Interested in getting in on the condo hotel trend in the Philippines? Perhaps youíve heard about this new type of vacation home ownership and it sounds right for you.
A condo hotel unit, or ìcondotel,î is typically a three-star or higher property with a management company that takes care of all the hassles typically associated with ownership, including maintenance and finding renters when youíre not using your condotel unit.
With many new condo hotel properties coming on the market, when is the best time to buy? The answer is easy. In early pre-construction phase of development. Most condo hotels begin selling their units long before the property is built, and often before even the first shovel-full of dirt is overturned. The idea behind a pre-construction purchase is that youíre buying tomorrowís property at todayís price.
One such property now on the market in the Philippines is Pacific Concord Properties, Inc., Flagship Lancaster Suites Condotel [Manila] development located along Shaw Boulevard, Mandaluyong City, Metro Manila, one of the hottest Condotel Investments in the Philippines
To be called Lancaster – The Atrium [which is the second Tower adjacent to the existing ìSold Outî Tower I] PCPI is now accepting Reservations for Studio, One, Two & Three Bedroom Suites adopting International Standard Escrow Trust Account ìBuyer Safeî Easy Secure Payment PlansÖ with 6 year interest free payment terms or up to 12 year ìIn-Houseî financing available, full condo ownership, no management costs for Condotel Suites, and minimum monthly maintenance fees, as buyers or sellers of Real Estate you really should take a moment to look at this Philippine Condotel Investment Opportunity
Marketed by PLC International Marketing Networks, the lead Marketing Partners with PCPI, the Lancaster Manila Atrium Tower A, Shaw Boulevard, Metro Manila, Philippines is a ìFull Serviceî Condominium Hotel [îCondotelî] offering Studio, One, Two and Three Bedroom Suites for sale.
To be completed and ready for turnover from December 2009/2010, the Lancaster Suites Manila Atrium Tower II will provide unit owners with premier residential condo units with the option of enrolling their units in the Lancaster Condotel Rental Pool.
Beth Collingz, PLCís International Marketing Director said ëThis is a great investment opportunity for Fil-Amís whom visit Manila for Vacations or Business as they can earn Rental Incomes [at current purchase levels] of some 12-16% ROI per annum as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. This makes Lancaster Suites one of the Hottest Investment Opportunities in the Philippinesî.
All units at the Lancaster Suites have kitchen facilities. The standard unit price provides for the suite to be finished but not fully furnished. Included in the current price are the interior finishingís such as tiled & fitted bathrooms, bedrooms with simulated wood plank flooring, living and dining area tiled floorings and lower kitchen cabinets/work tops installed. A complete optional extra interior fit-out package including appliances will be available towards the time the units are closer to being completed towards the latter part of 2009. Monthly condo dues are currently around 80 pesos/square meter of the unit floor area/month..
The Lancaster Atrium Suites are now available on the very affordable and competitive New Payment Plan that provides for Suites to be purchased on a No Interest No Down Payment basis with 67% of the payment payable over 60 equal consecutive monthly installments without interest and the 33% balance payable upon turnover of the unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification ìIn-Houseî Finance PlansÖ
The current selling price [effective March 1, 2007] for the Lancaster Manila Atrium Tower A Tax Exempt Studio Units is Pesos 75,888 or $1,615.00 per sqm. The One Bedroom, Two and Three Bedroom Suites are priced at Pesos 84,994.56 or $1,808.80 per sqm including Government Taxes [R-Vat 12%]. Units may be purchased on a Six Year No Interest Charge Term of payment or longer term ìIn-Houseî financing plans. Turnover of units for Tower A will be from December 2009/2010
ìForeign Nationals are legally allowed to purchase as much as 40% of the total number of condominium units on the market at any given time. Overseas Filipinos and more and more foreigners are now emerging as a market for condotel units. Many or our clients are coming from different countries like South Korea, Australia, United Kingdom, Saudi Arabia and other parts of the Middle Eastî Collingz said.
Appreciation Makes Pre-construction Appealing. Some people wonder why they should buy in pre-construction phases. After all, your deposit monies are tied up for one to two years. The answer is you get in on the ground floor when prices are lowest and unit selection is greatest. As the condo hotel is being built, it is gradually appreciating. Developers implement planned price increases at various stages of the selling process, often as many as three to five price hikes.
If you purchase your unit at a pre-construction price, it potentially could be worth significantly more at completion. When you sell, that translates into a higher profit for you. The actual profit of course depends on the general market conditions, interest rates and competition. All preconstruction payments will be made to the Lancaster Suites Manila Atrium Tower A Equitable PCI Bank Escrow Trust Account. It is anticipated, given the track record on sales of Tower I Units that property appreciation for initial buyers of Tower A Atrium Units will be at least 60-70% on turnover of units.