Jump to content

luxury apartments


Recommended Posts

Hello,

 

Just needed some help for my brother i needed to know do they have any Luxury apartments or townhouses in the cebu area or anywhere near cebu any info would be nice we checked classifieds but no luck he is not looking for a motel or hotel he needs a place for years and years what he means by luxury is beautifull interior and all the nice stuff you could have in an apartment house or condo or townhouse any info would be nice thanks

 

Brandon

Link to post
Share on other sites
TheMatrix

You can get nice luxury furnished units at CityLights. Though the units are a little small for my taste.

50-80k/mth for 2-3 BR's

Link to post
Share on other sites
smokey

for years and years he might as well buy the place... see anything in ahyer cebu as to having nice stuff ha ha ha most rentals have a 19 inch old style tv and a bamboo bed with a 3 inch slab of foam ... just think if you were going to rent a place would you fill it with high dollar stuff the renter could borrow ???? that is the reason i cant rent my house the stuff in it to replace would take 2years of rent.. i have seen houses for rent for over 100,000p a month and the pictures show a foam mat and super cheap stuff.. buy or be prepared to pay

Edited by robert51
Link to post
Share on other sites
Panserhansen

Tancor Building in Mabolo have some expensive units, fully furnished. Haven't been inside but it's expensive and probably nice. Nice location. If I had that kind of money I would probably go for a house with a swimming pool instead.

 

My best advice is to contact Paul Whiteway in Expatservices, he has relocated both expensive and cheap.

Link to post
Share on other sites
  • Triple Diamond Sponsor
Monsoon

You can get nice luxury furnished units at CityLights. Though the units are a little small for my taste.

50-80k/mth for 2-3 BR's

 

Lux / mid-level exec housing in Cebu is scarce, especially more scarce when looking for a condo / apartment. I will never understand why the Makati equivelent is more expensive in Cebu. Strange market there.

 

I too have been looking for something like that and have given up I'll just take a house.

Link to post
Share on other sites
David_LivinginTalisay
Hello,

 

Just needed some help for my brother i needed to know do they have any Luxury apartments or townhouses in the cebu area or anywhere near cebu any info would be nice we checked classifieds but no luck he is not looking for a motel or hotel he needs a place for years and years what he means by luxury is beautifull interior and all the nice stuff you could have in an apartment house or condo or townhouse any info would be nice thanks

 

Brandon

Brandon,

Your Brother might be better off buying a Condo Unit and getting it furnished.

The reason I say this is because when I was looking @ to buy a Condo Unit in Ultima Residences, I was offered some high end units that were nicely kitted out with LCD TV, Fridge/Freezer, Microwave, Hob, Aircon and nicely decorated.

prime.jpg

They were out of my Price range however and I ended up buying an Studio Unit of just 27.5 sq m that will cost me Php2M approx over 17 months. If I decide to sign it over to Condotel operation, then it will cost me Php412,500 to furnish and equip it to the standards of Crown Regency Hotels. Then there is a one time cost of P30,000, is required to cover contribution for housekeeping, maintenance, uniforms, linens, etc...

Assuming I did decide to sign it over to Condotel use, as a unit owner, I can use my unit for free for 30-days benefit & I'll have a 335-Day for leaseback program.

The computed projected income based on the assumption of a Php 2,000 room rate / day and at only 60% occupancy rates. ( Based on 28 sq. m. unit)

335 days @ 60% occupancy = 201 Days x Php 2,000/ day = PHP 402,000. Deduct approx. 50% as management fee, taxes, incentive bonus, leaves me with Nett Income of Php201,000.00

That is about 10% ROI (not counting the cost of Furnishing, and Decoration, and Appliances which might need replacing after say 5 Years), so 8%pa might be more realistic. It will be higher if the Management achieves >60% Occupancy (or lower if they don't).

An Executive Suite with a Floor Area of 42 sq m is going to cost more (Php3.5M+) than a Studio of 28 sq m, but then the Rental Income is 2.25 that of the Studio! It will also cost more Pphp630,000) to furnish and equip.

The reason I mention this is to show what sort of prices you would have to pay to Rent such High End Apartment or Townhouse - it is about 10% of the Purchase Price (or 20% if you want Room Cleaning, Laundry etc).

I discovered that buying a property of Richard King's Fuente Triangle Realty Development Corp. has a number of advantages over buying from Ayala Land or Oboitiz etc, as they repayment Terms with zero Interest are very good, and there is offer to buy back or trade in also.

