Condotel or Condo Hotel Property Investments in the Philippines

The Lancaster Suites Team

Pacific Concord Properties, Inc. is proud to announce its collaboration with some of the real estate industry’s best players to complete and put the finishing touches on its Lancaster Suites Tower 1.

The task of providing efficient and state-of-the-art elevators has been entrusted to the Jardine Schindler Group. Founded in 1974, it is a joint venture between Jardine Matheson of Hong Kong and Schindler Group of Switzerland, and currently covers thirteen countries while employing approximately 3,000 people. Schindler is the preferred elevator of most 5-star hotels and commercial developments in the Philippines, with units installed at The Makati Shangri-La Hotel, The EDSA Plaza Hotel, The Shangri-La Plaza Mall, The Peninsula Manila, among others.

Songsong + Periquet Architecture Interiors (S+P) are at the helm of interior design works for the entire project, from the lobby to the commercial area and the condominium units for Condotel Pool participants. Established in 1987 by Arch. Joel L. Songsong and Ogie Periquet, PIID, S+P initially concentrated in providing personalized service for residential and commercial projects, but has expanded its services to include a variety of large-scale commercial/industrial projects, educational, recreational as well as mixed-use developments. Their recently completed projects include The Crowne Plaza Galleria-Manila, Cebu Midtown Hotel, De La Salle University College of Education, Holiday-Inn Galleria Manila, One Corporate Plaza and Baguio Country Club.

Electrical, mechanical and water-proofing works are being undertaken by Romago Incorporated, backed by over 60 years of quality commitment to excellence in the electro-mechanical design and installation business. Included in their prestigious roster of projects are The Philippine International Convention Center (PICC), Cultural Center of the Philippines (CCP), The Manila Hotel, The Central Bank of the Philippines, SM North, SM Megamall, Metro Rail Transit (MRT), Rizal Commercial Bank Plaza, Far East Bank and Trust Co. Head Office, and The Manila Southwoods Golf and Country Club.

To ensure the quality and aesthetic value of our Aluminum and Glass Works, we have commissioned Wall Vision Corporation, one of the leading providers of finishing systems in the country. Since 1998, the company has strived to make a name for itself in the industry by providing high quality and uncompromising design, planning, fabrication, installation and management of architectural aluminum and glass products application. Its key technical staff has an average of 14 years’ experience in the industry, most of whom had pivotal roles in the aluminum and glass works of monumental projects in the Philippines. Their latest projects include the ABS-CBN Building, The Rockwell Center, The Philippine Aerospace Museum and The Insular Life Building.

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Foreign Nationals can now avail of mortgage loans for Lancaster Suites Tower I Condotel Suites in the Philippines

Good news to all unit owners and prospective buyers of Lancaster Suites Tower 1 Condotel Suites in the Philippines. Banco De Oro (BDO) a commercial Bank in Metro Manila has just approved a buyer’s financing or mortgage scheme for the said project.

The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for the purchase of Condo units, is now available to unit owners (i.e., Filipinos, Filipino-Americans and Foreign Nationals alike) whom are looking to purchase a Condotel Suite or refinance their investments through BDO’s Home Loan.

Open to both residential and commercial unit owners and existing buyers of Lancaster Suites Tower I units whom have paid at least 30% of the total contract price of their units can loan up to 70% of the unit value.

Currently, unit owners who are availing of Pacific Concord Properties in-house financing have the option to pay off their units in 144 months. With BDO’s Home Loan, unit owners now have the option to pay off the balance for up to 15 years at only 11.5% per annum. By converting the existing in-house loan to BDO’s Home Loan, buyers will have more flexibility in paying off their loans at a much lower interest rate. What’s more, with BDO’s Home Loan, buyers can loan the full amount equivalent to 70% of the current value of their units regardless if they have already paid more than 30% of the units’ TCP. After paying the balance of the unit price to PCPI, the net amount will then be released directly to them. Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units.

This is a fantastic offer from BDO and is initially available only to unit owners of Lancaster Suites Tower I Condotel units.

Pacific Concord Properties, Inc. is offering the perfect mix of both the right opportunity and the right timing. In recognizing the financial and emotional value of their investment, PCPI designed a program for all unit owners of Lancaster Suites and Lancaster Cebu that will help them maintain and generate income from their investment. More popularly known as the Condotel Advantage, this program will enable unit owners to gain access to PCPI’s experienced world-class property managers who will make sure of the complete and hotel-quality maintenance of the units enrolled in the condotel pool.

