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? Club Ultima condos ?


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I visited a sales office at Club Ultima in July 2006. A sales representative told me that J King & Sons Company Inc. was a Cebu family that was developing the Crown Regency Hotel on Fuente Osmena, Club Ultima in a second building behind the hotel, and a condomium in a third building behind the hotel. The third building would also have a mall and offices on the lower floors.

 

The sales representative said that the approximate cost started at about US$50,000 for a 50-square meter loft-type condo unit, without any flooring or any fixture. Before you could buy a condo unit, you had to buy a lifetime membership in Club Ultima, which offered a gym, other sporting type facilities, beauty care services, hotel rooms in the second building at discount rate, and restaurant. There were different levels of membership that started around US$2,500 plus monthly dues.

 

Supposedly, in July 2006 about 70 percent of the condo units had been sold and nearly all were sold to foreigners. However, many of them were Filipinos working and living overseas, such as Canada and USA, who were purchasing the units as an investment.

 

I visited the company's web site, www.clubultima.com, but there was very little information there. There was a bit more information at www.crownregency.com/cebu.php

 

I was wondering about the viability of this development, background of the developers, and items to maintain a watch on.

 

For example, how would the 60 percent limit on foreign ownership apply and would it apply just to the condomiums or to all three buildings or all?

 

How would 200-plus condo units and a high-rise 5-star hotel full of residents and guests likely affect the surrounding blocks?

 

I am considering the possibility of a future purchase of a condo unit in Cebu City, but would most likely rent and live in the area before buying.

 

What are your considered thoughts, experience on this subject?

 

Thanks in advance.

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If you want city life and be close to malls, etc then its a good location. But also keep in mind that the more you wait, the prices will continue to go up. I would personally prefer to live in Tuscania than the property above or the Winland towers ,

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The Club Ultima Membership

ultima_membership.jpg

 

The membership is painful for the number of days stay. Lets figure 5 years of membership:

  • "A" members would get 35 nights stay in that 5 years and would pay:
    • P210,000 Initial Investment
    • P75,000 Monthly dues for 5 years
    • P285,000 Total
    • Yearly cost is P57,000
    • So for the 35 nights the cost per night is P8143
    • Of course there is P6,000 consumable each year which hopefully you get to use on other than the 7 nights per year
    • But consumables usually just mean you spend more...

    [*]"B" members would get 70 nights stay but the cost would be higher:

    • P306,000 Initial Investment
    • P105,000 Monthly dues for 5 years
    • P411,000 Total
    • Yearly cost is P82,200
    • So for the 70 nights the cost per night is P5871

    [*]"C" Members would get 105 nights and the break down is:

    • P442,000 Initial Investment
    • P234,000 Monthly dues for 5 years
    • P676,000 total
    • Yearly cost is P135,200
    • The nights stay is P6438

Considering that current room rates start at $85 (P4300) and the hefty initial investment I would say this is not a good use of your money unless you are really rolling in it. And if thats true a resort in Tahiti or Cannes would probably be better.

 

Yes I know club privileges are included but I am still not impressed.

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So its just another time share fraud then? Ok maybe the time share concept is not fraud, but its very close to it if you ask me.

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