So consider a high end Penthouse or Executive Suite Condominium that would cost say Php10M. You have to put down 20% (Php2M) and the Balance of 80% (Php8M) over 5 years @ 9%pa = 166.6K per month.

Clearly that is a lot higher (2x) than Renting a Php10M worth Apartment or Town-house, but the difference is you will own it, and after 5 years could sell it at perhaps 15M by then?

Just to show that my example is not unrealistic, I looked here http://www.fuentetriangle.com/main/units/all_units/41 to see what was still available in Ultima Prime (our of my price range as I mentioned)

Ultima Prime Units

Unit Name : 7th-6

Unit Price : 9 209 200.00

Unit Content :

 

Ground Area: 52.50 sq.m.

Loft Area: 69.30 sq.m.

Balcony Area: 4.70 sq.m.

Total Area: 126.50 sq.m.

 

 

 

Option A - Reservation Fee : P 50,000.00

10% Down Payment : P 0.90

90% Balance : P 8.10 60 months

Option B - Reservation Fee : P 50,000.00

20% Down Payment : P 1.80

80% Balance : P 7.20 60 months

Option C - Reservation Fee : P 50,000.00

30% Down Payment : P 2.70

70% Balance : P 6.30 60 months

If that is bigger, more expensive than what your brother might want to consider, that Ultima Residences Tower 3, is also what I looked @ and they have more affordable units still available, like these:-

Fuente Tower 3 Units

Unit Name : 9th-3

Unit Price : 2 400 000.00 (Cost of Improvements not included)

Unit Content :

 

Type: Loft

Main Area: 54.75 sq.m.

Loft: 49.50 sq.m.

Total Area: 104.50 sq.m.

 

 

 

Option A - Reservation Fee : P 100,000.00

20% Down Payment : P 0.40

80% Balance : P 1.60 on the 10 months or Bank Financing

Option B - Reservation Fee : P 100,000.00

30% Down Payment : P 0.60

70% Balance : P 1.40 on the 10 months or Bank Financing

That was a unit I did look at (but I thought it was Php3.4M - perhaps a different unit?) as it was better investment if wanting to sign over to Condotel operation as the Pooled Rental Share is 2.25, yet the cost was not 2.25 that of the 28 sq m Studio. Perhaps these are ones that were bought, then equipped to be let out, then the owner traded up to Apartment in Boracay or something? Just an idea as it says "(Cost of Improvements not included)"

Another reason I bought from FTRDC was the 70% Discount on Club Ultima Membership (saving me about Php270,000). After 2 years I could potentially sell my Club Ultima Membership which is currently worth Php301,000 (approx), Those who took our Club Ultima Membership when first launched bought in @ Php60K, so you see appreciation on that also, as well as getting to use the Swimming pools and Gym etc and getting Free accommodation Vouchers.

Someone posted about buying being a better proposition from a ROI perspective, than Renting for many years. Ok the payments may be typically double that of renting, but you do then own the unit after say 5 years, and you can then sell at good profit hopefully. Just putting some 'meat' on the bones as it were for some 'food for thought'.

And before some wise ass starts suggesting there is some financial motive or gain, behind my reply, I will just say read my 'Disclaimer' in my signature.

If you think I am lying, you better have proof of such (or face getting banned possibly?)

Link to post
Share on other sites
TheMatrix

I have a condo at Club Ultima that I will sell. I bought it before they broke ground on it over three years ago. It's getting close to being finished. I'll sell it for the same price I bought it for three years ago if anyone is interested. PM me for details.

Link to post
Share on other sites
Julian C Thong

I would endorse the view that luxury in the RP is not the same in the West. I have rented 3 times now but always unfurnished. Most upmarket units for long term are, on average, unfurnished or the landlord will remove his stuff, usually beaten up crap anyway. In that way the deposit is much less (no more than 1 month or walk away) and rent cheaper (usually 20%).

 

You dont give an idea of the size of unit your looking for, bit like saying I'd like a car with 4 wheels. There is every type of size available, both condo and house, but location is always the most important aspect in my view. Do you want downtown (dirty and hassle) or suburbs (excellent subdivisions and high security and spacious quality)? How much can you afford, 5000 peso or 200,000 peso?

 

My advice would be to look on google earth, work out what you really want by way of a specification and post again.

