425,000)

TOTAL COST DIFFERENCE 22,000,000 26,880,000 (4,880,000)

IRR COMPUTATION PONCIANO ARELLANO

NO. OF YEARS 15 20 25 30 15 20 25
OFFICE SPACE RENTAL BUSINESS 4.36% 7.51% 9.12% 10.02% 1.60% 5.20% 7.10%
OFFICE SPACE AND CONDOTEL 4.89% 8.07% 9.68% 10.57% 2.68% 6.18% 7.99%

IF LIQUIDATED AT THE END OF THE YEAR

OFFICE SPACE RENTAL BUSINESS 10.09% 10.50% 10.81% 11.04% 8.50% 8.92% 9.26%
OFFICE SPACE AND CONDOTEL 10.43% 10.90% 11.24% 11.48% 9.09% 9.54% 9.89%

REGULAR LOAN EFFECTIVE RATE 8.02% 8.39% 8.75% 9.08% 8.02% 8.39% 8.75%
NO DIFFERENCE
30 15 20 25 30
8.20% 2.76% 2.31% 2.02% 1.82%
9.02% 2.21% 1.89% 1.69% 1.55%

9.52% 1.59% 1.58% 1.55% 1.52%

10.17% 1.34% 1.36% 1.35% 1.31%

9.08%
PROPERTY ADDRESS: C. BANGOY SR. ST., DAVAO CITY
PROPERTY OWNER: GLORIA D. CUARESMA
LOT AREA (SQ. MTRS.) 287
OTHER CONSIDERATIONS 3 STOREY BUILDING
SELLING PRICE 22,000,000.00 (25M ORIG PRICE)

ZONAL VALUE (Based on BIR Zonal Value) 10,045,000.00

ASSUMED VALUE OF BUILDING 11,955,000.00

OFFICE SPACE RENTAL

IRR COMP.
15 YEARS 20 YEARS
IRR COMPUTATION 4.36% 7.51%
SELLING PRICE (22,500,000.00) (22,500,000.00)
1ST YEAR REVENUE 1,499,400.00 1,499,400.00
2ND YEAR REVENUE 1,574,370.00 1,574,370.00
3rd YEAR REVENUE 1,653,088.50 1,653,088.50
4th YEAR REVENUE 1,735,742.93 1,735,742.93
5th YEAR REVENUE 1,822,530.07 1,822,530.07
6th YEAR REVENUE 1,913,656.57 1,913,656.57
7th YEAR REVENUE 2,009,339.40 2,009,339.40
8th YEAR REVENUE 2,109,806.37 2,109,806.37
9th YEAR REVENUE 2,215,296.69 2,215,296.69
10th YEAR REVENUE 2,326,061.53 2,326,061.53
11th YEAR REVENUE 2,442,364.60 2,442,364.60
12th YEAR REVENUE 2,564,482.83 2,564,482.83
13th YEAR REVENUE 2,692,706.98 2,692,706.98
14th YEAR REVENUE 2,827,342.32 2,827,342.32
15th YEAR REVENUE 2,968,709.44 2,968,709.44
16th YEAR REVENUE 3,117,144.91
17th YEAR REVENUE 3,273,002.16
18th YEAR REVENUE 3,436,652.27
19th YEAR REVENUE 3,608,484.88
20th YEAR REVENUE 3,788,909.12
21st YEAR REVENUE
22nd YEAR REVENUE
23rd YEAR REVENUE
24th YEAR REVENUE
25th YEAR REVENUE
26th YEAR REVENUE
27th YEAR REVENUE
28th YEAR REVENUE
29th YEAR REVENUE
30th YEAR REVENUE

IF LIQUIDATED
 OFFICE SPACE RENTAL
IRR COMP.
15 YEARS 20 YEARS
IRR COMPUTATION Err:523 Err:523
SELLING PRICE (22,500,000.00) (22,500,000.00)
1ST YEAR REVENUE 1,499,400.00 1,499,400.00
2ND YEAR REVENUE 1,574,370.00 1,574,370.00
3rd YEAR REVENUE 1,653,088.50 1,653,088.50
4th YEAR REVENUE 1,735,742.93 1,735,742.93
5th YEAR REVENUE 1,822,530.07 1,822,530.07
6th YEAR REVENUE 1,913,656.57 1,913,656.57
7th YEAR REVENUE 2,009,339.40 2,009,339.40
8th YEAR REVENUE 2,109,806.37 2,109,806.37
9th YEAR REVENUE 2,215,296.69 2,215,296.69
10th YEAR REVENUE 2,326,061.53 2,326,061.53
11th YEAR REVENUE 2,442,364.60 2,442,364.60
12th YEAR REVENUE 2,564,482.83 2,564,482.83
13th YEAR REVENUE 2,692,706.98 2,692,706.98
14th YEAR REVENUE 2,827,342.32 2,827,342.32
15th YEAR REVENUE 34,812,122.36 2,968,709.44
16th YEAR REVENUE 3,117,144.91
17th YEAR REVENUE 3,273,002.16
18th YEAR REVENUE 3,436,652.27
19th YEAR REVENUE 3,608,484.88
20th YEAR REVENUE 41,127,123.84
21st YEAR REVENUE
22nd YEAR REVENUE
23rd YEAR REVENUE
24th YEAR REVENUE
25th YEAR REVENUE
26th YEAR REVENUE
27th YEAR REVENUE
28th YEAR REVENUE
29th YEAR REVENUE
30th YEAR REVENUE
ORIG PRICE)

