In 1996, a real estate developer entered into a joint venture agreement with a hotel to develop a P60 million project by building an exclusive residential resort in Subic, Zambales. The selling of club memberships for the resort began that same year and the resort was scheduled for completion in July 1998.
An individual purchased one membership share for the resort at P835,999.94, payable in installments. The individual immediately paid the reservation fee of P209,000.00 and fully paid the balance by April 1998.
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