Senin, 29 April 2013

Tighter controls on "blank cheques" wef June 1st


From 1 June 2013, the practice of collecting "blank" cheques from property buyers will come with tighter safeguards.

The practice is often used to book private properties before they are launched.

Property agents will no longer be allowed to collect cheques unless there is a request in writing from the developer directly to the agent.

Any issued cheques must be crossed and made out in the name of a payee, like the developer or the project account. It should also come with an authorisation letter setting out clear terms to safeguard the buyer's interests.

Many industry players say the practice of collecting cheques, including "blank" ones, in the private property market have many grey areas and differing perceptions.

With tighter controls kicking in, many say it will reduce impulse buying.

Lim Yong Hock, senior vice president at PropNex Realty, said: "It will help consumers make more informed decisions, rather than writing cheques impulsively without knowing the price of the property. It's a positive change for buyers."

Steven Tan, managing director of property firm OrangeTee, said buyers who give blank cheques to agents often do not have full understanding of the development.

"It's often an impulse purchase," he said.

With the new guidelines, he believes developers will provide more information to buyers, like the concept, floor plans and even the price range, before buyers have to make any decision.

The tighter controls are part of a slew of new rules for the industry.

Issued by the Council for Estate Agencies (CEA) in a professional service manual, the guidelines also require property agents to be extra careful when working with vulnerable consumers, like those who are financially unstable or illiterate.

CEA said it is the first time property agents have a manual that guides them in detail from the start to finish of a transaction.

Chan Mun Kit, director of regulatory control at CEA, said: "Even for those already in the industry, it helps to highlight to them certain practices perhaps they can do more professionally, and certain things they should not be doing anymore."

If the guidelines are flouted, property agents can be fined up to $75,000, and have their licenses suspended or revoked.

Speaking at a consumer seminar on Saturday, Acting Minister for Manpower Tan Chuan-Jin said the real estate service is not just about closing the deal.

He said: "I think it's important for us, those of us who're in the real estate business, to think about not just closing the deal, but I think to remember that the people we're servicing and helping, are making a very big step. For many of them who are homeowners, it's not just buying a physical property; it's buying a place where they're trying to build a home.

"The onus is on those who are in the industry, who understand the landscape better, to advise individuals to understand what it means, to invest, how much loan to take and so on, rather than think about how much commission you might get with a bigger deal done. That's values in action. That's something we appeal to everyone who's involved in the industry to spare a thought, not only from a professional standpoint but from a values standpoint to think about their responsibility to the people around them."

The consumer seminar is part of an effort to educate the public on their responsibilities as well. Those in the industry say there is often a mismatch of expectations between the consumer and the property agent on what their respective duties are.

In tandem, authorities have also launched a brochure to help consumers out.

Lim Biow Chuan, president of Consumers Association of Singapore, said: "Reading this consumer guide gives you some background knowledge, some basic knowledge so that if you transact with someone else you don't go in blind."

With regulation only able to go so far, authorities are also urging consumers to do their part.
Source: Channel News Asia

The wife and I had participated in the "blank cheque" exercise before and from what we can recall, it was nothing overly scary. The cheque was not exactly "blank" as the marketing agents will insert the developer's name (in your presence) once you hand it to them. And if you decide not to proceed with the purchase during the stipulated period of time (which is usually over the next day or two), you can always ask for your cheque back.

Having said that, the last time we went "blank" was quite some years back so the practice may be substantially different these days.

While the wife and I are no proponents of tightening control measures ALL the time, this is one that we can certainly agree with.




Minggu, 28 April 2013

The CENTRO DE ORO in Gen. Trias Cavite


A 45 Minute Drive from Baclaran & Mall of Asia via CAVITEX
(Near Lyceum, SM and Robinsons Pala-Pala, Gateway Business Park)
 
 
AFFORDABLE AND ACCESSIBLE!
http://1.bp.blogspot.com/-6e_QNyTrMUo/Tyjc4KgOhnI/AAAAAAAAA2U/d9_8ErU2wII/s1600/The%2BRio%2BMap.jpg
Just A Small Community!




