 Financing Options open up Philippine Real Estate Market to International Buyers
Manila, October 21, 2006—Foreign buyers are taking advantage of the Philippine Real Estate market to snap up investment properties in Metro Manila and Cebu According to Beth Collingz, of PLC International Marketing Networks, a Lead Marketing Partner with Pacific Concord Properties Inc., whom have Condotel developments in Metro Manila and Cebu, and specializes in working with international clients: “My phone has been very busy with buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes here.
“A lot of this interest is being driven by the relatively cheap market prices in the Philippines compared to Europe, specially UK Housing prices, and the easy payment options available for our Condotel Developments, but there are other factors, too. Offshore Property Investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our In-House Condotel Management when they are not using the unit thereby gaining rental incomes that on today’s purchase prices, give a projected ROI on their investments of some 12-18% depending upon the mode of payment for the unit”
Beth Collingz, who runs PLC Global Pinoy, an internet based marketing network specializing in Condotel Investments in the Philippines, indicated that more than 85% of all Condotel sales in Metro Manila were to international clients. While such a level of foreign-purchasing activity is not as high in the Philippines provinces, Cebu in particular, has seen a sharp increase in real estate purchases by international buyers in the past several years.“These international buyers know it’s a buyer’s market in the Philippines right now—there are a lot of properties available and fewer local buyers,” Collingz said. “I’m working with clients who are purchasing their second property with me. We also have referrals from many of our prior customers and new clients who have found us through our Web sites, lancastersuites.com and plcglobalpinoy.com which include a special section for international buyers”
While Metro Manila is still a popular choice with International buyers, Collingz says clients tell her that it makes more sense to buy in a year-round vacation destination. The Lancaster Cebu Resort Residences Condotel development by Pacific Concord properties located in Mactan, cebu - the area around Cebu International Airport - fits the bill with all it offers to International buyers.
Accessibility is also a factor. “London to Qatar, Sydney to Singapore or New York to Hong Kong direct flights to Cebu, for example, average just 16 hours, add to that the many airline specials and it’s easy to see why this area is becoming an international community.” Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy. Pacific Concord Properties Inc with it’s flagship Lancaster Condotel Developments fit’s the bill.Financing Options and Security open up Philippine real estate market to International buyers.
Previously a stumbling block for some international buyers was the preception that it is difficult - if not impossible to obtain financing in the Philippines. As a result, many npurchases in the past were cash sales.
Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condotel Suites where a Studio Unit can be ourchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI's no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condotel Investment "Boom" in the Philippines.
A major stumbling block for some Investors was the perception that purchasing property in the Philippines was risky with nightmare stories of fraud and deception abounding due to the lack of Professional Realtors and Internationally accepted principles’ of Real Estate Transactions.With Pacific Concord Properties Inc adopting International Property Standards and the only Philippine Real Estate Developer to operate the Internationally accepted practice of Escrow Trust Account Banking for all payments made by buyers of it’s Condotel Suites, international offshore property investors need no longer worry about the security of their investments.
Another drawback to purchasing property in the Philippines was that most overseas buyers of the real estate have become accustomed to normal home buyers standards like putting their money in escrow (which protects them if the developer does not deliver on its commitments) whenever they buy real property.
Pacific Concord Properties Inc., now sets that “International Standard’ in the Philippines with the “Buy Safe Payment Policy” of Escrow Trust Account Banking with Equitable PCI Bank, one the Philippines largest Banks, for the purchase of a Condotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila or Lancaster Cebu developments.
Buyers of Condotel units at the Lancaster Suites Manila, Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu, pay their Reservations, down payments and all monthly payments directly to the Companies Trust Account with the Bank thereby ensuring that funds are maintained and ultimately used only for the purpose of direct construction related costs. This not only guarantees that the buyers money is safe, but more importantly the development will be completed on schedule and within projected time frames for the project. Collingz highlights the importance of working with those experienced in this type of transaction.
“Buying property in the Philippines is significantly different from buying in the UK and other European countries, for example,” said Collingz. “ The purchase process is more direct, with less stress and more accountability; and we work directly with the buyer or collaboratively with the client’s agent or representatives. Our goal—and that of Pacific Concord Properties Inc — is to make the whole process as easy as possible. Prospective buyers can view properties online on our Web site and save listings they’re interested in an online portfolio”
Communication is key to the process, according to Collingz. “We spend a lot of time communicating with buyers before they visit, so that we all have a clear picture of the type of property that’s right for them. We also make travel arrangements and hotel accommodations and provide them with information in advance of their visit so they understand the process and their options. That way they can make the best use of their time here—and we can ensure they have time to get to know and enjoy the area.”
In many cases, buyers arrive for a three to five-day visit and sign a sales agreement before heading home. Pacific Concord Properties’ staff then handle every detail of the closing so that on their next visit, the buyers can enjoy their new home or investment property.
