--

SOMA then . . .

http://img363.imageshack.us/img363/7655/soma1dp6.jpg

SOMA Now. . .

http://img363.imageshack.us/img363/1989/towerrz4.jpg


===================================================================================

South of Market (SoMa) Twin Towers

Link to old thread HERE (http://www.skyscrapercity.com/showthread.php?t=102503).

^^
Now I get it. Agree. Boring nga. Umabot pa pala sa SC. Grabe.

meron ba dito nag pa manage ng unit sa CPMI?ok ba sila? number 1 daw sila sa pinas mag manage,kasi balak ko ipa manage sa kanila yong unit ko sa soho central pag naturnover sya

meron ba dito nag pa manage ng unit sa CPMI?ok ba sila? number 1 daw sila sa pinas mag manage,kasi balak ko ipa manage sa kanila yong unit ko sa soho central pag naturnover sya
i suggest you read the last 838 posts..there was an incident in one of the CPMI developed and managed condos where the developer used his majority and paid the management company P500,000 per month ...when the developer lost his majority because enough unit owners had the titles transferred, the management company monthly fee dropped to 80K per month..2 years later...who do you think was the end recipient of the management fee?..

meron ba dito nag pa manage ng unit sa CPMI?ok ba sila? number 1 daw sila sa pinas mag manage,kasi balak ko ipa manage sa kanila yong unit ko sa soho central pag naturnover sya

Try this link: http://fortboniconsultancy.com/v2/. I think Cynch's reputation in the industry and testimonials speak for themselves.

Try this link: http://fortboniconsultancy.com/v2/. I think Cynch's reputation in the industry and testimonials speak for themselves.



ah ok thank you

FYI...

http://bworld.com.ph/BW121908/content.php?id=003

Taguig hikes property values
E.T. Marcelo
BusinessWorld
December 19, 2008

PLAYING CATCH-UP with neighboring Makati, Taguig has hiked property values for its business district and some residential areas by as much as five times in a bid to raise up to P100 million more in realty tax collections annually.

Taguig officials said fair market values had to be adjusted as the city has been imposing the lowest tax rates in Metro Manila for the past seven years. More money is also needed, they said, to extend services in booming Fort Bonifacio and other areas.

The new values, effective January, reflect "correct" levels particularly in Fort Bonifacio, Taguig Mayor Freddie R. Tiñga said.

"Our assessment schedules are now outmoded and have somewhat created significant disparity between the fair value and selling price of real properties," he said in a statement.

The Taguig city council passed the ordinance hiking property values last Monday. Two opposition councilors opposed the move, warning of capital flight to cities imposing lower taxes.

To be affected are Megaworld’s Mckinley Hills development (now valued at P16,000 per square meter from P2,500), and the Mahogany Place residential enclave of the Consunjis’ property arm DMCI Homes (P4,000 per sq.m. from P800).

Also adjusted were property values for a number of subdivisions — Spring Lane Homes (P640 per sq.m. to P3,000), Pacific Residences (P1,600 to P3,000), Morning Sun Subdivision (P800 to P1,000), the Maysapang area (P2,000 to P6,000), El Patu area (P1,600 to P6,000), Greenville Homes, (P1,600 to P6,000), Lakeview Manor (P1,300 to P3,000), and Vista de Lago (P1,600 to P3,000).

For commercial-residential areas in Taguig’s so-called City Center — Bonifacio South, E-Square, Bonifacio North, NCBD, and Crescent Park West — property values were increased to P22,000 per sq.m. from P6,000. Properties at the Bonifacio Triangle, University District, and Station Square East were valued at P16,000 from P6,000.

Property valuations for other areas remain the same.

In a phone interview, Taguig city assessor Frankie Endriga said the new values were based on records of deeds and sales. The city, he added, still has a lower tax base for residential and commercial properties compared with other Metro Manila cities.

Property values are used as basis of real property taxes, which range from 1% to 1.5% in Taguig. An extra 1% is imposed for a special education fund.

Sought for comment, Megaworld Corp. executive director Kingson U Sian said the new property values were acceptable.

"It’s just fair for us given the fact that Taguig is fast becoming a highly commercialized city. Our sales have been increasing in the past couple of years," he said.

Mr. Sian said Megaworld was studying the option of raising prices of its Taguig properties. Isidro A. Consunji, president of DMCI Holdings Inc., said his company would study the ordinance.