 






FEATURES & AMENITIES:
* Entrance Gate & Guardhouse
* Children's Playground
* Clubhouse
* Open Space
* Basketball Court
* Underground Drainage System
*Tennis & Badminton Court
* Centralized Water System
* Swimming Pool
* Concrete Road Network

Thru: Pag-Ibig, Bank and In-House Financing

Estimated Sample Computations:

Option 1: LOT ONLY

Lot Area-120sqm
Price-P402,000
Reservation Fee-P10,000
20% Downpayment-P80,400 (payable in 12 months)
80% Loanable Amount-P321,600
Monthly Amortization for   5yrs.-P7,154
Monthly Amortization for 10yrs.-P4,994

Option 2: HOUSE and LOT (MARIE Model)

House Area-30sqm with provision for expansion
Lot Area-100sqm
Price-P750,000
Reservation Fee-P5,000
Required Downpayment-P72,672 (payable in 12 months)
Loanable Amount-P860,000
PAG-IBIG Monthly Amortization: 30yrs.-P7,214

Option 3: HOUSE and LOT (Celine Model w/ Loft)

House Area-50sqm with 2 Bedrooms
Lot Area-100sqm
Price-P1,254,204
Reservation Fee-P10,000
Downpayment-P115,428 (payable in 12 months)
Loanable Amount-P1,128,784 
BANK Monthly Amortization:
20yrs.-P10,015

FREE HOUSE TRIPPING!

Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers: Direct Line: 02-9852137
02-4000165
0922-8885188
0920-9523450
 
FREE HOUSE TRIPPING!
Laguna.Cavite.Silang.Tagaytay.Bulacan.Montalban.Condominiums in Metro Manila

Sabtu, 27 April 2013

The AVENUE RESIDENCES in Quezon City

 READY FOR OCCUPANCY!




The Avenue Residences uses the modern method of construction (MMC) which is the Tunnel Form system. The Tunnel form is a formwork system that combines speed, quality and accuracy of production at a low cost. The tunnel form systems are able to generate significant savings without compromising on design. Timely delivery, cost-effective, safe and durable are some of the benefits of using this method for construction.

 



 The Avenue Residences is along major thoroughfares being on Tandang Sora Ext., near Quirino Highway.

Going places is no hassle because The Avenue Residences is:

  • 15-moment head to Trinoma, SM City North EDSA, MRT Monumento and North EDSA stations.
  • 5 moment head to NLEX
  • 15-moment head to Government work places like Quezon City Hall, DAR, GSIS, SSS, NSO, Congress
  • Near major healing facilities like Lung Center, Kidney Center, Heart Center, Veterans' Hospital and East Avenue Medical Center
  • Effortlessly open to major universities and schools like Ateneo De Manila University of the Philippines, Mirriam College and St. James College. It's strolling separation from St. Catherine College and Dr. Carlos Lanting College.
  • Strolling separation from Puregold – Sta. Quiteria, SM Hypermart-Quirino Highway
  • Neighbor to Jollibee and Mang Inasal
  • A short separation from Chinabank, Security Bank and Banco De Oro.
  • Unequivocally opposite the transportation terminal to Sta. Quiteria and shuttle aids to Trinoma.









 

 

Features and Amenities
  • Welcoming Lobby
  • Full time building administration and property management
  • Centralized Water System
  • Fire Protection System with automatic sprinklers in every unit
  • Telephone and cable ready units
  • Individual drying cages for each unit
  • Eco-friendly waste management system
  • 24-hour Security
  • It has a clubhouse with multi-purpose function hall
  • With Adult and kiddie pool
  • Playground for kids
  • Themed gardens
  • Fitness 
 

Estimated Computations for In-House Financing:

A. STUDIO UNIT: 26.99sqm.

List Price: P1,381,888
Reservation Fee: P10,000
Required Downpayment(20%): P265,298(payable in 28months)
Loanable Amount (80%): P1,101,192
Monthly Amortization:
5yrs.  -P26,348
7yrs.  -P22,598
10yrs.-P19,864

