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 www.condomillion.com
FULL
LISTINGS
NEWSLETTER
ARCHIVE
MEET
OUR PEOPLE
CURRENCY
CONVERTER
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1. President's Message
2. Hot Condos
3. New Condo Towers
4. Article 1 - Flexible Payment Terms
5. Article 1 - Joya at Rockwell attracts overseas Filipinos
6. Real Estate Jokes
7. News
8. Contacts
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PRESIDENT'S MESSAGE
Welcome to
our Quarter 2, 2004 Newsletter. Well the same government has been returned in the Philippines,
which is a sign of stability. This all goes well for a rise in the
property market over the next 12 months, so now is a good time to consider
a purchase.
Remember, there's a million reasons to buy a condo in the Philippines!
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Sante Delle-Vergini
President & CEO
CondoMillion.com |
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HOT CONDOS
Makati -
5.75M Pesos, 83m2 + 12.5m2 car space
Newly completed condo in the heart of Makati CBD, one block from Ayala
Avenue. Great views. High quality development.
CLICK HERE for more details.
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NEW CONDO TOWERS
This section links to new tower developments listed recently on our
website:
South of Market
http://www.condomillion.com/listings/philippines/Towers/south-of-market/south-of-market.htm
Lancaster Suites
http://www.condomillion.com/listings/philippines/Towers/Lancaster-Suites/lancaster-suites.htm
Joya @ Rockwell
http://www.condomillion.com/listings/philippines/Towers/joya-rockwell/joya-rockwell.htm
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ARTICLES
Article 1 - Flexible Payment Terms
One of the great
things about buying a condo in the Philippines, especially new
developments, is that you can get flexible payment terms. These payment
options usually involve a reservation deposit, a downpayment, amortized
monthly payments, and turnover payments.
Let's look at each of these terms to make sure we understand the same
terminology.
A Reservation Deposit is what is needed to secure a property from
someone buying it before you sign any formal contracts. The payment in
Pesos is usually P50K - P100K, and can be made in cash, bank check, or
wired from any bank locally or internationally. Following a reservation
deposit being received by the seller/developer/broker, contracts and forms
will be sent to you.
Next is the Downpayment. The downpayment is a lump sum payment,
usually required after 30 days, and can range from 10-50%. Most purchased
require some form of downpayment, but there are example of developments
where no downpayment is required. Further, as their is normally a discount
for buyers the full amount in cash, this can also be the case for the
downpayment amount. So for example, if a developer is offering a 10%
discount on the sale price if you pay in cash, then it's possible they may
accept a 10% discount on the downpayment amount, if you decide to elect
payment terms. This is where an agent such as CondoMillion.com
can come in handy, to negotiate these exceptions.
Amortized Monthly Payments, are simply the balance owed payable in
monthly installments. These payments can free of interest charges, or
subject to interest. Some payment terms if the downpayment is high enough,
will have zero interest on the amortized monthly payments. This is
something we don't normally hear of in Western countries, but the fact is
you can often make these payments, without interest, over a period from
1-10 years (depending on the developer).
Last is the Turnover Payment (sometimes called
"balance-upon-completion payment"). This is a payment required to turn
over the condo to the buyer. It can occur before (if the condo is ready
before the balance is paid) or after the final balance is paid, and often
is incorporated into the balance owed. A turnover payment is a one off
payment, and is not usually subject to payment terms. Usually a developer
will require some payment in order to turn the condo over to the buyer,
unless they have wrapped that payment into the monthly amortized payments.
In the latter case, the turnover period will be upon completion of that
condo.
A typical scenario for payment terms could be as follows:
Sale Price: P5,100,000 (approx. US$91,000)
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Reservation Deposit |
P100,000
(thus P5,000,000 balance) |
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20%
Downpayment |
P1,000,000
(after 30 days) |
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Monthly
Amortized Payments |
P83,333
(60% at zero interest, payable over 36
months) |
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20%
Turnover Payment |
P1,000,000 |
For more information on payment terms, investment advice, or general
queries about financing a condo in the Philippines, please email:
sales@condomillion.com.
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Article 2 - Joya at Rockwell attracts overseas Filipinos
Rockwell Land
has exceeded expectations for the pre-selling stage of its residential
condominium development Joya at Rockwell. Close to 80 percent of Joya loft
units have been sold after only five months of pre-selling, prompting
Rockwell executives to add more loft-type units.
According to Rockwell Land CEO Tong Padilla, the pre-selling of Joya lofts
received tremendous response from overseas Filipino communities during
recent road shows held in the US.
"We have just concluded a series of road shows in the United States where
quite a number of Filipinos have chosen to acquire a unit at Joya to serve
as their place of solace for holidays, vacations, or during visits to
their Philippine-based relatives. Others are planning to make Joya their
place of retirement," Padilla said.
Padilla explained that overseas Filipinos share a common wish: that of
owning a home in the Philippines.
"Having your own home in your country, this is a wish of many overseas
Pinoys. And this is part of their plans for the future," Padilla said.
Padilla added that Joya lofts offer "a novel concept of living" because
the bedrooms found on the second floor do not have a fourth wall, allowing
the owner a full view of the living and dining rooms below. The lofts are
sold bare, giving the resident a free hand at creating their own designs.
At about 20 feet high from floor to ceiling, loft units go for P80,000 per
square meter.
According to Rockwell Land
assistant vice-president for sales and marketing Val Soliven, "The cuts
are ideal for couples who deserve much-needed vacation in Manila
or repatriates who need to make quick visits and business deals. A typical
one-bedroom loft measures 55 to 58m2, while a two-bedroom loft measures
from 109 to 126m2," Soliven explained.
Joya also offers tower apartments that come in three types: the one, two
and three-bedroom units, with measurements ranging from 69 to 147m2.
"The tower apartments are sold between P80,000 to P90,000m2. To date, we
have sold more than 300 units at the pre-selling stage," said Soliven.
"With cuts spacious enough to accommodate growing families, the tower
apartments are preferred by couples with three or more children."
To learn more about Joya at Rockwell, please
CLICK HERE.
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REAL ESTATE JOKES
Ask for a raise
A real estate
agent was concerned that they weren't earning enough money. One day they
decided to approach their manager.
"I have to get a raise in my salary," the agent said to the manager. "I
think you should know there are already three other companies after me."
"Is that so?" said the manager. "What companies are they?"
The agent sighed. "The electric company, the telephone company, and the
gas company."
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NEWS
Bonus Stereo TV and DVD Player (extended promotion)
When signing up for a condo at Oriental
Gardens, purchasers will receive a free Stereo TV and DVD
Player. There are only a few remaining units in Tower 1 (Orchid), so if
you want tenants, purchase in this tower before it's too late.
To see more on Oriental Gardens, please
CLICK HERE.
South of Market price rise
There will be a price rise effective August 1, 2004. South of Market is a
deluxe tower, with fully fitted, fully furnished units, at an extremely
good price. Tax free and located in the middle of Fort Bonifacio, Makati.
To see more on South of Market, please
CLICK HERE.
Lancaster Suites running low on available condos
There are just 37 units left at Lancaster Suites in Ortigas. To secure
yours, or for further information, please
CLICK HERE.
For more news, please visit our
News section.
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CONTACTS
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Locations |
Philippines |
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Ms. Julie Formento
Phone:
+63 9063053167
Email:
julie@condomillion.com
PO BOX 1083
Makati Central Post Office
Makati City 1050
Philippines |
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