Hi guys,

Does anyone have an idea how much SOMA realty taxes are like per sqm?

Anyone paid already?

ok

thanks michael for the info. anybody knows the tax for the common areas?

ok

I was in the SOMA office located on the upper ground floor as they call it and ask that question. As of friday Dec 19 2008 no decision had been made on the common area tax. I was told that Mr Mina is still deciding on how these taxes will be assessed and at what cost. Why he gets to decide that issue is not clear. It seems that taxes are set by the Taguig Government and when the bill comes in each unit owner needs to pay their fare share. I believe that to be simple enough. The discount is well worth the early payment for me...

I did go to Taguig myself and walk through the 3 steps they have set up to pay the taxes on my property and must admit it was simple and in fact much better then my trips to Makati City Hall in the past.

I do hope SOMA/CENTURY has no hidden agenda in deciding what will be done. May I suggest to Mr Mina in this open Forum that a decision be made and lets get it paid as the discount for all the common areas might apply to that early payment and could result in a huge savings to unit owners. Pay the whole bill with funds in the HOA account and then collect from the unit owners. OH and lets show the owners a TAGUIG TAX receipt and invoice for the common areas also. OFFICIAL RECEIPT.....

HO HUM.....the discount lapses on dec 31, 2008 with the last working day on Dec 24 and still no assessment?

taguig assesses the property for common and private areas and not CPMI. So with 2 days to go how are overseas owners supposed to be advised?

Just thinking out aloud.

The taxes per square meter are billed at about 317.00 pesos per square meter before the discount if you pay early. That figure is on the condo only and does not include common areas. I think 263.00 pesos per square meter is what you will pay if you avail of the early discount and pay the full 2009 taxes at one time.

This P317 even if paid via your condo office will be officially receipted by Taguig council

if you have the assessment for your flat already calculated , then by definition WHATEVER AREA IS LEFT is common area...so what is there for Mr Mina to calculate? Are you saying someone from Taguig only calculated the private areas then went home without finishing the calculation?

just a little reminder of an earlier post I made:
..there was an incident in one of the CPMI developed and managed condos where the developer used his majority and paid the management company P500,000 per month ...when the developer lost his majority because enough unit owners had the titles transferred, the management company monthly fee dropped to 80K per month..sadly it was 2 years later.. because after that time the management company choice went to open bidding.....who do you think was the end recipient of the management fee?.(HINT: in this paragraph lies the calculation of association dues and managers fee and the unreceipted by Taguig council PROPERTY TAX ON COMMON AREA)

Ask Century how big the common area is, then multiply by 317 and divide by the number of unit owners.

That's your check on whether Century is charging you the correct amount. Most likely they are are adding to that the profit of the Antonio brothers, or not including the units owned by Century.

just a little reminder from an earlier post of what i paid:

THE REAL ESTATE TAX ON COMMON AREA works out to be P5.88 per month per sqm(levied on the size of my flat in sqm) if I pay the annual lumpsome to avail of the 20% discount and payable by dec 31

(cheque payable in the name of my condo corp and not taguig treasurer hence official receipt comes from the condo and not taguig council)

i havent seen a reply from Gerry Mina so does this mean SOMA owners were not given their tax assessments by Dec 24 to qualify for the early payment discounts which needed to be paid by Dec 31?

ok

and that is surely an unsatisfactory state of affairs given that gerry mina appeased this question many months ago on the grounds that an assessment had to wait until december

ok

The billing for Real Estate-Common Area was received today and it shows up on the Jan 2009 association dues notice. The cost per square meter also shows a 20 % discount on the billing. The cost was calculated at 18.57 pesos per common area square meter.

exactly what we debated about 8 months ago .

thats P18.57 per sqm per month with the 20% discount.

i paid P5.88 per sqm per month .

you must have a HUGE HUGE common area at SOMA .

Question: did you actually get a Taguig Council Official receipt for this or did you get a SOMA receipt?

ok

The receipt was from SOMA property group and no Taguig papers were attached. I have no idea what the common area in relations to other projects are but if you paid 5.88 per sq. meter per month and we pay 18.57 per sq. meter for the entire Year of 2009 then it seems that we pay alot less then you do. ( If we use a 80 sq. meter unit and multiply 5.88 pesos per month that works out to 5.88 X 80 sq. X 12 months = 5,645.00 pesos Per year) .... ( If we use Soma calculation with the discount we pay 18.57 pesos X 80 sq. = 1,486.00 pesos per year. ) Our cost is one time per year.

