9. PROJECT FUNDING

 Santorini  Mountain-view Villas  Sports Complex  Esplanade / Lighthouse  Beachfront & Amenities  Mechanized Wave

It is estimated that the three phases of design development will be completed in eleven (11) months. At the ninth (9th) month, the bidding for procurement can proceed for the construction.

The professional services of the Architect are limited to the design development leading to the procurement and awarding of the Project to a Contractor. The construction management and supervision services will be addressed separately in the future.

For the Phase-1 development, the estimated construction is estimated at PHP 2,584,000,000.00. This estimate can be finalized after the feasibility is completed at which time the schematic design can be completed including the construction costs associated for the Phase-1 development.

The estimated professional fee for the design scope for Phase-1 which covers the Feasibility Study, Schematic Design, and Detailed Design is PHP 157,266,000.00.

Total funding for Phase 1 excluding the Construction Management and Supervision:

PHP 2,741,266,103.60 ($46,565,885.77).

The material in this plan is private information and is not to be copied or transmitted. This material constitutes intellectual property pursuant to RA 8293 and not to be disclosed to any party without expressed and written consent from the owner. Revision A, 14 July 2005