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Old June 4th, 2015, 04:54 AM   #101
Stat1
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Hey guys, I thought I share my experience with the big developers and maybe you guys can give your input as well:

First one is Robinson's: I was charged a 3% penalty as the bank processing of my loan got delayed. They however negotiated with me and the penalty went down a little although I didn't agree with it, but I paid it anyway.

I had been fully paid with them since about 2 months ago, and I still don;t have the unit in my possession. I wish I could charge them a penalty as well, they did at least promise a turnover date at teh end of this month and at this point, I just want my unit.

Second one is even worse, with Megaworld, I agreed to invest in a condo last year and I gave post dated checks for the pre-selling DP until 2018, around 2M total.

They never gave me a CBTS until last week, a year after I started payment and then out of nowhere, I got a mail this week that they are demanding the turnover within 3 weeks, or at the end of June 2015 which is a long way from June 2018. If I have known I could have prepared more money to offset the pre-selling DP.

I really wouldn't mind the early turnover but I do need a notice since it involves a few millions and not just change I can pull out of the pocket. Not sure why they did this, I'm not signing the CBTS and getting legal help as I don;t know what their legal basis is in changing the payment scheme. On top of it, I didn't sign anything in contract since they just gave the contract CTBS this week.

If you guys have similar experiences I would love to get some insights. I;ll share what the lawyer tells me as well. Thanks!
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Old July 1st, 2015, 07:24 AM   #102
pattycake12790
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Originally Posted by ketsup View Post
hello! i bought a unit from DMCI (40percent DP) and the turnover date was delayed for a year, but DMCI just informed me that i will start my Bank financing on the original turnover date, the bldg is still in construction and i will start my Bank financing already??!! is this really happening?

I also bought a unit from DMCI - Torre de Manila. So far, I'm having no problem with the developer but I'm also worried about the turnover date being delayed because of TRO imposed by SC.

I hope they lift it and it will all be resolved soon...
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Old July 16th, 2015, 05:12 PM   #103
mingjoy128
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Hello! Dont know if related ito sa topic. Since turn over nman yung pinag uusapan, may tanong ako about bank loan? Meron ba sa inyo na naka experience na mag apply ng bank loan 2 or more bank loan sa isang bank lang? Allowed ba yun? Though di naman sabay sabay ang turn over, gusto mo lang isang bank sana kse mababa ang interest? pnb and psbank mababa ata ang rate? How about yung 5 yrs fix rate? Ok ba yun? Thanks sa mga sasagot...
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Old July 17th, 2015, 07:31 AM   #104
azumiii
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Quote:
Originally Posted by Stat1 View Post
Hey guys, I thought I share my experience with the big developers and maybe you guys can give your input as well:

First one is Robinson's: I was charged a 3% penalty as the bank processing of my loan got delayed. They however negotiated with me and the penalty went down a little although I didn't agree with it, but I paid it anyway.

I had been fully paid with them since about 2 months ago, and I still don;t have the unit in my possession. I wish I could charge them a penalty as well, they did at least promise a turnover date at teh end of this month and at this point, I just want my unit.

Second one is even worse, with Megaworld, I agreed to invest in a condo last year and I gave post dated checks for the pre-selling DP until 2018, around 2M total.

They never gave me a CBTS until last week, a year after I started payment and then out of nowhere, I got a mail this week that they are demanding the turnover within 3 weeks, or at the end of June 2015 which is a long way from June 2018. If I have known I could have prepared more money to offset the pre-selling DP.

I really wouldn't mind the early turnover but I do need a notice since it involves a few millions and not just change I can pull out of the pocket. Not sure why they did this, I'm not signing the CBTS and getting legal help as I don;t know what their legal basis is in changing the payment scheme. On top of it, I didn't sign anything in contract since they just gave the contract CTBS this week.