Does that seem correct to all you mathamaticians out there ?

lets see what others say?
which condos do you think you can be compared with?fairways?

The receipt was from SOMA property group and no Taguig papers were attached. I have no idea what the common area in relations to other projects are but if you paid 5.88 per sq. meter per month and we pay 18.57 per sq. meter for the entire Year of 2009 then it seems that we pay alot less then you do. ( If we use a 80 sq. meter unit and multiply 5.88 pesos per month that works out to 5.88 X 80 sq. X 12 months = 5,645.00 pesos Per year) .... ( If we use Soma calculation with the discount we pay 18.57 pesos X 80 sq. = 1,486.00 pesos per year. ) Our cost is one time per year.

Does that seem correct to all you mathamaticians out there ?

I am not a mathematician but based on my calculator, your figures are correct. I think sloanesquare is confuse between monthly and yearly. We pay yearly and s/he pay monthly.

soma's common tax is surprisingly cheap... a far cry from the P40 plus figures quoted to me during turnover by a cpi personnel last year. i am very grateful that sloansquare repeatedly posted his tax dues here for everyone to see including cpi before it decided how much to charge us.

thank you gerry mina too arriving at a very reasonable figure.
and thank you sloansquare for your posts.

Good on 'ya . . .

A little(or lot) of vigilance goes a long way. Alam nyo naman 'tong mga developers dito sa 'pinas especially Century/Meridien: susubukan kayo kung makakalusot baga eh.

soma's common tax is surprisingly cheap... a far cry from the P40 plus figures quoted to me during turnover by a cpi personnel last year. i am very grateful that sloansquare repeatedly posted his tax dues here for everyone to see including cpi before it decided how much to charge us.

thank you gerry mina too arriving at a very reasonable figure.
and thank you sloansquare for your posts.

the conversion to monthly fees is confusing because assoc dues tend to be monthly although our building insurance is quarterly..but categorically i paid P70.56 per sqm with the 20% discount and this was an annual payment which translates to P5.88 per sqm per month.

we do not object to developers including a mandatory period of 3-5 years (no contest) use of a sister company as the management company when we sign the deed of absolute sale.

this whole fiasco of lack of trust started when this scenario of trust was breached by ridiculous assoc dues and disguised taxes with no accompanying OR's from Taguig Council and just OR's from the association...trust without documentation and challenge....thats communism.

VLSAMBA is correct .he quoted that about 8 months ago and that was ridiculously high. .that's what led to me to warn that the low assoc dues of SOMA (being used for marketing benefit) were going to be padded by this unreceipted common tax. Maybe we avoided a rip-off.

That's why CPI should have made that garbage chute. Its always there and ready to use 24hrs/7days.

Imagine all that rubbish left uncollected. Yucks!


True, but an acceptable alternative at this stage is to put trash bins in each utility room where they can pick up trash from daily.

I don't know if this would help. Though the idea of having a garbage chute is good but sometimes there are some drawbacks of having one.

As I have experienced before, you can not throw all your garbage in the garbage chute (especially bottles, sharp objects and the like) as this would endanger the safety of the housekeeping personnel tasked to sort out and clean the garbage depository.

This also defeats the purpose of recycling and waste segregation as all your garbage is placed altogether in one bag. It will take longer for the housekeeping personnel do the segregation.

Also,if you could imagine the stench of the decomposing garbage especially kitchen waste when some residents do not properly throw their garbage and gets stuck inside the chute in between floors. As you know, it would be very difficult if you will have to clean the chutes everyday.

Most of the early Megaworld projects have the garbage chutes but have now been closed because its better to implement recycling and waste management programs.

Mostly kitchen waste or food leftovers are collected 2 times daily and all those recyclables like bottles, newspapers etch are collected on certain days.

Maybe somebody can ask SOMA management of when would they be implementing some form of waste management to address the garbage problem.

Just my two cents.

Good Day to everyone.

karent, yes we had power and water upon turn over which were paid by meredien for a while since we were all using the bldg's main meter.