B. ONE BEDROOM UNIT: 34.92sqm.
   
List Price: P1,900,920
Reservation Fee: P10,000
Required Downpayment(20%): P370,184(payable in 28months)
Loanable Amount (80%): P1,520,736
Monthly Amortization:
5yrs.  -P36,387
7yrs.  -P31,207
10yrs.-P27,432

C. TWO (2) BEDROOM UNIT: 48.12sqm.
 
List Price: P2,663,744
Reservation Fee: P10,000
Required Downpayment(20%): P522,748(payable in 28months)
Loanable Amount (80%): P2,130,995
Monthly Amortization:
5yrs.  -P50,939
7yrs.  -P43,730
10yrs.-P38,440

Estimated Computations for Pag-Ibig Financing:

A. STUDIO UNIT: 26.99sqm.

List Price: P1,381,888
Reservation Fee: P10,000
Required Downpayment: P128,888(payable in 28months)
Loanable Amount: P1,243,000
Monthly Amortization:
20yrs.  -P11,557
25yrs.  -P10,753
30yrs.  -P10,279

B. ONE BEDROOM UNIT: 34.92sqm.
   
List Price: P1,900,920
Reservation Fee: P10,000
Required Downpayment: P370,920(payable in 28months)
Loanable Amount: P1,520,000
Monthly Amortization:
20yrs.  -P14,132
25yrs.  -P13,149
30yrs.  -P12,570

C. TWO (2) BEDROOM UNIT: 48.12sqm.
 
List Price: P2,663,744
Reservation Fee: P10,000
Required Downpayment: P523,744(payable in 28months)
Loanable Amount: P2,130,000
Monthly Amortization:
20yrs.  -P19,803
25yrs.  -P18,426
30yrs.  -P17,614

 FOR SITE VIEWING, CALL:

Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers: Direct Line: 02-9852137
02-4000165
0922-8885188
0920-9523450
FREE HOUSE TRIPPING!
Laguna.Cavite.Silang.Tagaytay.Bulacan.Montalban.Condominiums in Metro Manila

Jumat, 26 April 2013

Akan datang: Lower subsidies for ECs..?


National Development Minister Khaw Boon Wan has said the government loses "hundreds of millions" of dollars when constructing public flats.

He made the point on Thursday night at a dialogue session on housing issues.

This comes amid calls from some quarters for land costs to be taken out from the pricing of public flats to make them more affordable.

Mr Khaw also hinted at several other changes to come, such as subsidies for executive condominiums.

During the national conversation session on housing issues, many were concerned about the affordability of home prices.

Evalyn Khoo, a mother of two, said: “I'm concerned about the home asset value. I'm also concerned about how the younger generation can actually afford a house for themselves in the future."
Participant Philip Lee said: “I think in the past three years or so, there has been more anxiety in the market because even Singaporeans couldn't get properties through the Build-To-Order (scheme) and they have to resort to the resale market and I think if there is sufficient supply channeled to BTO, we may see more happy Singaporeans and possibly less demand in the resale market and hopefully the prices will be within range."

With regard to calls for price of new Build-To-Order (BTO) flats to be de-linked from land costs, Mr Khaw said it may be politically easy to say land is free because it belongs to everybody, but that is not the case.

He said the price of land is tied to acquisition costs, reclamation and the building of infrastructure around it.

Mr Khaw said: "You need to acquire a piece of land; you need to reclaim a piece of land. All those costs money to taxpayers and we are just trustees of taxpayers and those costs are to be accounted for. And even when you have got that land prepared, land is only valuable when we invest in infrastructure, roads, MRT... And all those costs billions of dollars. So to say that land cost is a pittance and therefore should be excluded from total construction costs… I myself think it is not quite an appropriate argument.”

He also revealed that the Housing and Development Board, which is the developer for public housing, is losing money for every flat it sells.