OFFICE SPACE RENTAL COMMERCIAL AND CONDOTEL

IRR COMP. IRR COMP.
25 YEARS 30 YEARS 15 YEARS 20 YEARS 25 YEARS
9.12% 10.02% 4.89% 8.07% 9.68%
(22,500,000.00) (22,500,000.00) (22,600,000.00) (22,600,000.00) (22,600,000.00)
1,499,400.00 1,499,400.00 1,701,000.00 1,701,000.00 1,701,000.00
1,574,370.00 1,574,370.00 1,786,050.00 1,786,050.00 1,786,050.00
1,653,088.50 1,653,088.50 1,875,352.50 1,875,352.50 1,875,352.50
1,735,742.93 1,735,742.93 1,969,120.13 1,969,120.13 1,969,120.13
1,822,530.07 1,822,530.07 1,067,576.13 1,067,576.13 1,067,576.13
1,913,656.57 1,913,656.57 2,170,954.94 2,170,954.94 2,170,954.94
2,009,339.40 2,009,339.40 2,279,502.68 2,279,502.68 2,279,502.68
2,109,806.37 2,109,806.37 2,393,477.82 2,393,477.82 2,393,477.82
2,215,296.69 2,215,296.69 2,513,151.71 2,513,151.71 2,513,151.71
2,326,061.53 2,326,061.53 1,638,809.30 1,638,809.30 1,638,809.30
2,442,364.60 2,442,364.60 2,770,749.76 2,770,749.76 2,770,749.76
2,564,482.83 2,564,482.83 2,909,287.25 2,909,287.25 2,909,287.25
2,692,706.98 2,692,706.98 3,054,751.61 3,054,751.61 3,054,751.61
2,827,342.32 2,827,342.32 3,207,489.19 3,207,489.19 3,207,489.19
2,968,709.44 2,968,709.44 2,367,863.65 2,367,863.65 2,367,863.65
3,117,144.91 3,117,144.91 3,536,256.83 3,536,256.83
3,273,002.16 3,273,002.16 3,713,069.67 3,713,069.67
3,436,652.27 3,436,652.27 3,898,723.16 3,898,723.16
3,608,484.88 3,608,484.88 4,093,659.32 4,093,659.32
3,788,909.12 3,788,909.12 3,298,342.28 3,298,342.28
3,978,354.58 3,978,354.58 4,513,259.40
4,177,272.31 4,177,272.31 4,738,922.37
4,386,135.92 4,386,135.92 4,975,868.48
4,605,442.72 4,605,442.72 5,224,661.91
4,835,714.86 4,835,714.86 4,485,895.00
5,077,500.60
5,331,375.63
5,597,944.41
5,877,841.63
6,171,733.71
OFFICE SPACE RENTAL COMMERCIAL AND CONDOTEL
IRR COMP. IRR COMP.
25 YEARS 30 YEARS 15 YEARS 20 YEARS 25 YEARS
10.81% 11.04% Err:523 Err:523 11.24%
(22,500,000.00) (22,500,000.00) (22,600,000.00) (22,600,000.00) (22,600,000.00)
1,499,400.00 1,499,400.00 1,701,000.00 1,701,000.00 1,701,000.00
1,574,370.00 1,574,370.00 1,786,050.00 1,786,050.00 1,786,050.00
1,653,088.50 1,653,088.50 1,875,352.50 1,875,352.50 1,875,352.50
1,735,742.93 1,735,742.93 1,969,120.13 1,969,120.13 1,969,120.13
1,822,530.07 1,822,530.07 1,067,576.13 1,067,576.13 1,067,576.13
1,913,656.57 1,913,656.57 2,170,954.94 2,170,954.94 2,170,954.94
2,009,339.40 2,009,339.40 2,279,502.68 2,279,502.68 2,279,502.68
2,109,806.37 2,109,806.37 2,393,477.82 2,393,477.82 2,393,477.82
2,215,296.69 2,215,296.69 2,513,151.71 2,513,151.71 2,513,151.71
2,326,061.53 2,326,061.53 1,638,809.30 1,638,809.30 1,638,809.30
2,442,364.60 2,442,364.60 2,770,749.76 2,770,749.76 2,770,749.76
2,564,482.83 2,564,482.83 2,909,287.25 2,909,287.25 2,909,287.25
2,692,706.98 2,692,706.98 3,054,751.61 3,054,751.61 3,054,751.61
2,827,342.32 2,827,342.32 3,207,489.19 3,207,489.19 3,207,489.19
2,968,709.44 2,968,709.44 34,211,276.57 2,367,863.65 2,367,863.65
3,117,144.91 3,117,144.91 3,536,256.83 3,536,256.83
3,273,002.16 3,273,002.16 3,713,069.67 3,713,069.67
3,436,652.27 3,436,652.27 3,898,723.16 3,898,723.16
3,608,484.88 3,608,484.88 4,093,659.32 4,093,659.32
3,788,909.12 3,788,909.12 40,636,556.99 3,298,342.28
3,978,354.58 3,978,354.58 4,513,259.40
4,177,272.31 4,177,272.31 4,738,922.37
4,386,135.92 4,386,135.92 4,975,868.48
4,605,442.72 4,605,442.72 5,224,661.91
49,186,843.79 4,835,714.86 48,837,023.94
5,077,500.60
5,331,375.63
5,597,944.41
5,877,841.63
59,473,315.77
ONDOTEL