@TC, Forbeswood Heights should also be moved to the completed projects section, don't you think ? FWH was already turned over way back in 2007 !

off-topic message... I know most of us here are unit owners.. but just in case, I'm posting here that my unit is for sale. It's a one-bedroom unit (i had to install narra partitions for this) at the South Tower with view facing the Manila Golf course and Makati/Manila area. It's not going to be blocked by the Icon building which is currently under construction. We need to find a more spacious place as our family is getting bigger. For inquiries, pls email me at mg.agapito@gmail.com.

Hello:

I'm an owner too at the north tower, all my balances, so far I am getting a hard time trying to get receipts from them for all payments I made. Any recommendations who should I talk to, I've been corresponding with Rhema, but she's not very helpful to me. Anybody else who has the same problem. I'm based here in USA so it's a difficult for me to communicate with them.

Thanks,
maxikeam

Absolutely the ugliest building in BGC (oh plus serendra too) haha.

Bumping this up!

Any news, you guys?

Absolutely the ugliest building in BGC (oh plus serendra too) haha.

I admire your honesty. But are you an owner of any properties in BGC?

soma unit owners, lahat ba kayo nakakuha ng Club Soho Privilege Card?

did that Manila Brew coffee shop shut down already?

Hi you guys in Manila!

How's our dear SOMA holding up/looking these days? :) are the letter boxes up already or not?

Would appreciate updates fr you guys who live in the building re changes good or bad in our building.

Just got the circular re parking lots. If there are no visitor lots in SOMA, where can our visitors park? Or are we not supposed to have visitors? I find this piece of info really frustrating. How can there be no visitor lots? :ohno:

I'd like to know if anyone here is being audited or had been audited by soma north tower for their payment. I'm having some problems with soma in regards to foreign exchange rate way back in 2005 which i am now only being informed. Rhema said that everyone is going through an audit of their payment, is this true.

So you ask a few questions and may get more then you ask for.

1. The mail boxes are complete. They have a room on the parking 1 area for mail room along with a drivers lounge. I may be wrong, but, I think we as owners probably had to foot the bill for that space and mail boxes. I would say it may be the cause for increase in dues!!!


Oh, for sure we foot the bill on that. I just hope they maintain it adequately though. Also, I hope there is cell-phone reception in that area designated as a drivers' lounge. I had problems notifying the driver in past visits to drive up to reception area already because he didn't get the text message I sent as there was no signal in the parking area! So driver had to stand near entrance of parking to await my text message!

2. I have had visitors here in SOMA and they always direct them to the 4th level basement parking. I have no idea if they are designated slots or not. The visitors always seem to have parking and I never ask where they park.


4th level parking slots are privately owned spots too. Mine is there. In feb when I was in Mla, a portion of my car park slot was used to store empty softdrink cans packed in huge plastic bags. I didn't make a fuss of it tho as the area was largely deserted and I could park anywhere.

3. I don't think SOMA will have parking spots for visitors on a permanent basis due to the fact that CPI loves money. Why would they not sell all the spots and why worry about us. After all it is our building now and I dont think the developers will be having visitors here.:lol:.

Haha. right on! But the lack of visitor lots will be a problem if the visitor doesn't have a driver to take care of the car when he/she is upstairs visiting. Perhaps they expect us to tell our visitors to meet us instead at Boni Hi Street as our units are too miserable to show off anyway?

4. The building is being slowly upgraded as the dues are paid. I suspect within 10 years or more we will have upgraded our investment to match what others received in the first place here at BGC.

5. As a unit owner and someone who lives in SOMA, I am not at all impressed. I come and go and have no intentions of being here past the very day I receive my new investment in BGC. I continue to be unhappy with this investment and as stated before I could never advise anyone to purchase with Century Properties Inc.:bash:

This breaks my heart, this unhappiness that I also feel re this devt. If i can turn back time, I wouldn't buy into this.

My own experience living there in Feb:

1) My unit is right at the end of the corridor but in the morning, I would be awakened by the conversation of the people waiting for the lifts. Imagine that! People are talking in normal voices and I can clearly hear the conversation that goes on that awakens me each day. The walls are that thin! Cardboard nga eh!

2) There is a drain in my toilet that emits a toxic smell that makes the whole house stink!!! I called the plumbing guys and they said its cos this drain gets very dry because many units are empty/vacant, thus drying out the drain.