Lancaster Suites Atrium Manila Tower A. Shaw Boulevard, Metro Manila. Available Studio Units Update November 7, 2006
Introducing New Payment Plans for Lancaster Atrium Manila Tower A Effective October 15, 2006
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 "In-House" Finance Plans...
Effective October 1, 2006 the selling price Lancaster Manila Atrium Tower A Tax Exempt Studio Units is Pesos 75,888 or $1,518.00 per sqm. The One Bedroom, Two and Three Bedroom Suites are priced at Pesos 84,994.56 or $1,700.16 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 "In-House" financing plans. Turnover of units for Tower A will be from December 2009.
All 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 70-80% on completion and 100% on turnover of units from December 2009
Make sure you reserve a Unit Now at Current Price Offerings and extended terms of payment and stand to earn at least 70-80% in Real Property Appreciation by completion of units in 2009/2010
With current Global Structural Steel and Reinforced Steel Bar Prices increasing some 50%, we anticipate further price increases effective from December 2006
Lancaster Suites Manila Atrium Tower A Reservations
For Available Executive Studio Suites Executive Studio Suites Price: October 1, 2006
Lancaster Suites Manila Atrium Tower II Executive Studio Suites. Average Floor Area 28.17 square meter [304sqft] at $1,518.00/sqm. USD 42,762.06. These units are either facing towards Ortigas Center overlooking Pasig towards Laguna de Bay and Antipolo, Samat Street overlooking Mandaluyong, Makati and towards Manila Bay or the Swimming Pool Deck. All units are within the Lancaster Suites Manila Atrium. The Current Price for a Studio Suite provides it may be purchased with a Reservation Fee USD 500.00 and the Balance then Payable without interest over 72 consecutive equal monthly payments of USD 586.97. Alternatively Save USD 2,535.72 by making the Reservation, USD 500.00 then within 30 days a 30% Net Discounted Down Payment of USD 10,142.89 and Balance payable without interest over 72 consecutive equal monthly payments of USD 410.88.
The Lancaster Atrium Executive Studio Suites are also now available on the very affordable and competitive New Payment Plan that provides for Executive 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 of the contract price payable upon turnover of the unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification "In-House" Finance Plans... Pay only USD 500.00 Reservation for a 28.17 sqm [304 sqft Executive Studio [Contract Price USD 42,762.06] then 60 consecutive monthly payments of only USD 471.93 with the balance of USD 13,946.48 either payable in cash on turnover or to be financed over another 60 months payment plan.....
Another alternative, Save USD 5,663.11 by making the Reservation, USD 500.00 then within 30 days a 67% Net Down Discounted Payment of USD 22,652.46 and the remaining 33% [USD 13,946.48] on unit turnover from December 2009
Cash Payment option, take a full 20% discount [Save USD 8,552.41] on the unit price.... Pay 90% Now [USD 30,788.68] and the remaining 10% [USD 3,420.96] on unit turnover from December 2009
Executive Studio DeLuxe Suites
Price: October 1, 2006
Lancaster Suites Manila Atrium Tower A Executive DeLuxe Studio Suites. Average Floor Area 32.50 square meters [350sqft] at $1,518.00/sqm. USD 49,335.00. These units are either facing towards Ortigas Center overlooking Pasig towards Laguna de Bay and Antipolo or overlooking Mandaluyong, Makati and towards Manila Bay or Swimming Pool Deck. All units within the Lancaster Suites Manila Atrium. The Current Offer for a Studio Suite provides that it may be purchased with a Reservation Fee USD 500.00 and the Balance then Payable without interest over 72 consecutive equal monthly payments of USD 678.26. Alternatively Save USD 2,930.10 by making the Reservation, USD 500.00 then within 30 days a 30% Net Discounted Down Payment of USD 11,720.40 and Balance payable without interest over 72 consecutive equal monthly payments of USD 474.78.
The Lancaster Atrium Executive DeLuxe Studio Suites are also now available on the very affordable and competitive New Payment Plan that provides for Executive 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 of the contract price payable upon turnover of the unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification "In-House" Finance Plans... Pay only USD 500.00 Reservation for a 32.50sqm [350sqft Executive Studio [Contract Price USD 49,335.00] then 60 consecutive monthly payments of only USD 545.32 with the balance of USD 16,115.55 either payable in cash on turnover or to be financed over another 60 months payment plan.....
Another alternative, Save USD 6,543.89 by making the Reservation, USD 500.00 then within 30 days a 67% Net Discounted Down Payment of USD 26,175.56 and the remaining 33% [USD 16,115.55] on unit turnover from December 2009 Cash Payment option, take a full 20% discount [Save USD 9,867.00] on the unit price.... Pay 90% Now [USD
35,521.20] and the remaining 10% [USD 3,946.80] on unit turnover from December 2009
For more information on Condotels in the Philippines please contact:
Beth Collingz
PLC International Marketing Netwotks
Pacific Concord Properties Inc
Lancaster Suites Manila Email: plcsales@pldtdsl.net Web: http://www.lancastersuites.com
Web: http://www.plcglobalpinoy.com
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