 

Good luck

Link to post
Share on other sites
smokey

I would endorse the view that luxury in the RP is not the same in the West. I have rented 3 times now but always unfurnished. Most upmarket units for long term are, on average, unfurnished or the landlord will remove his stuff, usually beaten up crap anyway. In that way the deposit is much less (no more than 1 month or walk away) and rent cheaper (usually 20%).

 

You dont give an idea of the size of unit your looking for, bit like saying I'd like a car with 4 wheels. There is every type of size available, both condo and house, but location is always the most important aspect in my view. Do you want downtown (dirty and hassle) or suburbs (excellent subdivisions and high security and spacious quality)? How much can you afford, 5000 peso or 200,000 peso?

 

My advice would be to look on google earth, work out what you really want by way of a specification and post again.

 

Good luck

 

 

 

 

what some of these places call furnished is stuff we threw away in the late 60sss

Link to post
Share on other sites
  • Triple Diamond Sponsor
Monsoon

Sorry - if you believe those numbers they throw at you - then I got some swamp land to sell you..

 

Bottom line - here is what you need to look at before buying ANY condo in the Philippines no matter where you are at:

 

% required before TURNOVER

% of occupancy in the units (if already have completed units / towers that are turned over)

Average rent paid by occupied units unfurnished

Average rent paid by occupied units furnished

 

Demand for rentals in this unit / area where unit is located.

 

% you can earn on your cash

 

 

The numbers you just laid out are horrible investment wise. I own 14 condominiums here in the Philippines. Admittedly some where not good investments, the others were horrible investments.

 

Save your cash. Shop around. I have a unit in the most exclusive condominium development in the Philippines and have it for sale over a year... Dont expect to cash yourself up anytime soon if you own it. Its a false market here. I could give a 2 hour lecture on the PH real estate market - dont have time or energy to type it all out - just use your head.

 

Best of luck to you.

 

PS - Club ultima membership is almost worthless anyone can go there and the amenities are shit in my opinion. I have a PHP 4.0 MM condo that has FAR better Amenities than a club ulitima condo. And actually has liquidity on the rental.

 

 

 

 

Hello,

 

Just needed some help for my brother i needed to know do they have any Luxury apartments or townhouses in the cebu area or anywhere near cebu any info would be nice we checked classifieds but no luck he is not looking for a motel or hotel he needs a place for years and years what he means by luxury is beautifull interior and all the nice stuff you could have in an apartment house or condo or townhouse any info would be nice thanks

 

Brandon

Brandon,

Your Brother might be better off buying a Condo Unit and getting it furnished.

The reason I say this is because when I was looking @ to buy a Condo Unit in Ultima Residences, I was offered some high end units that were nicely kitted out with LCD TV, Fridge/Freezer, Microwave, Hob, Aircon and nicely decorated.

prime.jpg

They were out of my Price range however and I ended up buying an Studio Unit of just 27.5 sq m that will cost me Php2M approx over 17 months. If I decide to sign it over to Condotel operation, then it will cost me Php412,500 to furnish and equip it to the standards of Crown Regency Hotels. Then there is a one time cost of P30,000, is required to cover contribution for housekeeping, maintenance, uniforms, linens, etc...

Assuming I did decide to sign it over to Condotel use, as a unit owner, I can use my unit for free for 30-days benefit & I'll have a 335-Day for leaseback program.

The computed projected income based on the assumption of a Php 2,000 room rate / day and at only 60% occupancy rates. ( Based on 28 sq. m. unit)

335 days @ 60% occupancy = 201 Days x Php 2,000/ day = PHP 402,000. Deduct approx. 50% as management fee, taxes, incentive bonus, leaves me with Nett Income of Php201,000.00

That is about 10% ROI (not counting the cost of Furnishing, and Decoration, and Appliances which might need replacing after say 5 Years), so 8%pa might be more realistic. It will be higher if the Management achieves >60% Occupancy (or lower if they don't).

An Executive Suite with a Floor Area of 42 sq m is going to cost more (Php3.5M+) than a Studio of 28 sq m, but then the Rental Income is 2.25 that of the Studio! It will also cost more Pphp630,000) to furnish and equip.

The reason I mention this is to show what sort of prices you would have to pay to Rent such High End Apartment or Townhouse - it is about 10% of the Purchase Price (or 20% if you want Room Cleaning, Laundry etc).

