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Must See!
If you're a first-time condominium unit buyer or a first time
investor of Philippine real estate properties, I suggest you view the
following video clips. These tips will help you in your real estate
investment:
Why invest at Bonifacio Global City (BGC)
Factors affecting condominium dues
Cost of living at Bonifacio Global City (BGC)
How to choose the right realtor
Check out our Video
Clips for Tips on Real Estate Investment and more!
Who will take care of the investments of FilAms?
Source:
PhilippineNews.com online edition
Beting Laygo Dolor, Sep 27, 2006
MANILA – Because of the growing number of Filipino Americans investing in real
property in the Philippines, there is also a growing need for qualified property
managers.
With this in mind, licensed real estate broker Cynthia Palad Yap put up Fort
Bonifacio Consultancy.
As its name implies, the company specializes in properties within the Fort
Bonifacio Global City area, considered the top market for those who wish to
invest in condominiums in the Philippines.
The one big problem that a FilAm buyer faces after he or she has purchased such
a
 property is, who takes care of the unit?
Fort Boni Consultancy answers this need. This relatively new company is not your
typical property consultancy firm as it also “house sits” professionally in the
absence of the new owners.
“When you’re based abroad, FilAms and foreigners alike look for that assurance
that their investment will be looked after and cared for,” Yap told Philippine
News.
Fort Boni Consultancy in effect “manages their property with a remote control,”
she said. “That’s specifically the service that I have been offering through the
years.
Yap’s first company, CPY Real Estate Movers, was set up in 2001. One of the
first things she did was to create
www.realestatemovers.com. The website is one of the most frequently visited
portals for those on the hunt for property to buy. It also serves as an accurate
research and reference guide.
Her newer company is also visible in the web via
www.fortboniconsultancy.com.
Yap says there is no other company in the country that caters and answers the
needs of the meticulous investor.
“We set the precedent in this sector of the industry,” she said, “And we boast
of comprehensive and integrated information on all property developments in Fort
Bonifacio Global City. Our services take the fuss and worries from the investor
giving them the freedom to enjoy their home.”
Unlike “paid” property consultants who disappear or transfer to other developers
after a few months, Yap offers continuous service to the client. For example,
she gives construction updates of condos she has sold to clients, sending
pictures of these as they are erected and completed on a regular basis.
Normally, “broker-buyer relations stop after sales,” she told Philippine News.
This is precisely what she seeks to avoid.
“Some of my clients tell me that right after buying the property, their
consultants disappear, leaving them clueless as to the project’s progress. I
have taken it upon myself to extend the after-sales service.”
Yap has spent most of her adult life in the real estate industry.
Graduating cum laude with a degree in agribusiness management from the
University of the Philippines Los Banos, she first worked at the National
Economic and Development Authority as economic development analyst. She then
earned her master’s degree in business administration at UP Diliman. Then it was
real estate all the way.
Her first foray in the sector was as commercial property negotiator for First
Pacific Davies (Philippines), focusing on office space sales and rentals within
the Makati Central Business District.
In 1995, she moved to C&P Homes as one of the company’s marketing managers.
She was one of the first to see the potential of Fort Boni, but opted to become
an independent broker. This, she said, gave her an edge over other agents or
brokers. “Unlike some exclusive property consultants of developers who are only
familiar with one project, I have the freedom to choose among condo developments
and recommend the best property suited for the investor. In a nutshell, I am not
limited,” she said.
Yap undertakes a lot of research on the properties she sells, looking at the
track record and reputation of developers/builders before she recommends a
property to a client. She only recommends properties that pass her standards.
This is important to buyers who are far from the Philippines, such as FilAms.
Earlier this year, a well-known builder invited Philippine News to view his
company’s property in the Fort Boni area. The condo was almost complete, months
ahead of schedule.
In front of that property was another condo project being built by another
well-known developer. Clearly, it would miss its promised completion deadline by
a mile.
