"a million reasons
to buy a condo in the
Philippines."

CondoMillion.com ®
Newsletter - Q1, 2005
 

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1. President's Message
2. Condo of the Month
3. New Condo Towers
4. Article 1 - Why consider pre-selling units?
5. News
6. Contacts
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PRESIDENT'S MESSAGE

Welcome to our Quarter 1, 2005 Newsletter, and Happy New Year to you all. Thank you all for being a part of the CondoMillion.com success story during 2004. We look forward to being of great service to you again in 2005.

"There's a million reasons to buy a condo in the Philippines!" Sante Delle-Vergini President & CEO CondoMillion.com

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CONDO OF THE MONTH

Eastwood City, Quezon City - 3.95M, 56m2, 1 Bedroom Deluxe, 1 car space.



Located in Eastwood City, a city within a city, is this deluxe and very large one bedroom condo. 1 car space is included with this condo. Everything you could want is located within Eastwood City, and main roadways connect you to Makati or Ortigas in no time. CLICK HERE for more details.
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NEW CONDO TOWERS

This section links to tower developments listed recently on our website:

Millenia Tower - Ortigas
http://www.condomillion.com/listings/philippines/Towers/millenia-tower/millenia-tower.htm

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ARTICLES

Article 1 - Why consider pre-selling units?

In the Philippines, there are many condo developments on offer. The three main classes of developments are "new" and ready for occupancy, "existing" or older developments, and "pre-selling". Pre-selling refers to developments in which the construction is not yet complete, or turned over to the buyer. In these cases, buyers can wait 2-5 years until their units are completed.

So why consider purchasing a pre-selling unit, and what advantages and disadvantages are there?

ADVANTAGES

Lower Price
Pre-selling units are always priced lower than what they would be if the unit was completed. The developer has to offer some incentive to use your funds to raise a tower, as it is in effect a loan to them along with any other finances they may have. Apart from lower prices, cash discounts are usually on offer as well. We have seen cash discounts as high as 20%.

Choice
When you get in early enough, you can have the choice of whatever unit you prefer and can afford. This beats finding an existing unit that you love, but it is in the wrong location, such as lower floors when you wanted views. Pre-selling has the advantage of picking the floor level, orientation/views, size, etc.

New
It's brand new! When the development is complete, the unit is new, and no one has ever lived in it or used it before.

Interest free terms
Most developers offer interest free repayments for the duration of the construction. With a reservation fee and downpayment made, there is monthly payments made for the balance, or part of the balance with a lumpsum at completion. These interest free payments mean you truly buy the unit at the already discounted price, even though it may take several years to pay it off.

Appreciation
Often overlooked at the time of purchase, condos will appreciate by the time they are completed, in some cases as much as 50%.

Tax Free
Some developments, if they are working to a BTO (Build-To-Own) system, offer pricing free of tax (VAT), transfer charges, and documentary stamp tax. This can save a further 12%-15%.

See our November 2004 Newsletter for more information on BTO schemes.

Flexible Payment Terms
Pre-selling units offer flexible payment terms in the following format:

1 - Reservation Fee. usually 50,000 - 100,000 Pesos
2 - Downpayment. Can be 10%, 20%, 30% even 50% downpayment
3 - Balance Payment. Usually interest free, and spread over 2 - 5 years. Balance payments can also be split into an amount paid over a period of time, or part of the balance paid over that term, with a lumpsum paid when the condo is turned over to the owner.

DISADVANTAGES

Paying in Advance
Your paying for something you can't living in or rent out! This is the biggest downside, especially if you are an investor looking for tenants, However, investment return isn't just in the rental, it's also in the capital gain (appreciation) and if you can get a pre-selling bargain, it will pay off down the track.

Late Completion
Some developments finish later than expected. This is not usually a problem with medium to large developers, and CondoMillion.com only lists those developers that have a track record with completing projects on time. A few months either way is to be expected, and some even finish a lot earlier. BTO developments usually have a guaranteed delivery time, as with South of Market in the Global City. For more information on South of Market, just CLICK HERE

Locked In
If you get into financial trouble, you can't back out of the monthly payments, without interest being charged. Buyers that default on their payments usually have several month to rectify the problem, and the end result can be the unit being confiscated and re-sold by the developer. So if you want the advantage of buying a unit at a great price, and making monthly interest free payments, always make sure you can service the repayments for the duration of the contract.

When purchasing a pre-selling unit, ask your agent the following questions:

1. Who is the developer, and what have they built and completed in the past?
2. What is the expected monthly association dues?
3. What % of the development is sold (a good sign of its success)?
4. Is there any change to the completion date stated by the developer?
5. How well does this development sell compared to others in the area?
6. What cash discounts are on offer?
7. What payment terms are on offer, and are there interest free terms?
8. Does the price include VAT (tax)?
9. Is the agent accredited with the developer?
10. Does it include, or how much extra is a car space?

For more information on pre-selling units, please email sales@condomillion.com

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NEWS

Two Sales Managers in one!



Julie Formento, the first sales person to join CondoMillion.com back in 2003, and who is already a Sales Manager with the company, has been promoted to Sales Manager at Federal Land, one of the biggest developers in the Philippines.

As part of her extended responsibilities, Julie will manage and co-ordinate six other sales executives, and carry a larger annual quota. Her main focus in 2005 for Federal Land will be Oriental Gardens in Makati City.

Having received an award as the number one salesperson at Century Properties during the 3rd quarter of 2004, this promotion at Federal Land is yet another great achievement in an already blossoming career for the 20 year old real estate agent.

For more news, please visit our News section.
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CONTACTS

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