Napoles real estate estimated at $485m

Napoles real estate estimated at $485m

A lot on Edsa in Cubao, Quezon City, that businesswoman Janet Lim-Napoles bought from Sen. Jinggoy Estrada forms part of her many real estate assets estimated to be worth P5 billion (S$485 million)

Marina Sula, a whistle-blower who had been assigned to keep records of Napoles' properties, told the Inquirer that the Estrada lot bought by her former employer was on Edsa corner P.

Tuason Street. Sula said she did not have the exact measurement of the lot but described it as "the vacant lot in the middle of a motorcycle store and a pizza warehouse." Estrada's staff said the senator would not comment on the matter at this time.

Estrada, one of the three senators charged with plunder in the Office of the Ombudsman in connection with the P10-billion pork barrel scam, is building a house on a 3,000-square-meter lot in Barangay (village) Wack-Wack in Mandaluyong City. Land in the upscale subdivision is reported to be valued at P70,000 to P80,000 per square meter.

Also forming part of Napoles' properties is a large tract of land she bought from Abono Rep. Conrado Estrella III in Pangasinan province.

Estrella, a former representative of Pangasinan's sixth district, is one the 23 members of the House of Representatives linked to the pork barrel scam believed to be masterminded by Napoles.

Malampaya Fund

Napoles acquired most of her assets, estimated to reach P5 billion, after she got hold of P900 million from the Malampaya Fund intended for storm victims, according to documents obtained by the Inquirer.

Benhur Luy, a former Napoles employee who has accused the detained businesswoman of being the mastermind of rackets that had defrauded the government of P10 billion over the past decade, said the bulk of the Napoles assets was purchased after the P900 million from the Malampaya Fund was released in December 2009 to 12 nongovernment organizations connected to her. Buying left and right

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