Yap’s company offers comprehensive after-purchase property management services
which includes property sale or rental, contract preparation or review and
property documentation services.
More importantly, she also offers peace of mind for the investor.
Bonifacio
Global City: the next growth area
 Bonifacio Global City (formerly known as Fort Bonifacio or Fort Boni)
in Taguig City is poised
to be the next growth area . Its strategic location is a big
advantage for investors and end- users since Bonifacio Global City is
bounded by 3 major roads: EDSA, C-5 and the South Luzon Expressway (SLEX). The place is perfect
for the mobile individual and for corporations which intend to set up office in the
area. Read the articles about BGC.
March 2008
Check out
our Video Clips for Tips on Real Estate Investment and more!
The East Tower at One Serendra - the
newest high-rise development at BGC
New office spaces for lease at Bonifacio Global City
(BGC)
February 2008
Groundbreaking of Avant at the Fort
IMPORTANT ANNOUNCEMENT!
Access the Real Estate Movers, Inc. website through www.fortbonicondo.com
All visitors/users of the Real Estate Movers website can now access the website
by either typing www.realestatemovers.com
or www.fortbonicondo.com.
Real Estate Movers has a comprehensive list of residential condos for sale and
for lease within the Bonifacio Global City or more popularly known as Fort Boni.
Visit the Fort Boni Residential Condo
page for more details regarding these residential developments.
Filipino,
let's help our country move forward!
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9 Tips on how to buy a condo
in the Philippines
by: Cynthia "Cynch" Palad-Yap
Owner and General Manager, Real Estate Movers, Inc. (www.realestatemovers.com)
June 3, 2006
Are you a first-time condo buyer in the Philippines? Are you a balikbayan who
has not been home for a long time? I have here some 9 tips in buying the
right condominium unit in the Philippines.
1) Location
When it comes to buying a condominium or a real estate property, it always boils
down to a good location. Is it near major thoroughfares? Is the condo
located in a quiet area and yet accessible to the commercial area, schools and
hospitals? For the typical balikbayan, the usual question is, how many minutes
is the condo from the airport?
For one, the Bonifacio Global City (BGC), also known as Fort Bonifacio or Fort
Boni, has a very good location. It is only 30 minutes from the Ninoy Aquino
International Airport (NAIA) and is practically close to major locations like
Makati City, Pasig City, Mandaluyong City, Quezon City, Manila, Antipolo and
Alabang. BGC is right at the middle of everything!
2) Masterplan
In relation to a good location, does the area
have a good masterplan? A good masterplan incorporates several factors
like zoning of the area (ie, specific areas are designated for commercial,
office and residential use), density of the area (ie, strict implementation of
the Floor Area Ratios (FARs) for buildings to be constructed), security and
traffic management, designation of areas for open spaces, parks and landscaping,
reliable utilities (ie, presence of reliable telecommunication facilities,
drainage systems, reliable water supply).
How will the surrounding area look like 5-10 years from the time you bought the
condo? This will only be answered through a good masterplan.
BGC has a good masterplan --- it's world-class!
3) Track record of the
developer/builder/project manager
The track record of the developer/builder/project manager is very important in
buying a condo. Did they finish the projects on time? Did they deliver the
condo based on what they promised?
4) Turnover date
Turnover date is very important in buying a condo. Why invest in a condo in
which the turnover date will take forever? The reason that you, the buyer, is
investing in a condo is because you and your family would like to use it right
away. The typical balikbayan would like to have a place of their own when
they visit the Philippines while other investors would like to lease out their
condo for rental income. The point is you are buying a condo because you would
like to get the benefits at a shorter waiting time.
In fact, many investors are lured by developers on low monthly payments in
return for a longer waiting time (ie, longer turnover date)! So take note
of the turnover date before giving your reservation check.
