LGTM Corporation, give us our money back!

Just like any other parent who would like to have a place to retire to and pass on to their kids, we started to invest on a plot of land in my hometown of Baguio City in the Philippines. We have been paying a monthly amortization since the middle of 2007, with the property developer stating that in about 5 years' time, the place would have been developed already - roadworks, pipelines, basic city services would be available at that time and that we would be able to start thinking about having a house built on the land.

Fast-forward to December of 2010 when we visited the Philippines for a December vacation. We had high hopes of the place when we visited the site.... only to be very disappointed.


The original location of the entire subdivision was moved . Where it was originally a short walk from the main road, it is now relocated all the way down the mountain. And they did not inform us about it. I'm sure they did not advise the other investors as well.

And there was no development of the area at all. When we first had a look at the place in 2007, they had started cementing the path that was to be the street a short way off the main road. It was still that way, and it was covered here and there with soil, like no work was really done after that first effort in 2007. Winding all the way down the mountain was a dirt road leading to a place that was being flattened off.

This is what they can show us after 4 years.  A plot of flattened land and a dirt road.  We were standing on the area where the original site was supposed to be built.  We were near the cliff when I took this photo.  It's a long way down to the new site.

I then learned that in 2010, the company's permit was going to be cancelled due to gross violation of its environmental compliance certificate - see the Sunstar news article (http://www.sunstar.com.ph/baguio/local-news/agency-cancel-housing-firm-permits)

The company's name is LGTM Corporation with website at http://lgtm.com.ph

The name of the project in Baguio is St Bernice Homes located in Itogon, Benguet.


Because of the lack of development and perceived problems with the project, we have decided to withdraw from the project and claim a refund last January 2011. Numerous visits by my sister, mother-in-law to their Baguio office has produced no result so far. We have even tried phoning their Manila office and all that was said to us was that it was being followed-up. I have sent emails to their website and there were no replies.

LGTM Corporation, give us our hard-earned money back!

Related links:
Real Estate Developer LGTM Corporation - Really Bad Experience
PMT Forum