30 YEARS
10.57%
(22,600,000.00)
1,701,000.00
1,786,050.00
1,875,352.50
1,969,120.13
1,067,576.13
2,170,954.94
2,279,502.68
2,393,477.82
2,513,151.71
1,638,809.30
2,770,749.76
2,909,287.25
3,054,751.61
3,207,489.19
2,367,863.65
3,536,256.83
3,713,069.67
3,898,723.16
4,093,659.32
3,298,342.28
4,513,259.40
4,738,922.37
4,975,868.48
5,224,661.91
4,485,895.00
5,760,189.75
6,048,199.24
6,350,609.20
6,668,139.66
6,001,546.65
ONDOTEL

30 YEARS
11.48%
(22,600,000.00)
1,701,000.00
1,786,050.00
1,875,352.50
1,969,120.13
1,067,576.13
2,170,954.94
2,279,502.68
2,393,477.82
2,513,151.71
1,638,809.30
2,770,749.76
2,909,287.25
3,054,751.61
3,207,489.19
2,367,863.65
3,536,256.83
3,713,069.67
3,898,723.16
4,093,659.32
3,298,342.28
4,513,259.40
4,738,922.37
4,975,868.48
5,224,661.91
4,485,895.00
5,760,189.75
6,048,199.24
6,350,609.20
6,668,139.66
59,303,128.70
PROPERTY ADDRESS: ARELLANO ST.
PROPERTY OWNER:
LOT AREA (SQ. MTRS.) 242
OTHER CONSIDERATIONS
SELLING PRICE 10,500,000.00