I discovered that buying a property of Richard King's Fuente Triangle Realty Development Corp. has a number of advantages over buying from Ayala Land or Oboitiz etc, as they repayment Terms with zero Interest are very good, and there is offer to buy back or trade in also.

So consider a high end Penthouse or Executive Suite Condominium that would cost say Php10M. You have to put down 20% (Php2M) and the Balance of 80% (Php8M) over 5 years @ 9%pa = 166.6K per month.

Clearly that is a lot higher (2x) than Renting a Php10M worth Apartment or Town-house, but the difference is you will own it, and after 5 years could sell it at perhaps 15M by then?

Just to show that my example is not unrealistic, I looked here http://www.fuentetriangle.com/main/units/all_units/41 to see what was still available in Ultima Prime (our of my price range as I mentioned)

Ultima Prime Units

Unit Name : 7th-6

Unit Price : 9 209 200.00

Unit Content :

 

Ground Area: 52.50 sq.m.

Loft Area: 69.30 sq.m.

Balcony Area: 4.70 sq.m.

Total Area: 126.50 sq.m.

 

 

 

Option A - Reservation Fee : P 50,000.00

10% Down Payment : P 0.90

90% Balance : P 8.10 60 months

Option B - Reservation Fee : P 50,000.00

20% Down Payment : P 1.80

80% Balance : P 7.20 60 months

Option C - Reservation Fee : P 50,000.00

30% Down Payment : P 2.70

70% Balance : P 6.30 60 months

If that is bigger, more expensive than what your brother might want to consider, that Ultima Residences Tower 3, is also what I looked @ and they have more affordable units still available, like these:-

Fuente Tower 3 Units

Unit Name : 9th-3

Unit Price : 2 400 000.00 (Cost of Improvements not included)

Unit Content :

 

Type: Loft

Main Area: 54.75 sq.m.

Loft: 49.50 sq.m.

Total Area: 104.50 sq.m.

 

 

 

Option A - Reservation Fee : P 100,000.00

20% Down Payment : P 0.40

80% Balance : P 1.60 on the 10 months or Bank Financing

Option B - Reservation Fee : P 100,000.00

30% Down Payment : P 0.60

70% Balance : P 1.40 on the 10 months or Bank Financing

That was a unit I did look at (but I thought it was Php3.4M - perhaps a different unit?) as it was better investment if wanting to sign over to Condotel operation as the Pooled Rental Share is 2.25, yet the cost was not 2.25 that of the 28 sq m Studio. Perhaps these are ones that were bought, then equipped to be let out, then the owner traded up to Apartment in Boracay or something? Just an idea as it says "(Cost of Improvements not included)"

Another reason I bought from FTRDC was the 70% Discount on Club Ultima Membership (saving me about Php270,000). After 2 years I could potentially sell my Club Ultima Membership which is currently worth Php301,000 (approx), Those who took our Club Ultima Membership when first launched bought in @ Php60K, so you see appreciation on that also, as well as getting to use the Swimming pools and Gym etc and getting Free accommodation Vouchers.

Someone posted about buying being a better proposition from a ROI perspective, than Renting for many years. Ok the payments may be typically double that of renting, but you do then own the unit after say 5 years, and you can then sell at good profit hopefully. Just putting some 'meat' on the bones as it were for some 'food for thought'.

And before some wise ass starts suggesting there is some financial motive or gain, behind my reply, I will just say read my 'Disclaimer' in my signature.

If you think I am lying, you better have proof of such (or face getting banned possibly?)

  • Like 1
Link to post
Share on other sites
smokey

And before some wise ass starts suggesting there is some financial motive or gain, behind my reply, I will just say read my 'Disclaimer' in my signature.

If you think I am lying, you better have proof of such (or face getting banned possibly?)

wow this is some statement now why would anyone think for one second that you are trying to make money , i would find this impossible to even think a foreigner would try to make money off another foreigner , so who are you hinting to that they will be banned if they mess with you david?

  • Like 1
Link to post
Share on other sites

Tancor Building in Mabolo have some expensive units, fully furnished. Haven't been inside but it's expensive and probably nice. Nice location. If I had that kind of money I would probably go for a house with a swimming pool instead.

 

My best advice is to contact Paul Whiteway in Expatservices, he has relocated both expensive and cheap.

 

 

Hehehe, I used to live in Tancor...they're not that expensive, you can get a two bedroom fully furnished for P35k. You can use the pool and gym too. Maid comes in and cleans the place once a week.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...