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Philippine Projects on the Rise Proposals and U/Cs all around the archipelago.
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View Poll Results: What do you prefer?
Standard Flat Units 14 43.75%
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Old August 24th, 2005, 08:36 AM   #41
LhexiMont
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Bakit magkamukha yung Forbeswood Heights condo dun sa mga condo sa tapat ng SM Southmall ..pati colors pareho rin ?
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Old August 24th, 2005, 10:50 AM   #42
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Quote:
Originally Posted by akaflores
Someguy, saan ka sa US? Kasi ako, I am in Northern California. What I did to open BPI Direct savings, was to print the form online, took it to Milpitas branch, deposited $100 and signed a signature card. I only have to wait for 3-5 days and then my account sa opened. As for online access, I called their 800 # and in few days, I got the access info. As for opening checking account, you have to be in the Philippines to do that kasi I think it needs background check and clearing. Only then was I able to issue my PDCs.

As for PNB, I use it fund my other PNB account. To save on remittance fee, I do once in 2 months. $9 ang charge and it is there within 24 hours. I have been doing this for almost 2 yrs. na so I know subuk na ito.

Lastly, check out new partnerships by developers between them and other remittance companies/Philippine banks here. Last I heard, Ayala has one already established. They do not just remittance but actual purchases (instead of buying sa Pinas and FEDEXing forms).

Hope this helps.

hi...im actually in Sydney Australia....as for checking account yeh i agree with you but i will try and have a quick visit in manila later ths yr...in the meantime i have a rep to act on my behalf..
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Old August 24th, 2005, 06:00 PM   #43
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All About Real Estate TAXES

I am just curious what are the fees and taxes that are imposed when I sell my property.

I mean does this Philippines have a capital gains tax on condominiums?

Is there like a flip tax on condos like there is in some places of the US.

I own a condo at Lancaster Suites, of course this project is this in the construction stage.
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Old August 25th, 2005, 04:09 AM   #44
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What identification is required if you, a non Filipino resident or citizen, were to buy a condo in the Philippines? I know for locals, they usually ask for the TIN (Tax Identification Number) and I can't remember if there is something else. For "foreigners" like myself, if I wanted to buy a condo (I realize that the project must not exceed 40% foreign ownership), does anybody know how that is done? Do we need to apply for a Philippine TIN or will some other form of documentation(passport) or numerical identification (like a US SSN) suffice? Also, how can you pay property taxes, etc.
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Old August 25th, 2005, 04:16 AM   #45
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nope. you don't need to apply for a Philippine TIN. They will accept your passport and license number as your identification. If you are married and you are buying a condo, they will also need IDs of your wife. Then you have to sign the contract here in front of a notary public.

Quote:
Originally Posted by Wally
What identification is required if you, a non Filipino resident or citizen, were to buy a condo in the Philippines? I know for locals, they usually ask for the TIN (Tax Identification Number) and I can't remember if there is something else. For "foreigners" like myself, if I wanted to buy a condo (I realize that the project must not exceed 40% foreign ownership), does anybody know how that is done? Do we need to apply for a Philippine TIN or will some other form of documentation(passport) or numerical identification (like a US SSN) suffice? Also, how can you pay property taxes, etc.
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Old August 25th, 2005, 05:49 AM   #46
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So the driver's license number can be from a US or other foreign driver's license? So I suppose the hardest part (other than coming up with the cash) is getting a local notary? What about property taxes? How could you pay those?
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Old August 25th, 2005, 11:09 AM   #47
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there's a lot of notary public here.. so that wont be a problem...

re: Property taxes.. is this the yearly thing? I think this is paid to the local government.

Quote:
Originally Posted by Wally
So the driver's license number can be from a US or other foreign driver's license? So I suppose the hardest part (other than coming up with the cash) is getting a local notary? What about property taxes? How could you pay those?
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Old August 25th, 2005, 12:56 PM   #48
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you can read about the real property tax code on http://www.chanrobles.com/presidentialdecreeno464.htm
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Old August 26th, 2005, 05:51 AM   #49
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Are there disadvantages to buying abuild to own condo. has anybody bought one and were they satisfied with the whole procedure and the unit?
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Old August 26th, 2005, 06:00 AM   #50
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BASIC DIFFERENCE

The new Build method: Homeowners directly engage the services of a construction industry professional team who build their homes at DIRECT COST.

VS.

The old Buy Method: Homeowners buy from a middleman developer, who engages the same group of construction industry professionals to build and resell it back to the buyers with 40% higher price

Build To Own is supported by the Construction Industry…

Ensuring the Lowest Prices, the Best Quality

and the Fastest Delivery Time!



PROFESSIONAL COMMITMENT

The new Build method: Professionals are bound by both the code of ethics and legal responsibilities for the quality and safety of the building. His objective is to build a structure that he can take pride in, while earning a reasonable compensation in the form of a standard fee.

VS.

The old Buy method: The middleman developer's corporation only has one objective, which is to earn as much money as possible for themselves and their stockholders.



PROTECTION AGAINST DIVERSION OF FUNDS

The new Build method: Each owner employs a depository and disbursement bank with strict instructions that all funds will go directly to the project alone

VS.