ZONAL VALUE (Based on BIR Zonal Value) 5,445,000.00

ASSUMED VALUE OF BUILDING 16,380,000.00 3 STOREY

TOTAL INVESTMENT 26,880,000.00

OFFICE SPACE RENTAL COMMERCIAL

IRR COMP. IRR C
15 YEARS 20 YEARS 25 YEARS 30 YEARS 15 YEARS
IRR COMPUTATION Err:523 Err:523 7.10% 8.20% Err:523
SELLING PRICE (26,880,000.00) (26,880,000.00) (26,880,000.00) (26,880,000.00) (26,880,000.00)
1ST YEAR REVENUE 1,499,400.00 1,499,400.00 1,499,400.00 1,499,400.00 1,701,000.00
2ND YEAR REVENUE 1,574,370.00 1,574,370.00 1,574,370.00 1,574,370.00 1,786,050.00
3rd YEAR REVENUE 1,653,088.50 1,653,088.50 1,653,088.50 1,653,088.50 1,875,352.50
4th YEAR REVENUE 1,735,742.93 1,735,742.93 1,735,742.93 1,735,742.93 1,969,120.13
5th YEAR REVENUE 1,322,530.07 1,322,530.07 1,322,530.07 1,322,530.07 1,067,576.13
6th YEAR REVENUE 1,913,656.57 1,913,656.57 1,913,656.57 1,913,656.57 2,170,954.94
7th YEAR REVENUE 2,009,339.40 2,009,339.40 2,009,339.40 2,009,339.40 2,279,502.68
8th YEAR REVENUE 2,109,806.37 2,109,806.37 2,109,806.37 2,109,806.37 2,393,477.82
9th YEAR REVENUE 2,215,296.69 2,215,296.69 2,215,296.69 2,215,296.69 2,513,151.71
10th YEAR REVENUE 1,826,061.53 1,826,061.53 1,826,061.53 1,826,061.53 1,638,809.30
11th YEAR REVENUE 2,442,364.60 2,442,364.60 2,442,364.60 2,442,364.60 2,770,749.76
12th YEAR REVENUE 2,564,482.83 2,564,482.83 2,564,482.83 2,564,482.83 2,909,287.25
13th YEAR REVENUE 2,692,706.98 2,692,706.98 2,692,706.98 2,692,706.98 3,054,751.61
14th YEAR REVENUE 2,827,342.32 2,827,342.32 2,827,342.32 2,827,342.32 3,207,489.19
15th YEAR REVENUE 2,468,709.44 2,468,709.44 2,468,709.44 2,468,709.44 2,367,863.65
16th YEAR REVENUE 3,117,144.91 3,117,144.91 3,117,144.91
17th YEAR REVENUE 3,273,002.16 3,273,002.16 3,273,002.16
18th YEAR REVENUE 3,436,652.27 3,436,652.27 3,436,652.27
19th YEAR REVENUE 3,608,484.88 3,608,484.88 3,608,484.88
20th YEAR REVENUE 3,288,909.12 3,288,909.12 3,288,909.12
21st YEAR REVENUE 3,978,354.58 3,978,354.58
22nd YEAR REVENUE 4,177,272.31 4,177,272.31
23rd YEAR REVENUE 4,386,135.92 4,386,135.92
24th YEAR REVENUE 4,605,442.72 4,605,442.72
25th YEAR REVENUE 4,335,714.86 4,335,714.86
26th YEAR REVENUE 5,077,500.60
27th YEAR REVENUE 5,331,375.63
28th YEAR REVENUE 5,597,944.41
29th YEAR REVENUE 5,877,841.63
30th YEAR REVENUE 5,671,733.71

