BGC | Sapphire Residences

[theOCdiva]

Originally Posted by Dvorak

from cynch's website: Own a 1-BR condo (48.36 sqm or 520.35 sqft) in Bonifacio Global City (Fort Bonifacio) for as low as Php 22,733/month or US $452/month only! (Based on special bank financing of 15 yrs)

what bank is this?? and what's the term?? interest rate?? is this fixed? how much downpayment?? how many months is the downpayment payable??

Got similar questions, Dvorak. How does USD452 calculate? how does one qualify? requirements? citizenship?

Cynch, where are you?! We need you!

[Dvorak]

here's my assumption.. well if it's bank financing.. they will require at least 20 to 30% downpayment..

so say 30% of 3M = 900T

then 70% goes to financing.. for 15 years.. so that's about 12% interest per annum kung mga 23T per month..

requirements lang di ko alam.. and what's the terms on the downpayment.. do you have to pay it in 1 payment?? or stretched in 6? 12? months?

Originally Posted by theOCdiva

Got similar questions, Dvorak. How does USD452 calculate? how does one qualify? requirements? citizenship?

Cynch, where are you?! We need you!

[realtor_manila]

Originally Posted by theOCdiva

Hi Cynch,
Thanks for all the info on your new consultancy web-site. Very impressive!

You mentioned 'In 2006, Ayala Land unveiled the new Masterplan which will make BGC a first-class development. With the new Masterplan, BGC lots are now priced at Php 110,000-185,000/sqm (depending on the location) or at US $ 2,200-3,700/sqm at today's exchange rate of Php 50 to a US$ 1."

How does this translate into the calculation of a condo unit's assessed value?


Also, if I was looking into another unit in BGC, this time as an investor in Sapphire, what will the numbers look like? And how does that USD453/mo payment for a unit in Sapphire work (as shown in your web-site)?

"Is the new lot price set by Ayala Land realistic? For me, yes. This is the way I look at it: "the current price is the present value of all future developments that will take place in BGC". This includes the implementation of the new masterplan (better road networks, better traffic management, zoning of lots in BGC), upcoming developments like the construction of the St. Luke's Hospital), the future construction of a hotel in BGC and more!"

Which hotel will it be? and only one hotel? Maybe more?

Thanks!

Hello OCdiva/Susan!

1) Calculation of a condo unit's assessed value

The actual assessed value of a condo unit can only be determined when the condo is ready for occupancy. A government representative (ie, usually from the Taguig City Assessor's office) will do the actual inspections of the condo unit /condo building and they will set the assessed value of the condo unit (which is usually expressed in terms of Peso/sqm) .

There are many factors involved in determining this : the condo unit itself , the surrounding area which also includes lot prices.

Definitely, lot prices do influence the assessed value of a property.

2) I will e-mail you computations for Sapphire Residence .

The US$453/month is the monthly amortization for the bank loan (which is 65% of the total contract price). The bank loan will be from Banco De Oro. Said figure is derived from a maximum loan term of 15 yrs at 11.5% interest rate fixed for 5 yrs, 6th-15th years are subject to annual repricing.

3) Bonifacio Development Corporation is negotiating with a hotel group (usually they offer the lot on a long-term lease).

Honestly, I don't know the name of the hotel.

Thank you for the kind words. Your comments inspire me to do better in this profession! Maraming salamat!

[realtor_manila]

Originally Posted by theOCdiva

Got similar questions, Dvorak. How does USD452 calculate? how does one qualify? requirements? citizenship?

Cynch, where are you?! We need you!

I'm here !

Sorry, I've been super busy lately --- kulang sa tulog! ha ha

The US452/month is based on a 15 yr loan at 11.5 % interest rate.

Bank loan with Banco De Oro -- how to qualify

a) Filipino/Dual citizen --- okay; if Foreigner --- should be married to a Filipina.

b) Requirements : if employed --Certificate of Employment and compensation; Latest Income tax return ; valid IDs

[realtor_manila]

Originally Posted by Dvorak

and what's the terms on the downpayment.. do you have to pay it in 1 payment?? or stretched in 6? 12? months?

Standard terms for the 35% downpayment --payable in 6 mos at 0% interest.

There are times SSF is down so I can not visit SSF regularly. For serious inquiries, kindly e-mail me at : cynchyap@realestatemovers.com . Thank you!

[geebeng]

yeah Cynch, I like your fortboniconsultancy website, kaya lang too early to discuss business kasi layo pa turnover ko.

[theOCdiva]

Cynch, got your e-mail, will e-mail back.