The old Buy Method: All payments are paid to the pocket of the middleman developer, with no accountability of where the money goes. Most often, it is used to pay previous debts, to fund other unfinished projects, or worse, for personal extravagances that cause project failure.



HOMEOWNERS EARN INTEREST

The new Build method: Payment deposited by the unit owner to the depository and disbursement bank will earn high yiedling interest for the homeowner before the construction starts.

VS.

The old Buy Method: Without any construction expenditure of the first 3 years of pre-selling, the middleman developer collects payments from the unites and takes all interest generated from these funds.



DIRECT OWNERSHIP FROM THE BEGINNING

The new Build Method: The whole project is free of any debt and nothing is mortgaged. All assets acquired and on site remain as the unit owners property through the construction period.

VS.

The old Buy method: The project funds are raised through loans, using the land as mortgage. Unit buyers will get their units only if and when the middleman developer achievers their target profits, and pay all debts.



FASTER DELIVERY MEANS EARLIER INCOME

The new Build method: The 2 year delivery time frame allows the homeowner to immediately rent out or use their home, saving 3 years worth of rent paid to live elsewhere.

VS.

The old Buy Method: The homebuyers unit will be delivered 5-7 years from the date of purchase because of the 3 year delayed contract. Homebuyers will lose 3 years worth of rental income from the unit or incur rental expenditure to live elsewhere.
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Old August 26th, 2005, 04:39 PM   #51
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That's very informative and helpful Dvorak. Thanks!
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Old August 26th, 2005, 05:47 PM   #52
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thanks DVorak It seems all those listed are advantages. I wonder if there is any disadvantage at all.
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Old August 26th, 2005, 06:03 PM   #53
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Your venue for dispute will be primarily the SEC as opposed to the HLURB. The documentation will show you as a Joint venture partner not as a buyer. When the contract unravels in case of a no show there is a bit of a delay as all parties to the contract must be informed and participate.

There have been several of these things which have not taken off and have not been succesfull. Filinvest has one, and even the original communidades project developers in the country have not used this way of developing again. Gilbert Yu on the other hand has been quite succesfull with his Fort developments (hampton etc). It can take time for some projects to achieve critical mass and it may lose it's window of opportunity making it impossible or take a long time for the project to push through. So while delivery date from start is maintained, the start date may move, specially in a down cycle or not so marketable project.

There is an educational aspect to the method as well , so the proponent must sell the idea and the condo at the same time. This is what spooks some buyers and is why mainline developers have not employed it so far.

I believe the above comparison is from Gilbert Yu's website, he's the chief proponent right now for this method.
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Old August 26th, 2005, 09:59 PM   #54
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that's something to think about. thanks. What attracted us to Bot is the delivery date which they said would take two years. If they don't get enough funding and delivery date is postponed or doesn't push through then you're left without a unit in the end specially if you're paying cash.
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Old August 26th, 2005, 10:31 PM   #55
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Come to think of it, it can be quite problemmatic when faced with this scenario. It will really be more of a breach of a partnership agreement than a breach of contract. The legal recourse is much tougher.
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Old August 27th, 2005, 09:15 AM   #56
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i guess i'd choose the fort... great master plan... mall, hospital, school... lots of expensive condos (i hope i can afford it someday)... looks more like a park to me, there are trees everywhere... its near the airport... minutes to makati... less traffic... less jeep (i would need a car to get around or maybe a bike..if its allowed or maybe i'll just walk)

eastwood is more like a gimmick place... packed with buildings (can anyone breathe there?), accessible by jeep... affordable condos... great developer....
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Old August 27th, 2005, 10:21 AM   #57
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Quote:
Originally Posted by LhexiMont
Bakit magkamukha yung Forbeswood Heights condo dun sa mga condo sa tapat ng SM Southmall ..pati colors pareho rin ?
Perhaps they're both Megaworld projects?
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Old August 28th, 2005, 12:25 AM   #58
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If I have to compare just the nightlife/dining scene in both places, I would choose Eastwood over Fort Bonifacio.

Fort Bonifacio has better access to a lot of things and the view is priceless.

Pearl of the Orient Seas - The Philippines
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Old August 29th, 2005, 07:01 AM   #59
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In case of non-continuance, there is no breach of contract or agreement. The contract actually stipulates from the start the exact performances in terms of dates and schedules which must be followed. Should there be failure in achieving the milestones from any of the major parties to the agreement there is an installed mechanism by which all parties can detach. This is the primary attraction for this method of development. The exit mechanism is quite clear and leans toward protecting individual buyer/investors (so that it will be attractive in the first place).

In the scenario of Marites, you monies are in scrow so theoretically it's making a little money while it's moving on. The biggest problem with these things in general is that if the uptake is slow, they may not make the minimum to start the project and hence the start date is delayed. Of course normal developments have this problem to , to a certain degree, this is more the case for smaller developments rather than the Ayala's or Robinson etc.

If the uptake is good and the contract and players secure then more or less it should proceed quite quickly.
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Old August 29th, 2005, 07:25 AM   #60
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providing you now have the condo.. how much is the yearly tax that you would pay? Does this depend on the amount of the condo? say if you have a 10M condo.. how much is the yearly tax for this?
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