IF LIQUIDATED
OFFICE SPACE RENTAL COMMERCIAL
IRR COMP. IRR C
15 YEARS 20 YEARS 25 YEARS 30 YEARS 15 YEARS
IRR COMPUTATION Err:523 Err:523 9.26% 9.52% Err:523
SELLING PRICE (26,880,000.00) (26,880,000.00) (26,880,000.00) (26,880,000.00) (26,880,000.00)
1ST YEAR REVENUE 1,499,400.00 1,499,400.00 1,499,400.00 1,499,400.00 1,701,000.00
2ND YEAR REVENUE 1,574,370.00 1,574,370.00 1,574,370.00 1,574,370.00 1,786,050.00
3rd YEAR REVENUE 1,653,088.50 1,653,088.50 1,653,088.50 1,653,088.50 1,875,352.50
4th YEAR REVENUE 1,735,742.93 1,735,742.93 1,735,742.93 1,735,742.93 1,969,120.13
5th YEAR REVENUE 1,322,530.07 1,322,530.07 1,322,530.07 1,322,530.07 1,067,576.13
6th YEAR REVENUE 1,913,656.57 1,913,656.57 1,913,656.57 1,913,656.57 2,170,954.94
7th YEAR REVENUE 2,009,339.40 2,009,339.40 2,009,339.40 2,009,339.40 2,279,502.68
8th YEAR REVENUE 2,109,806.37 2,109,806.37 2,109,806.37 2,109,806.37 2,393,477.82
9th YEAR REVENUE 2,215,296.69 2,215,296.69 2,215,296.69 2,215,296.69 2,513,151.71
10th YEAR REVENUE 1,826,061.53 1,826,061.53 1,826,061.53 1,826,061.53 1,638,809.30
11th YEAR REVENUE 2,442,364.60 2,442,364.60 2,442,364.60 2,442,364.60 2,770,749.76
12th YEAR REVENUE 2,564,482.83 2,564,482.83 2,564,482.83 2,564,482.83 2,909,287.25
13th YEAR REVENUE 2,692,706.98 2,692,706.98 2,692,706.98 2,692,706.98 3,054,751.61
14th YEAR REVENUE 2,827,342.32 2,827,342.32 2,827,342.32 2,827,342.32 3,207,489.19
15th YEAR REVENUE 39,637,991.23 2,468,709.44 2,468,709.44 2,468,709.44 39,537,145.44
16th YEAR REVENUE 3,117,144.91 3,117,144.91 3,117,144.91
17th YEAR REVENUE 3,273,002.16 3,273,002.16 3,273,002.16
18th YEAR REVENUE 3,436,652.27 3,436,652.27 3,436,652.27
19th YEAR REVENUE 3,608,484.88 3,608,484.88 3,608,484.88
20th YEAR REVENUE 46,201,886.17 3,288,909.12 3,288,909.12
21st YEAR REVENUE 3,978,354.58 3,978,354.58
22nd YEAR REVENUE 4,177,272.31 4,177,272.31
23rd YEAR REVENUE 4,386,135.92 4,386,135.92
24th YEAR REVENUE 4,605,442.72 4,605,442.72
25th YEAR REVENUE 54,579,264.26 4,335,714.86
26th YEAR REVENUE 5,077,500.60
27th YEAR REVENUE 5,331,375.63
28th YEAR REVENUE 5,597,944.41
29th YEAR REVENUE 5,877,841.63
30th YEAR REVENUE 65,271,157.46
 COMMERCIAL AND CONDOTEL
IRR COMP.
20 YEARS 25 YEARS 30 YEARS
Err:523 7.99% 9.02%
(26,880,000.00) (26,880,000.00) (26,880,000.00)
1,701,000.00 1,701,000.00 1,701,000.00
1,786,050.00 1,786,050.00 1,786,050.00
1,875,352.50 1,875,352.50 1,875,352.50
1,969,120.13 1,969,120.13 1,969,120.13
1,067,576.13 1,067,576.13 1,067,576.13
2,170,954.94 2,170,954.94 2,170,954.94
2,279,502.68 2,279,502.68 2,279,502.68
2,393,477.82 2,393,477.82 2,393,477.82
2,513,151.71 2,513,151.71 2,513,151.71
1,638,809.30 1,638,809.30 1,638,809.30
2,770,749.76 2,770,749.76 2,770,749.76
2,909,287.25 2,909,287.25 2,909,287.25
3,054,751.61 3,054,751.61 3,054,751.61
3,207,489.19 3,207,489.19 3,207,489.19
2,367,863.65 2,367,863.65 2,367,863.65
3,536,256.83 3,536,256.83 3,536,256.83
3,713,069.67 3,713,069.67 3,713,069.67
3,898,723.16 3,898,723.16 3,898,723.16
4,093,659.32 4,093,659.32 4,093,659.32
3,298,342.28 3,298,342.28 3,298,342.28
4,513,259.40 4,513,259.40
4,738,922.37 4,738,922.37
4,975,868.48 4,975,868.48
5,224,661.91 5,224,661.91
4,485,895.00 4,485,895.00
5,760,189.75
6,048,199.24
6,350,609.20
6,668,139.66
6,001,546.65

COMMERCIAL AND CONDOTEL

IRR COMP.
20 YEARS 25 YEARS 30 YEARS
Err:523 9.89% 10.17%
(26,880,000.00) (26,880,000.00) (26,880,000.00)
1,701,000.00 1,701,000.00 1,701,000.00
1,786,050.00 1,786,050.00 1,786,050.00
1,875,352.50 1,875,352.50 1,875,352.50
1,969,120.13 1,969,120.13 1,969,120.13
1,067,576.13 1,067,576.13 1,067,576.13
2,170,954.94 2,170,954.94 2,170,954.94
2,279,502.68 2,279,502.68 2,279,502.68
2,393,477.82 2,393,477.82 2,393,477.82
2,513,151.71 2,513,151.71 2,513,151.71
1,638,809.30 1,638,809.30 1,638,809.30
2,770,749.76 2,770,749.76 2,770,749.76
2,909,287.25 2,909,287.25 2,909,287.25
3,054,751.61 3,054,751.61 3,054,751.61
3,207,489.19 3,207,489.19 3,207,489.19
2,367,863.65 2,367,863.65 2,367,863.65
3,536,256.83 3,536,256.83 3,536,256.83
3,713,069.67 3,713,069.67 3,713,069.67
3,898,723.16 3,898,723.16 3,898,723.16
4,093,659.32 4,093,659.32 4,093,659.32
46,211,319.33 3,298,342.28 3,298,342.28
4,513,259.40 4,513,259.40
4,738,922.37 4,738,922.37
4,975,868.48 4,975,868.48
5,224,661.91 5,224,661.91
54,729,444.41 4,485,895.00
5,760,189.75
6,048,199.24
6,350,609.20
6,668,139.66
65,600,970.40
IF OFFICE SPACE BUSINESS 143.5

