According to CDA loan manager Oscar C. Camacho, “We started the foreclosure proceedings 4-5 years ago.”
CDA set the auction for April 15 pending the release of notice of auction.
The former Antonio A. Arriola building in Garapan, an 11-room residential property on Tinian, a 2.5-hectare property in I-Chenchon and a 928-square-meter lot in Songsong, both on Rota, are heading to the auction block.
The Arriola property was recently appraised with a market value of $141,000. Camacho said its location “is ideal” as it is fronting a main road, across from American Memorial Park.
The Tinian property located in San Jose was appraised last month and was found to be worth $113,000.
On Rota, the defunct Breeze Bar & Grill on the East Harbor side was appraised for $35,000 while the I-Chenchon property has a current market value of $63,000.
Although these properties have gone through the foreclosure process, Camacho said they are still trying to work it out with the borrowers to give them the opportunity to reclaim their properties.
Camacho clarified that the figures given are the appraised values of the properties and do not necessarily equate to the loan amounts.
The loan amount for the Rota properties, for example, is “very substantial,” Camacho said.
Variety also learned that the Talofofo property on CDA’s inventory list is a 35,000-square-meter lot. Camacho said CDA is planning to divide the lot into 5,000-square-meter lots and then try to market them at the best price.
“The appraisal on that Talofofo property is $281,000 and not a lot of people are interested in buying it at that price,” Camacho said.
He told Variety that dividing the property into smaller lots will make them more affordable.
The Talofofo property and Kagman Market were used as collaterals in loans to finance a fishing venture and operation of the market.
Although the agency has yet to dispose of the Talofofo property, Camacho said they were able to sell Kagman Market three years ago.
He said the Kagman Market was appraised at $180,000 but CDA was able to sell it for $350,000.
Camacho said it was sold at a higher price because it was an income-producing property in an ideal location.
Another property that was auctioned off and remains in the inventory is the 9,384.5-square-meter property in Tatgua, Rota with an appraised value of $75,000 as of Sept. 2008.
“We had it auctioned, nobody bought it, and now CDA has it in its inventory list,” Camacho said.