As part of the condotel pool, unit owners can relax knowing that their properties will be managed like hotel rooms. Finding tenants will not be a concern also as the property managers will be tasked in finding tenants for them to make sure that their units will earn a competitive rental income. By joining the condotel pool, unit owners will get to enjoy total hassle-free property management while earning rental income whether they are staying in the Philippines or residing in another country anywhere in the world

The Banco De Oro Super Value Home Loan program is open to ALL residential unit, commercial unit and parking slots owners of Lancaster Suites, whether:

Age of borrower must be 21 – 60 years old upon loan application but not more than 65 years old upon maturity of the loan.

Borrower must be earning at least P50,000 gross monthly income.

Unit buyers must have paid at least 30% of the Total Contract Price (TCP) of their units.

Minimum loan amount is P500,000. Maximum loan amount is the equivalent of 70% of the TCP of the unit.

Maximum of 15 years to pay provided the age of the borrower does not exceed 65 years at maturity of the loan.

Procedure:

The following BDO forms need to be accomplished and submitted to BDO:

BDO Home Loan Application Form
BDO Insurance Brokers, Inc.’s General Information
Health Statement from Generali Pilipinas Life Assurance Company
Special Power of Attorney. The borrower and co-borrowers are required to sign the loan documents here in the Philippines in front of BDO officers. If the borrower and co-borrowers will The SPA is required if the Borrower and it co-borrowers (if any) are not shall be authenticated by the Philippine Consuls Office where the borrower is residing.

Fill up the first 3 forms listed above (items 1.a to 1.c) completely.

BDO requires that the buyer should sign the loan documents in front of BDO officers at its office indicated below. If you cannot do this, then, you need to fill up the Special Power of Attorney (SPA) and designate your attorney-in- fact/loan administrator who can sign the loan documents in the Philippines in your behalf. If you will execute the SPA here in the Philippines, all you need to do is have it notarized by a notary public. If you will execute the SPA outside the Philippines, the SPA should be authenticated by the Philippine Consulate in the country you are executing it.
Authentication of the SPA can be undertaken upon notice of loan approval from BDO. Initially, you can submit to BDO an unauthenticated SPA at the time of loan application.

Submit the filled up forms (1.1 to 1.3 and 1.4, if applicable) through fax, courier service or registered mail including all required documents (See REQUIREMENTS below) directly to BDO

Upon receipt by BDO of the forms and the required documents, your loan application will be processed. Granting of the loan is subject to BDO’s credit processes and evaluation criteria.

BDO commits that loan approval will take 10 banking days from receipt of complete documents.

BDO notifies the buyer of the loan approval, prepares loan documents and schedule signing of loan documents by the buyer or attorney-in-fact/loan administrator.

Buyer signs loan documents and BDO issues a Letter of Guarantee (LOG) to PCPI.

On the basis of the LOG, PCPI transfers the condominium certificate of title (CCT) to the buyer’s name and submits the new CCT (in the buyer’s name) to BDO. The transfer of the CCT to the buyer’s name will take 45 to 60 days to complete.

BDO annotates its mortgage on the new CCT and after which releases the loan proceeds via payment of the outstanding balance of the TCP directly to the escrow account and releases to the buyer any remaining loan proceeds thereof, if any.

Buyer pays directly to BDO.

Requirements:

For Local Employed

Latest Income Tax return (ITR).
Certificate of Employment with Salary or latest full month pay slip.

For Employed Abroad

For seamen: Latest crew contract and employment history.
For nurses, contract workers and immigrants: Employment contract or Certification of employment and salary (to be authenticated by the Philippine Consulate upon loan approval).
Proof of monthly remittances or pay slips for the past three (3) months.

Own Business

Income Tax Return (ITR) for the last 2 years.
Financial statements for the last 2 years (Audited and, if applicable, In-house).

Any of the following documents or its equivalent if the business is located in the Philippines:

i. Certificate of Business Registration with DTI.
ii. Copy of SEC Business Registration/Articles of Incorporation/By-Laws.
iii. Copy of SEC Business Registration/Articles of Partnership.

Bank statements or photocopy of passbook for the past six (6) months.