If you guys have similar experiences I would love to get some insights. I;ll share what the lawyer tells me as well. Thanks!
Hi Stat1. Saw your experiences in turnover issues thread. Do update us, as my close friend also have similar concern now with Century Properties for her Azure units which is supposed to be turnover Dec2015 but she received turnover notice last May that it will be turnedover July2015. Problem is her bank loan is still on process since May and this June I already stepped in to assist her as the bank needs a representative residing in PH but now shes based in Morocco. I advised her that there should be no penalty if ever she cannot provide the turnover balance right away since her declared turnover is still on December.

On a side note, hope you researched Megaworld first. Lots of negative feedback about this developer but they are really good in selling and marketing.

Thanks for sharing and hope to be updated abt your case.
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In business terms, assets are your pros and liabilities are your cons. You need assets to offset your liabilities.
The simple definition of an asset is something that puts money in your pocket. This is accomplished through four different categories, one of which is real estate. When I say real estate, I don’t mean your personal residence, which is a liability. What I mean is investment real estate, which is a great investment because it puts money in your pocket each month in the form of rent. -RK

Last edited by azumiii; July 17th, 2015 at 11:41 PM.
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Old July 26th, 2015, 07:51 AM   #105
ming88
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Originally Posted by azumiii View Post
Hi Stat1. Saw your experiences in turnover issues thread. Do update us, as my close friend also have similar concern now with Century Properties for her Azure units which is supposed to be turnover Dec2015 but she received turnover notice last May that it will be turnedover July2015. Problem is her bank loan is still on process since May and this June I already stepped in to assist her as the bank needs a representative residing in PH but now shes based in Morocco. I advised her that there should be no penalty if ever she cannot provide the turnover balance right away since her declared turnover is still on December.

On a side note, hope you researched Megaworld first. Lots of negative feedback about this developer but they are really good in selling and marketing.

Thanks for sharing and hope to be updated abt your case.

Buyers beware. More on Megaworld. I bought some units in Bayshore residential resort 2, cluster B with views of the Bay and Marina Bay resort. In one of their latest change - 2 years after I bought it, the whole cluster A (another building originally slated to be built behind) was moved in front of cluster B - blocking all the view. This was hush hush until I heard it from the grapevine few weeks back and this is totally unacceptable. Megaworld owes all buyers of cluster B an explanation, and we need to know how we will be compensated. I will keep everyone posted on whether a big developer would be professional enough to resolve this or oppress its buyer.
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Old July 28th, 2015, 05:32 AM   #106
lifehouse232
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Originally Posted by ming88 View Post
Buyers beware. More on Megaworld. I bought some units in Bayshore residential resort 2, cluster B with views of the Bay and Marina Bay resort. In one of their latest change - 2 years after I bought it, the whole cluster A (another building originally slated to be built behind) was moved in front of cluster B - blocking all the view. This was hush hush until I heard it from the grapevine few weeks back and this is totally unacceptable. Megaworld owes all buyers of cluster B an explanation, and we need to know how we will be compensated. I will keep everyone posted on whether a big developer would be professional enough to resolve this or oppress its buyer.
You can file a case against them in HLURB especially if Megaworld committed bay views in their brochures/marketing materials.

I know that changes in the site development plan (i.e. location of buildings) should be reflected in the Master Deed (which should be attached to your Contract to Sell) and any material change in the Master Deed should have the consent of all buyers.
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Old July 28th, 2015, 08:55 AM   #107
ming88
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Originally Posted by lifehouse232 View Post
You can file a case against them in HLURB especially if Megaworld committed bay views in their brochures/marketing materials.

I know that changes in the site development plan (i.e. location of buildings) should be reflected in the Master Deed (which should be attached to your Contract to Sell) and any material change in the Master Deed should have the consent of all buyers.

Thanks for your advise. Greatly appreciated
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Old July 28th, 2015, 05:42 PM   #108
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Originally Posted by ming88 View Post
Thanks for your advise. Greatly appreciated
Very useful indeed! Thanks!
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