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Astroland Developers vs GSIS and CA

ASTROLAND DEVELOPERS, INC., Petitioner, versus GOVERNMENT SERVICE INSURANCE SYSTEM and COURT OF APPEALS, Respondents.

G.R. No. 129796 | 2004-09-20

D E C I S I O N


CALLEJO, SR., J.:

Queen's Row Subdivision, Inc. (QRSI) is the owner of a parcel of land located in Barangay Molino, Bacoor, Cavite. To finance the development of a portion of the property into a housing project, QRSI secured a loan from the Government Service Insurance System (GSIS) on May 13, 1971 in the amount of P10,000,000. QRSI was to construct 4,493 housing units on a portion of the property, consisting of 100 hectares, and, thereafter, sell the same to qualified members of the GSIS. It secured an additional loan of P4,000,000 from the GSIS on February 28, 1972. However, by 1980, only 1,250 housing units had been...