One good thing i have to say about SOMA is that the lobby crew are all so nice, helpful and friendly. They never fail to soothe my angry nerves whenever i find something wrong again in my unit.

I cant say the same though about the office people on the second floor of South Tower. They always behave so put-upon, so inconvenienced whenever I show up there. One even sighed loudly when i came in at 15mins to noon after she looked at the clock and realised that she couldn't shoo me away yet. Parang gobyerno!

I'd like to know if anyone here is being audited or had been audited by soma north tower for their payment. I'm having some problems with soma in regards to foreign exchange rate way back in 2005 which i am now only being informed. Rhema said that everyone is going through an audit of their payment, is this true.

I was sent a list of unpaid bills due but I found the list to be non-current (meaning that many items were in fact paid na) so I just asked them to update their records. That was it for me.

Guys, did anyone actually start a Yahoo group for all SOMA owners? Or maybe a Facebook one? I want to join!

There is a Yahoo Group but no one is posting at the moment.
http://groups.yahoo.com/group/SouthofMarket/

bump

Rzf5Y2vM0V4 tYmCeWeIi-Q

Hello there.
Would you happen to have the number of the reception lobby? I am planning to stay in one of the units (27th Floor), to lease it for a week while in Phils. I'm hoping to leave that number to my family in case I need to be called or something.
thanks.
GM

ok rin tong building na ito...

I will rate this 7.5

Im so relieved to hear from SOMA office that the place was not affected at all by the floods that devastated Manila recently and that everyone there was safe and ok.

--Urgent, ASAP!--

Hey Guys,

I need a 2-Bedroom Unit here ASAP! Corporate Client needs to invest in a BGC Condo fast, preferably Ready to Move in by the end of the month. Furnished and semi-furnished, though bare units are still welcome.

Please send in your unit details (photos, price, unit layouts) to my email - apreyes.realty@gmail.com

Thanks,

JP Reyes =)

voted 8/10

SOMA

http://farm5.static.flickr.com/4041/4386756178_6349099b29_b.jpg

http://farm3.static.flickr.com/2686/4386754746_861a795b8e_b.jpg

http://farm5.static.flickr.com/4026/4385989911_a61e1c195a_b.jpg

http://farm5.static.flickr.com/4032/4386808760_77ec2e53b7_b.jpg

http://farm5.static.flickr.com/4023/4386809854_d4b32ee3dd_b.jpg

Source: lakbai (http://www.flickr.com/photos/lakbai/)

really nice 9/10

It looks pretty nice. :)

8/10

sa mga unit owners dito how many years na issue ang cond.cert.of title ninyo? thanks to all

sa mga unit owners dito how many years na issue ang cond.cert.of title ninyo? thanks to all

In three months time I guess. I even used the title as collateral for a loan.

like gridlock, i got mine in about 3 months too.

7.5/10

South of Market studio Unit for RENT or SALE

- furnished
- ready for occupancy
- 7th floor
- studio type, 40sqm
- 1 bathroom, with shower heater

FOR MORE DETAILS, PLEASE EMAIL rommel.bautista@ymail.com

-----

I have 2 bedroom unit on the 10th Floor facing Bonifacio High Street and Serendra that I'm just starting to put up for sale. I just signed the listing agreement. Please PM me if you know someone who might be interested.

Hi guys. FYI, I just leased out my 2BR unit in SOMA and the broker told me they are still looking for 10 2BR units to be leased out to a multi-national. Terms of my lease are P60,000 per month inclusive of VAT and association dues. Unit must be furnished, parking not needed. Tenant paid 1 year in advance plus 2 months security. Text 0917 822 7273 if anyone is interested. Look for Kristine. They'll only deal with unit owners.

hi kitong :)

got two (2br) units i am willing to lease and both are on the higher floor and overlooking antipolo. are they expats from international schools? i am willing to go for 60k for both of them. tell your contact to email me at larzeig@yahoo.com and give me a brief background of the tenants for my reference.

Does anyone here know about the ruckus that the construction in Serendra is causing? Can anyone living in SOMA confirm that there is piling works going on in the project across the street from SOMA?

Just checked the inventory today:

Penthouse 1 bedroom 39.4 sq meters still available.