Top three (3) major suppliers and customers with contact persons and numbers.
Business background/Company profile (if applicable).
Other proof of other income, if any.

Others

Marriage contract, if applicable.
Valid ID (eg. Driver’s License, passport, SSS, etc.)

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Condotel Property Boom in the Philippines fueled by tourism and retirement opportunities

Philippine Senator Manny Villar, in an article published in The Business Mirror, stated that, “We are now in a real estate boom. I’m very bullish that this time, it will be stronger and longer-lasting than the one we enjoyed in the nineties. The real estate industry, also known as the property sector, will drive our economy.”

He also mentioned the tourism boom which is also benefiting the property sector. “It looks like we will be finishing the year with close to three million visitors, which is an all-time high. Just three years ago it would have been unthinkable to have three million tourists a year, but it looks like we’re on a roll as far as tourism is concerned.” He further added, “For the first time, we see a lot of people really talking about tourism. Old tourist sites are being reopened and new ones are being built. Existing hotels are enjoying higher occupancy rates.”

And it is not likely to end there. Tourism Secretary Ace Durano projects that the Philippines will be the destination of choice of some five million tourists by 2010, two million of which are expected to head for Cebu. To reach this target, however, the Philippines needs some 40,000 more hotel rooms. If there’s a perfect time to invest in rental real estate, especially in condominiums and hotels, it’s now.

Success in one’s personal and professional life can be attributed to two things – the right opportunity and the right timing. A critical mix of both these things can spell the difference between launching a successful venture and incurring a painful and possibly costly lesson on investing. With the current real estate boom which the Philippines is experiencing right now, opportunities in real estate investing are popping up everywhere. The question now lies as to when one should seize those opportunities. Right now it is not only a question of which opportunities to grab but when to grab them.

Pacific Concord Properties, Inc. is offering the perfect mix of both the right opportunity and the right timing. In recognizing the financial and emotional value of their investment, PCPI designed a program for all unit owners of Lancaster Suites and Lancaster Cebu that will help them maintain and generate income from their investment. More popularly known as the Condotel Advantage, this program will enable unit owners to gain access to PCPI’s experienced world-class property managers who will make sure of the complete and hotel-quality maintenance of the units enrolled in the condotel pool.

As part of the condotel pool, unit owners can relax knowing that their properties will be managed like hotel rooms. Finding tenants will not be a concern also as the property managers will be tasked in finding tenants for them to make sure that their units will earn a competitive rental income. By joining the condotel pool, unit owners will get to enjoy total hassle-free property management while earning rental income whether they are staying in the Philippines or residing in another country anywhere in the world.

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Resort Club of the Pacific appointed consultant for Lancaster Condotels in Manila & Cebu

Pacific Concord Properties Inc., Philippines, appoints Resort Club of the Pacific as management consultants for Lancaster Condotel Rental operations

Resort Club of the Pacific [RCPC] was recently appointed by Pacific Concord Properties Inc to manage the pre-opening of the Lancaster Cebu & Manila Condotel operations in the Philippines. RCPC will provide assistance in installing a computerized operating, control, financial and membership system for club and hotel operations provide the special disciplines in membership affairs, rooms’ inventory and time management, culinary, F & B service, spa and relevant support operations.

RCPC President, Amor Salud, built a hotel career with Hyatt, Westin, Sheraton and Peninsula Hotels where he developed a balanced perception of overall hotel operations, will oversee the pre-operations of the Lancaster condotels. He held General Manager and Chief operating Officer Positions for hotels and exclusive clubs for 15 years and was a key officer in the hotel subsidiary of Ayala Land Inc. With a Master’s Degree in Business Management fro the Asian Institute of Management Mr. Salud was one among Filipinos with professional training in international chain hotels abroad.

RCPC Director, Willhelm Bolton, whom will be responsible for the Lancaster Condotel business development comes from a family of restaurateurs in South Africa. He graduated from famous hotel institutes such as Glion, Cornell and Wits, with working experience in South Africa, Europe and Asia. Mr. Bolton occupied senior posts in prominent hotel, resort and club companies in South Africa and the Philippines. His inventory of international affiliations includes Leopard Song Game Ranch – South Africa, Southern Sun Group of Resorts & Hotels – South Africa and Sun International resorts & Hotels.