He said: “Every year, hundreds of millions of dollars of losses were incurred by the HDB and that's why MOF (Ministry of Finance) has to give the HDB an annual grant, otherwise the HDB will be in the red. It cannot be forever in the red, because there's no way it can make money. Because every unit that we sell, we lose money, HDB loses money. The accounting for the HDB is deficit accounting. So if you incur a $300-million loss, there is a grant of $300 million that covers it. That is how we operate the HDB.

“Let us not perpetuate this talk about HDB is making money out of building houses because if it was so simple, life would be straightforward, but that's not the case.”

The HDB pays market rate for its land and construction costs. When it prices flats below market rate, it incurs a housing deficit.

A recent report said the deficit is now in the region of about $1 billion a year, including other costs such as upgrading.

The National Development Ministry told Channel NewsAsia: "The cost of building HDB flats includes the cost of land, design, construction, financing and other project-related costs. It varies from project to project and year to year. Averaging over the past three years, the Home Ownership Programme costs HDB S$874 million per year."

Mr Khaw added that the government has to offer more subsidies with its ramped-up flat supply.

One area where subsidies are being reviewed is that for executive condominiums (ECs), which cater to Singaporeans who can afford more than an HDB flat, but find private property out of their reach.

The current household income ceiling for executive condominiums is $12,000.

Mr Khaw said: “There is this sense of inequity here that the lower-income group is getting lower subsidies than somebody who is earning $12,000, so something is wrong somewhere and therefore I think we cannot carry on the EC in this current mode."

Mr Khaw also said he is confident that he can bring down the price of new flats in non-mature estates to four times the annual median salary of a buyer - down 30% from the current 5.5 times. He is wary of some "transitional problems".

He said there needs to be "distinct differentiation" between the cheaper new flats and those built earlier.

Mr Khaw said both the MND and HDB will need to sort out this issue over the next few months.
He said: "I am fairly confident of being able to do it but some groups already anticipate transitional problems, which is what I got to sort out. If yesterday you bought (a flat) at five and half years' salary and tomorrow HDB announces a new pricing package, which is only (priced at) four years’ salary, you are going to cry 'blue murder' right?

“Therefore, I think we should not be prevented from offering a new pricing model but obviously there must be a distinct differentiation between the two products to explain why one is five and a half years and the one is four years."

The national conversation session is the second in a series of about 10 dialogue sessions on housing issues. Participants were first broken up in small groups of six and then came together in a larger group where the conversation continued. The aim is to gather feedback from Singaporeans to shape future housing policies.

The topic of affordability will be further discussed at a future Our Singapore Conversation discussion.
Details can be found on www.mnd.gov.sg/HomeSweetHome
Source: Channel News Asia

The wife and I were discussing the latest comment by our Minister Khaw about EC subsidies with a friend over dinner earlier: So will we now see more people at or around the $12K monthly income claiming to be "poor"..?



ONE PACIFIC PLACE in Salcedo Village Makati


READY FOR OCCUPANCY!
 Most developers only start construction when they have enough funds generated from sales of project. Thus they start collecting funds 5 years before turnover date.
 
Cactus Realty Corporation is the title owner and developer of the
project.
Title is guaranteed to be clean and free from liens.

Joint ventures are usually tricky. If one party decides to pull out the whole project is cancelled. Also the prevalence of fake titles in the market makes a joint venture project riskier. Cactus Realty Corporation is the title owner and developer of the project.Title is guaranteed to be clean and free from liens.

Currently, it refers to the three Salcedo Village properties the principal has, as well as one big property in Ortigas, and the property where Pan Pacific Manila now stands. The Pan Pacific Manila is the only luxury business hotel offering butler service in the Philippines, such level of service gains a lot of loyal guests who keep returning to the hotel.

 
 Studio Unit: 22.50 to 27sqm.(P2.3M)
 

 One Bedroom Unit: 48.84sqm. (P5M)
 2 Bedroom Unit: 63.33 (P6.5M)
 
Loft: 49.75sqm. (5.8M)
Loft: 125sqm. (15M.4)
PENTHOUSE: 164sqm. (21.6M) 
10% DISCOUNT FOR CASH PAYMENT!



