- Punch Listing and Inspection was completed last September 18,

               2007.

            - Contractor is presently working on items for rectification.

            - The water supply was tapped last September 17, 2007.

            - Concrete sidewalk and pavement, and underground system utilities were completed (i.e. electrical cables, waterline, sewer line and drainage).

Amara Clubhouse:

            - Tensile roof at the beach bar is 100% complete.

            - Swimming Pool is 100% complete.  Punch listing and inspection was

               done.

            - Punch List works on architectural finishes were conducted and

               contractor is working already on the rectified items.

            - Cleaning/housekeeping is being conducted on a daily basis by the

               contractor.

            - Generator set, lighting fixtures and plumbing installation were tested

               and commissioned ready for operation.

Amara Landscaping:

Softscape:

Softscaping work is 100% completed.  Trees & ground covers are now very evident.

Hardscape:

Hardscaping works overall accomplishment is 100 % complete. Hardscaping along clubhouse area is 100% consisting of white sand at the Beach Bar, stamp concrete and pebble finishes at the clubhouse walkways, amphitheater, playground area and viewing decks.  Binangonan chips and crushed gravel finishes are now being completed at Main Drives and Main Rotunda.

Amara Phase 2 Land Development:

Accomplishment:

            - Clearing and Grubbing - 100%

            - Cut (Roadways) - 70%

            - Fill (Roadways) - 5%

            - The excavation of the sewer line started already last September 17,

               2007.