ESTIMATED REVENUE: QTY. Price Per Sq. Rental Value TOTAL REV.
GROUND FLOOR (25 SQ. Mtrs. Minimum Cut) 5 900.00 22,500.00 112,500.00
SECOND FLOOR (20 SQ. Mtrs. Minimum Cut) 5 800.00 16,000.00 80,000.00
SECOND FLOOR (20 SQ. Mtrs. Minimum Cut) 5 700.00 14,000.00 70,000.00
262,500.00
OCCUPANCY RATE 80%
ESTIMATED REVENUE PER MONTH 210,000.00

ANNUAL REVENUE 2,520,000.00

ESTIMATED OPEX 378,000.00
TAX 535,500.00
NET INCOME 1,606,500.00

IF CONDOTEL AND SPACE FOR RENT

ESTIMATED REVENUE: QTY. Price Per Sq. Rental Value TOTAL REV.
GROUND FLOOR (25 SQ. Mtrs. Minimum Cut) 5 900.00 22,500.00 112,500.00
Rate per day
SECOND FLOOR (10 ROOMS) 10 700.00 7,000.00 210,000.00
SECOND FLOOR (10 ROOMS) 10 700.00 7,000.00 210,000.00

OCCUPANCY RATE
GROUND FLOOR (25 SQ. Mtrs. Minimum Cut) 80% 90,000.00
2ND FLOOR AND 3RD FLOOR 75% 315,000.00
TOTAL MONTHLY REVENUE 405,000.00