5) Density of the condo building
True, the model unit looks awesome.... the model units looks great in the
brochure and in the CD presentation. The walk-through which you are
now viewing in your internet browser is world-class! But have you considered the
number of units per floor, the total number of storeys of the condo building,
the number of passenger elevators for the entire condo building? Simply
put, the density of the building will determine the number of tenants in the
building which has an implication on foot traffic, waiting time in the elevator
and of course, tenant's privacy.
Look at the floor plan closely and consider these factors.
6) Unit type
In general, condominiums will fall under two (2) unit types: the flat unit or
bi-level/loft units. Flat units are the typical condo unit wherein all bedrooms,
the living room, dining room, toilet and baths are all located in one level.
Bi-level/loft units are those condos which has a staircase leading to the loft
or second level where the bedrooms and sometimes the T&B are located.
Selecting a flat unit versus a bi-level/loft unit is very subjective because it
really depends on the tastes and preferences of the client. As a real
estate broker, I'd like to point out several areas for consideration. The
Philippines is a tropical country and during summer, it gets really hot
especially in a condominium unit. Most condos use glass for aesthetic
purposes and loft-type units have higher floor to ceiling heights and
therefore, higher exposure to sunshine. Higher exposure to sunshine means
warmer temperatures and for the condo dweller to be comfortable, you
should have a good airconditioning system. Obviously, the loft-type units
require more airconditioning and therefore, higher electricity costs.
However, if you as a buyer would still like to
get a loft-type unit similar to the ones we see in Manhattan, NYC, then go for
it! But be prepared to invest in a good airconditioning system.
Also, you have to consider if small children and old people will be using the
condo. A flat unit will be more appropriate if there are small children and old
people who will use the condo.
7) Property Management
Property management is very important in buying a condo. Make sure that the
developer is committed in the appreciation of property values of the condo
through good property management. Good property management will be reflected
through efficient maintenance and security of the common areas (like the lobby,
hallways), efficient garbage collection, and proper maintenance of the amenities
like the swimming pool, gym, function rooms, etc.
It is also good to know the projected condominium dues (also known as
association fees) of the condo property that you're buying . In general, condos
with more open spaces and more amenities have higher condominium dues. This is
usually reflected on a Peso per square meter basis.
8) Know other costs to be incurred in the
purchase of the property
When you buy a condominium unit, there are other costs to be considered namely:
a) The projected condominium dues/association fees to be paid -- The dues
are usually paid when the unit has been turned over to the buyer. Item 6
above has discussed the coverage of the condo dues.
b) Value Added Tax (VAT) - Double check if the price that is being quoted to you
includes the 12% VAT.
In the case of Build-To-Own (BTO) projects, they are exempted from the 12% VAT.
c) The closing costs -- The closing costs usually covers the registration fees,
transfer taxes, documentary stamps tax. Some developers require you to pay
this 30 days after reservation while others require payment on the
turnover date.
In the case of BTO projects, the unit owner will just pay for the registration
fees.
d) Projected Property Taxes for the unit --- The ACTUAL property tax can only be
determined when the condo unit is ready for occupancy (RFO). The
Assessor's office (a government body) will make an actual assessment of the
value of the property which will be the basis for the property taxes. The
property tax is usually 1.5% of the assessed value of condo unit.
In the case of pre-selling projects, an estimate of the property tax can be done
by getting 50% of the selling price as the assessed value and multiplying this
by 1.5%. Therefore a Php 3 M condo will have a projected property tax of Php
22,500 per year (Php 3M x 50% x 1.5% = Php 22,500).
9) Work with a reputable and knowledgeable
licensed real estate broker.
The licensed real estate broker is your link to the developer/builder/project
manager. He/she can give you a thorough background of different
condominium developments emphasizing the condo's strengths and weaknesses.
A knowledgeable real estate broker can assist you in coming up with a
"shortlist" of condos based on your needs and preferences. He/she can help
you with the sales and negotiation process and last but not the least, he/she
will provide you good after-sales service.
I hope that these information will be very helpful for you in selecting the
right condo in the Philippines.
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