+63917.813.1999

I WAS SO SHOCKED TO LEARN THAT THERE WERE SO MANY BLUNDERS THAT CENTURY HAS ALREADY DONE AND CONTINUE ON DOING. WE ARE HAVING ISSUES HERE IN BEL AIR SOHO AS WELL. WE STILL DON'T HAVE AN OFFICIAL BOARD OF DIRECTORS. THE RULES AND REGULATIONS ARE BEING MADE BY ARROGANT PEOPLE FROM CPMI WHOM I KNOW EVERYONE HAS AN IDEA ALREADY OF THE NAME. IMAGINE, WHERE WILL YOU SEE THAT A BOARD RESOLUTION WAS MADE JUST A DAY AFTER THERE WAS AN ISSUE AND THEN EDITED 2 DAYS AFTER IT WAS QUESTIONED....MADE OBVIOUSLY WITHOUT A BOARD MEETING.....JUST SIGNED BY SOMEONE WHO IS NOT EVEN AN OWNER!!!!

OMG...TOO MANY STORIES HAPPENING HERE IN BEL AIR...DON'T KNOW WHERE TO START....BUT ONE THING I'VE LEARNED, IF CENTURY / CMPI DOESN'T SEEM TO WANT TO LET GO OF THEIR HOLD/MANAGEMENT IN A SMALL CONDO LIKE BELAIR SOHO...THE MORE THAT THEY WILL NOT LET GO OF THE BIG PROJECTS THAT THEY HAVE LIKE SOMA AND SOHO CENTRAL ESP WHEN THEY ARE EARNING A LOT AND USING THE CONDO CORP.'S FUNDS LIKE MANY SAID. (THEY EVEN PLACED THEIR INTERNET BUSINESS IN THE BUILDINGS) SO BUYERS OR POTENTIAL CLIENTS OF THEIR CENTURY CITY, VERSACE, AQUA AND OTHERS MUST BE WARNED!!!!!

ang nagmamanage ata sa belair soho ay yung labandera, tumira kami dyan for a week ang binibigyan namin ng bayad ay yung labandera na nakatira sa tapat ng soho, yung gwardya at receptionist bantay lang at taga endorso ng massage sa city garden hotel dahil raw may ari din nung spa ay sina antonio

Any unit owners / investors selling there 2bedroom unit in THE FORT, MAKATI or NEARBY AREAS?

2bedroom unit:
-Ready For Occupancy
-Flat Type
-Higher Floor Level
-Much better with Balcony
-Good View
-Much Better With Parking
-Panoramic Windows

PM me for those interested. Thanks.

Sent you PM

Were the trash and noise issues resolved? We stay in SOMA South Tower for a week December 2010 and never had a smell or noise issue. I mean you can hear things in the hallway but nothing of note in the unit.

We have also stayed in a building in Parkview Suites in Eastwood and remember a slight smell in the hallways. We also noted a strong smell at Greenbelt Park Place but it was more of a cleaning solution smell.

Just curious.

Sharing with you our recently completed project at SOMA North Tower (40sqm unit). Hope you like it. :)


Living / Dining Area
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group9-IMG_6888_IMG_6892-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group1-IMG_6851_IMG_6855-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited3.jpg


Sofabed with pullout
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group5-IMG_6873_IMG_6876-4images.jpg


Kitchen
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited1.jpg


Bedroom
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group6-IMG_6877_IMG_6881-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited4.jpg


Toilet
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/IMG_6882.jpg

Sharing with you our recently completed project at SOMA North Tower (40sqm unit). Hope you like it. :)


Living / Dining Area
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group9-IMG_6888_IMG_6892-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group1-IMG_6851_IMG_6855-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited3.jpg


Sofabed with pullout
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group5-IMG_6873_IMG_6876-4images.jpg


Kitchen
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited1.jpg


Bedroom
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/Group6-IMG_6877_IMG_6881-5images.jpg

http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/edited4.jpg


Toilet
http://i27.photobucket.com/albums/c186/cartesian_doubt/SOMA/IMG_6882.jpg

wow!!! it doesn't feel like you are living in at SOMA :D another great work! Congrats!

Does anyone have an update concerning this serious matter?

http://www.mb.com.ph/articles/249408/bir-revokes-ruling-housing-plan

BIR revokes ruling on housing plan (http://www.mb.com.ph/articles/249408/bir-revokes-ruling-housing-plan)

March 24, 2010, 5:49pm

The Bureau of Internal Revenue (BIR) revoked Wednesday an earlier ruling on the build-to-own (BTO), build-your-own (BYO) and other similar housing or condominium unit-owned schemes that resulted in the non-payment of taxes due to government.