ANNUAL REVENUE 4,860,000.00

ESTIMATED OPEX 2,430,000.00
TAX 607,500.00
NET INCOME 1,822,500.00
 OFFICE SPACE BUSINESS
NET INCOME
YEAR GROSS INCOME OPEX BEFORE TAX W/TAX NET INCOME
1 2,520,000.00 378,000.00 2,142,000.00 642,600.00 1,499,400.00
2 2,646,000.00 396,900.00 2,249,100.00 674,730.00 1,574,370.00
3 2,778,300.00 416,745.00 2,361,555.00 708,466.50 1,653,088.50
4 2,917,215.00 437,582.25 2,479,632.75 743,889.83 1,735,742.93
5 3,063,075.75 459,461.36 2,603,614.39 781,084.32 1,822,530.07
6 3,216,229.54 482,434.43 2,733,795.11 820,138.53 1,913,656.57
7 3,377,041.01 506,556.15 2,870,484.86 861,145.46 2,009,339.40
8 3,545,893.07 531,883.96 3,014,009.11 904,202.73 2,109,806.37
9 3,723,187.72 558,478.16 3,164,709.56 949,412.87 2,215,296.69
10 3,909,347.10 586,402.07 3,322,945.04 996,883.51 2,326,061.53
11 4,104,814.46 615,722.17 3,489,092.29 1,046,727.69 2,442,364.60
12 4,310,055.18 646,508.28 3,663,546.91 1,099,064.07 2,564,482.83
13 4,525,557.94 678,833.69 3,846,724.25 1,154,017.28 2,692,706.98
14 4,751,835.84 712,775.38 4,039,060.46 1,211,718.14 2,827,342.32
15 4,989,427.63 748,414.14 4,241,013.49 1,272,304.05 2,968,709.44
16 5,238,899.01 785,834.85 4,453,064.16 1,335,919.25 3,117,144.91
17 5,500,843.96 825,126.59 4,675,717.37 1,402,715.21 3,273,002.16
18 5,775,886.16 866,382.92 4,909,503.24 1,472,850.97 3,436,652.27
19 6,064,680.47 909,702.07 5,154,978.40 1,546,493.52 3,608,484.88
20 6,367,914.49 955,187.17 5,412,727.32 1,623,818.20 3,788,909.12
21 6,686,310.22 1,002,946.53 5,683,363.68 1,705,009.11 3,978,354.58
22 7,020,625.73 1,053,093.86 5,967,531.87 1,790,259.56 4,177,272.31
23 7,371,657.01 1,105,748.55 6,265,908.46 1,879,772.54 4,386,135.92
24 7,740,239.86 1,161,035.98 6,579,203.89 1,973,761.17 4,605,442.72
25 8,127,251.86 1,219,087.78 6,908,164.08 2,072,449.22 4,835,714.86
26 8,533,614.45 1,280,042.17 7,253,572.28 2,176,071.69 5,077,500.60
27 8,960,295.17 1,344,044.28 7,616,250.90 2,284,875.27 5,331,375.63
28 9,408,309.93 1,411,246.49 7,997,063.44 2,399,119.03 5,597,944.41
29 9,878,725.43 1,481,808.81 8,396,916.61 2,519,074.98 5,877,841.63
30 10,372,661.70 1,555,899.26 8,816,762.45 2,645,028.73 6,171,733.71
 OFFICE SPACE AND CONDOTEL
RENOVATION NET NET INCOME
COST INCOME YEAR GROSS INCOME OPEX BEFORE TAX
1,499,400.00 1 4,860,000.00 2,430,000.00 2,430,000.00
1,574,370.00 2 5,103,000.00 2,551,500.00 2,551,500.00
1,653,088.50 3 5,358,150.00 2,679,075.00 2,679,075.00
1,735,742.93 4 5,626,057.50 2,813,028.75 2,813,028.75
500,000.00 1,322,530.07 5 5,907,360.38 2,953,680.19 2,953,680.19
1,913,656.57 6 6,202,728.39 3,101,364.20 3,101,364.20
2,009,339.40 7 6,512,864.81 3,256,432.41 3,256,432.41
2,109,806.37 8 6,838,508.05 3,419,254.03 3,419,254.03
2,215,296.69 9 7,180,433.46 3,590,216.73 3,590,216.73
500,000.00 1,826,061.53 10 7,539,455.13 3,769,727.56 3,769,727.56
2,442,364.60 11 7,916,427.89 3,958,213.94 3,958,213.94
2,564,482.83 12 8,312,249.28 4,156,124.64 4,156,124.64
2,692,706.98 13 8,727,861.74 4,363,930.87 4,363,930.87
2,827,342.32 14 9,164,254.83 4,582,127.42 4,582,127.42
500,000.00 2,468,709.44 15 9,622,467.57 4,811,233.79 4,811,233.79
3,117,144.91 16 10,103,590.95 5,051,795.48 5,051,795.48
3,273,002.16 17 10,608,770.50 5,304,385.25 5,304,385.25
3,436,652.27 18 11,139,209.02 5,569,604.51 5,569,604.51
3,608,484.88 19 11,696,169.48 5,848,084.74 5,848,084.74
500,000.00 3,288,909.12 20 12,280,977.95 6,140,488.97 6,140,488.97
3,978,354.58 21 12,895,026.85 6,447,513.42 6,447,513.42
4,177,272.31 22 13,539,778.19 6,769,889.09 6,769,889.09
4,386,135.92 23 14,216,767.10 7,108,383.55 7,108,383.55
4,605,442.72 24 14,927,605.45 7,463,802.73 7,463,802.73
500,000.00 4,335,714.86 25 15,673,985.73 7,836,992.86 7,836,992.86
5,077,500.60 26 16,457,685.01 8,228,842.51 8,228,842.51
5,331,375.63 27 17,280,569.26 8,640,284.63 8,640,284.63
5,597,944.41 28 18,144,597.73 9,072,298.86 9,072,298.86
5,877,841.63 29 19,051,827.61 9,525,913.81 9,525,913.81
500,000.00 5,671,733.71 30 20,004,418.99 10,002,209.50 10,002,209.50
AND CONDOTEL
RENOVATION NET
W/TAX NET INCOME COST INCOME
729,000.00 1,701,000.00 1,701,000.00
765,450.00 1,786,050.00 1,786,050.00
803,722.50 1,875,352.50 1,875,352.50
843,908.63 1,969,120.13 1,969,120.13
886,104.06 2,067,576.13 1,000,000.00 1,067,576.13
930,409.26 2,170,954.94 2,170,954.94
976,929.72 2,279,502.68 2,279,502.68
1,025,776.21 2,393,477.82 2,393,477.82
1,077,065.02 2,513,151.71 2,513,151.71
1,130,918.27 2,638,809.30 1,000,000.00 1,638,809.30
1,187,464.18 2,770,749.76 2,770,749.76
1,246,837.39 2,909,287.25 2,909,287.25
1,309,179.26 3,054,751.61 3,054,751.61
1,374,638.22 3,207,489.19 3,207,489.19
1,443,370.14 3,367,863.65 1,000,000.00 2,367,863.65
1,515,538.64 3,536,256.83 3,536,256.83
1,591,315.57 3,713,069.67 3,713,069.67
1,670,881.35 3,898,723.16 3,898,723.16
1,754,425.42 4,093,659.32 4,093,659.32
1,842,146.69 4,298,342.28 1,000,000.00 3,298,342.28
1,934,254.03 4,513,259.40 4,513,259.40
2,030,966.73 4,738,922.37 4,738,922.37
2,132,515.06 4,975,868.48 4,975,868.48
2,239,140.82 5,224,661.91 5,224,661.91
2,351,097.86 5,485,895.00 1,000,000.00 4,485,895.00
2,468,652.75 5,760,189.75 5,760,189.75
2,592,085.39 6,048,199.24 6,048,199.24
2,721,689.66 6,350,609.20 6,350,609.20
2,857,774.14 6,668,139.66 6,668,139.66
3,000,662.85 7,001,546.65 1,000,000.00 6,001,546.65
VALUATION AND APPRAISAL OF THE PROPERTIES @ 5% INCREASE