 
 
2 FLOORS AMENITIES
An open deck with wi-fi
Function hall with kitchen
Owner’s lounge
Day Care
25 meter lap pool with sunken bar
Gym with mezzanine
Shower room
Children’s play area
Deck garden with meditation area
Kiddie’s pool
Jogging path around the building
Outdoor exercises stations


 
 

 
 
   
  Architectural : ARCHITECT ALBERT YU
Structural : AROMIN & SY
Electrical : M.A. ALIX & PARTNERS
Plumbing & Sanitary : F.L. FIGUEROA & ASSOCIATES
Mechanical : D.L. LAGMAN and  ENGINEERING
Landscaping : E.A. AURELIO
Feng Shui : MASTER CHARLIE CHAO
  Cactus Realty Corporation was incorporated in 1979 by the same group of people behind
the development, managing and marketing of the award-winning Pan Pacific Hotel
Manila.

Estimated Sample Computations
OPTION 1: Studio Type

House Area-22.50sqm.
Selling Price-P2,573,649.04
10% Discount-P257,365
Net Selling Price-P2,316,284
Required Downpayment-P231,628
Reservation Fee-P25,000
(90%) Loanable Amount-P2,084,656(thru bank)
Estimated Monthly Amortization:
10yrs.-P26,126
15yrs.-P20,835
20yrs.-P18,422

Note: Estimated Bank's Interest at 8.75%. Interest Rates may vary depending on Bank's approval.

OPTION 2: Studio Type

House Area-28.06sqm.
Selling Price-P3,476,521
10% Discount-P347,652
Net Selling Price-P3,128,869
Required Downpayment-P312,887
Reservation Fee-P25,000
(90%) Loanable Amount-P2,815,982(thru bank)
Estimated Monthly Amortization:
10yrs.-P35,292
15yrs.-P28,144
20yrs.-P24,885

Note: Estimated Bank's Interest at 8.75%. Interest Rates may vary depending on Bank's approval.


OPTION 3: One Bedroom Unit

House Area-48sqm.
Selling Price-P5,573,649
10% Discount-P557,365
Net Selling Price-P5,016,284
Required Downpayment-P501,628
Reservation Fee-P25,000
(90%) Loanable Amount-P4,514,656(thru bank)
Estimated Monthly Amortization:
10yrs.-P56,581
15yrs.-P45,121
20yrs.-P39,896

Note: Estimated Bank's Interest is at 8.75%. Interest Rates may vary depending on Bank's approval.

OPTION 4: Loft

House Area-52.88sqm.
Selling Price-P6,393,897
10% Discount-P639,390
Net Selling Price-P5,754,507
Required Downpayment-P575,451
Reservation Fee-P25,000
(90%) Loanable Amount-P5,179,056(thru bank)
Estimated Monthly Amortization:
10yrs.-P64,907
15yrs.-P51,762
20yrs.-P45,768

Note: Estimated Bank's Interest is at 8.75%. Interest Rates may vary depending on Bank's approval.

OPTION 5: 2 Bedroom Unit

House Area-63.33sqm.
Selling Price-P7,325,093

10% Discount-P732,509
Net Selling Price-P6,592,584
Required Downpayment-P659,258
Reservation Fee-P25,000
(90%) Loanable Amount-P5,933,326(thru bank)
Estimated Monthly Amortization:
10yrs.-P74,360
15yrs.-P59,300
20yrs.-P52,433

Note: Estimated Bank's Interest is at 8.75%. Interest Rates may vary depending on Bank's approval.

NOW IS THE TIME TO INVEST! 

Moniq J. Festin
Licensed Real Estate Broker
Registration Number: 0003549
www.wowhouses.blogspot.com (click older posts)
Contact Numbers: Direct Line: 02-9852137
02-4000165
0922-8885188
0920-9523450
FREE HOUSE TRIPPING!
Laguna.Cavite.Silang.Tagaytay.Bulacan.Montalban.Condominiums in Metro Manila