BIR Commissioner Joel Tan-Torres said his agency nullified its previous ruling — BIR Ruling No. DA-245-2005 (ftp://ftp.bir.gov.ph/webadmin1/pdf/49839RMC%20No%2020-2010.pdf) on constructing or building housing or condominium units — after a thorough investigation conducted by regional district officer Gerry Dumayas and assistant regional district officer Christina Barroga of BIR-RDO in Taguig.

Dumayas and Barroga, in coordination with BIR-Makati RDO Alfredo Misajon ruled that Meridien East Realty and Development Corporation (Meridien) and Century Properties Inc., failed to pay the income taxes and value-added taxes in million of pesos.

Meridien and Century properties, in a joint venture transaction last April 2009, contested that they only manage the construction of the condominium project in Global City, Taguig, and the funds as payment of the individual investors/co-developers are pooled in the bank with the developer, as project manager, receiving only a project management fee.

Moreover, the assignment and delivery of the developed units to a joint owner, is claimed non-taxable being merely a transaction to effect the return of capital contribution. This resulted to the non-payment of income taxes and value-added tax by Meridien and CPI on the gross project amount.

However, upon RDO 44’s investigation of the facts presented. They found out that Meridien and CPI misrepresented said transactions, which nullified the said ruling. (Jun Ramirez)

More on the scheme.

http://www.mb.com.ph/node/249943/bir-revoke

BIR revokes ruling on build-your-own scheme (http://www.mb.com.ph/node/249943/bir-revoke)

By CHINO S. LEYCO

March 28, 2010, 10:59am

The Bureau of Internal Revenue (BIR) has revoked its earlier ruling regarding the build-to-own (BTO), build-your-own (BYO) and similar schemes that resulted in non-payment of taxes due to government.

Under the revenue memorandum circular 20-2010, the country's tax collection agency has ordered the revocation of BIR ruling DA-245-2005 (ftp://ftp.bir.gov.ph/webadmin1/pdf/49839RMC%20No%2020-2010.pdf).

The ruling was nullified upon the instance of RDO Gerry O. Dumayas and ARDO Christina C. Barroga of RDO 44-Taguig throught Makati Regional Director Alfredo Misajon based on their verification of the joint venture transactions between Meridien East Realty and Development Corporation (Meridien) and Century Properties, Inc. (CPI) last April 2009.

It was originally represented in the ruling that Meridien and CPI only manage the construction of the condominium project, and that the funds as contributed by the individual investors or co-developers are pooled in a bank with the developer, as project manager, receiving only a project management fee.

Moreover, the assignment and delivery of the developed units to a joint owner, is claimed non-taxable being merely a transaction to effect the return of capital contribution. This resulted in the non-payment of income taxes and value-added tax by Meridien and CPI on the gross project amount.

However, upon RDO 44’s investigation of the facts presented. They found out that Meridien and CPI misrepresented said transactions, which nullified the said ruling.

The scheme is contrary to the policy behind presidential decree 957, otherwise known as the "The Subdivision and Condominium Buyer’s Protective Decree (http://hlurb.gov.ph//wp-content/uploads/laws-issuances/policies/pd_957.pdf)," according to the House and Land Use Regulatory Board (HLURB) (http://hlurb.gov.ph/).

Commissioner Joel Tan-Torres encouraged all the BIR offices concerned to report similar schemes for appropriate investigation and to prevent further erosion of tax collection running into hundreds of millions of pesos.

Read and listen to a possible future on page 49 message 976.

http://www.skyscrapercity.com/showthread.php?t=1076291&page=49

Remember The AD?

How well does The Ad hold up to the reality after the last several years much less at turnover? Tissues for crying or laughter provided after viewing.

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BIR Media Release: ftp://ftp.bir.gov.ph/webadmin1/pdf/pr59m*ar2310.pdf

BIR ruling on VAT: ftp://ftp.bir.gov.ph/webadmin1/pdf/49839*RMC%20No%2020-2010.pdf

SOMA on skyscrapercity.com pre-turnover: http://www.skyscrapercity.com/showthread.php?t=102503&page=120

If you would like a tour to view and discuss the result, please make a request to view reality at SOMA today.

9/10