PONCIANO ARELLANO
YEAR LAND VALUE BUILDING TOTAL LAND VALUE BUILDING TOTAL
1 10,045,000.00 11,955,000.00 22,000,000.00 10,500,000.00 16,380,000.00 26,880,000.00
2 10,547,250.00 11,955,000.00 22,502,250.00 11,025,000.00 16,380,000.00 27,405,000.00
3 11,074,612.50 11,955,000.00 23,029,612.50 11,576,250.00 16,380,000.00 27,956,250.00
4 11,628,343.13 11,955,000.00 23,583,343.13 12,155,062.50 16,380,000.00 28,535,062.50
5 12,209,760.28 11,955,000.00 24,164,760.28 12,762,815.63 16,380,000.00 29,142,815.63
6 12,820,248.30 11,955,000.00 24,775,248.30 13,400,956.41 16,380,000.00 29,780,956.41
7 13,461,260.71 11,955,000.00 25,416,260.71 14,071,004.23 16,380,000.00 30,451,004.23
8 14,134,323.75 11,955,000.00 26,089,323.75 14,774,554.44 16,380,000.00 31,154,554.44
9 14,841,039.93 11,955,000.00 26,796,039.93 15,513,282.16 16,380,000.00 31,893,282.16
10 15,583,091.93 11,955,000.00 27,538,091.93 16,288,946.27 16,380,000.00 32,668,946.27
11 16,362,246.53 11,955,000.00 28,317,246.53 17,103,393.58 16,380,000.00 33,483,393.58
12 17,180,358.85 11,955,000.00 29,135,358.85 17,958,563.26 16,380,000.00 34,338,563.26
13 18,039,376.79 11,955,000.00 29,994,376.79 18,856,491.42 16,380,000.00 35,236,491.42
14 18,941,345.63 11,955,000.00 30,896,345.63 19,799,315.99 16,380,000.00 36,179,315.99
15 19,888,412.92 11,955,000.00 31,843,412.92 20,789,281.79 16,380,000.00 37,169,281.79
16 20,882,833.56 11,955,000.00 32,837,833.56 21,828,745.88 16,380,000.00 38,208,745.88
17 21,926,975.24 11,955,000.00 33,881,975.24 22,920,183.18 16,380,000.00 39,300,183.18
18 23,023,324.00 11,955,000.00 34,978,324.00 24,066,192.34 16,380,000.00 40,446,192.34
19 24,174,490.20 11,955,000.00 36,129,490.20 25,269,501.95 16,380,000.00 41,649,501.95
20 25,383,214.71 11,955,000.00 37,338,214.71 26,532,977.05 16,380,000.00 42,912,977.05
21 26,652,375.45 11,955,000.00 38,607,375.45 27,859,625.90 16,380,000.00 44,239,625.90
22 27,984,994.22 11,955,000.00 39,939,994.22 29,252,607.20 16,380,000.00 45,632,607.20
23 29,384,243.93 11,955,000.00 41,339,243.93 30,715,237.56 16,380,000.00 47,095,237.56
24 30,853,456.13 11,955,000.00 42,808,456.13 32,250,999.44 16,380,000.00 48,630,999.44
25 32,396,128.93 11,955,000.00 44,351,128.93 33,863,549.41 16,380,000.00 50,243,549.41
26 34,015,935.38 11,955,000.00 45,970,935.38 35,556,726.88 16,380,000.00 51,936,726.88
27 35,716,732.15 11,955,000.00 47,671,732.15 37,334,563.22 16,380,000.00 53,714,563.22
28 37,502,568.76 11,955,000.00 49,457,568.76 39,201,291.38 16,380,000.00 55,581,291.38
29 39,377,697.20 11,955,000.00 51,332,697.20 41,161,355.95 16,380,000.00 57,541,355.95
30 41,346,582.06 11,955,000.00 53,301,582.06 43,219,423.75 16,380,000.00 59,599,423.75
PRINCIPAL 22,000,000.00 22,000,000.00 22,000,000.00 22,000,000.00
INTEREST 12% 12% 12% 12%
TERM 15 20 25 30
AMORTIZATION 3,230,133.27 2,945,333.16 2,804,999.34 2,731,160.47
TOTAL PAYMENT 48,451,999.08 58,906,663.22 70,124,983.40 81,934,813.98
INTEREST PAID 26,451,999.08 36,906,663.22 48,124,983.40 59,934,813.98
EFFECTIVE RATE 8.02% 8.39% 8.75% 9.08%