Many thanks for taking sometime to get back to us, knowing you're busy with work. Really do appreciate it .

Taas pala nang interest rate, as opposed to 6 to 7.5% in US. I kinda suspected about the dual citizenship or marriage connection. Then I'll have to think about how to declare interest come tax time. Hmmm, gets rather complicated.

[gasrock]

I learn something everyday in this forum. A foreigner can pay cash for a condo no problem. But if same foreigner wants to buy same condo with a bank loan, he/she has to be married to a Filipino citizen. The income qualification I can understand but the marriage thing? Hmmmm....I wonder how much a foreigner will pay me to marry her if I become a dual citizen?

[theOCdiva]

I would have thought your money and credit/assets would have been good enought to get a bank loan..I think it's the possibility of one defaulting on the loan that banks want to avoid. Now if you had someone local who is on the loan, then there's someone else to go after. But you're right, gasrock,why does one have to be married? how about just being in it together (how ever many there are on the loan).

On a different slant, here's a great enterprise, gasrock, marriage of convenience...and then some, eh?

[3cr]

Uy parang FUBU! Hehehe...

[Dvorak]

uy FUBU!! hehehehe

Originally Posted by 3cr

Uy parang FUBU! Hehehe...

[gasrock]

Anong FUBU? But really, I'm just trying to understand the reasoning behind the rules. So for a dual citizen it is ok? But a dual citizen does not mean staying in the Phil. so wala din silang hahabulin. At bakit kailangan maghabulan? If one defaults on a loan then the bank can reposses and sell at a higher prevailing price plus keep all the deposits and monthly payment made. And for my planned enterprise I'd like to point out that I charge fees on a sliding scale depending on the "and then some" factor. Ha! ha! Maldito talaga maski saan.

[theOCdiva]

hey guys, what's FUBU?

[theOCdiva]

Originally Posted by gasrock

Anong FUBU? But really, I'm just trying to understand the reasoning behind the rules. So for a dual citizen it is ok? But a dual citizen does not mean staying in the Phil. so wala din silang hahabulin. At bakit kailangan maghabulan? If one defaults on a loan then the bank can reposses and sell at a higher prevailing price plus keep all the deposits and monthly payment made. And for my planned enterprise I'd like to point out that I charge fees on a sliding scale depending on the "and then some" factor. Ha! ha! Maldito talaga maski saan.

surely, banks are not in business to get defaults, it messes up the books. they may auction it off or go sell it off to secondary market, but no clue if it happens in PI.

I gez we need more feedback from Cynch about this marriage angle.

[realtor_manila]

Originally Posted by theOCdiva

Cynch, got your e-mail, will e-mail back.

Many thanks for taking sometime to get back to us, knowing you're busy with work. Really do appreciate it .

Taas pala nang interest rate, as opposed to 6 to 7.5% in US. I kinda suspected about the dual citizenship or marriage connection. Then I'll have to think about how to declare interest come tax time. Hmmm, gets rather complicated.

Hello OCdiva/Susan!

Some clients especially those from the USA are "allergic" to high interest rates. One option in paying the 65 % balance is to pay that in installment terms (ie, 20 mos at 0% interest) .

Other clients in the USA apply for a home equity loan (ie, from their house & lot property in the USA) and then pay the condo property in Manila through installment terms or cash. Through this , you can avail of cheaper financing in the USA AND you get to buy your dream condo here in Manila!

[realtor_manila]

Originally Posted by gasrock

Anong FUBU?

Ano ba itong thread na ito , may FUBU pa! It means F _ _ _ K Buddy. Si Vic talaga!

[realtor_manila]

Originally Posted by gasrock

I learn something everyday in this forum. A foreigner can pay cash for a condo no problem. But if same foreigner wants to buy same condo with a bank loan, he/she has to be married to a Filipino citizen. The income qualification I can understand but the marriage thing? Hmmmm....I wonder how much a foreigner will pay me to marry her if I become a dual citizen?

Hello Vic!

Actually, a foreigner married to a Filipina inquired from me about this bank loan. He will be employed here in Manila but his wife has no job. I spoke with a bank representative of Banco De Oro and they told me that they are willing to extend a bank loan to the couple. The foreigner (male) will just present his Certificate of Employment and Compensation (the major document needed) to Banco De Oro and that will be the basis in extending the bank loan.

[gasrock]

Originally Posted by realtor_manila

Ano ba itong thread na ito , may FUBU pa! It means F _ _ _ K Buddy. Si Vic talaga!

Oppps! Hindi sa akin nanggaling ang initials na yan, tinatanong ko lang kasi ngayon ko lang nadinig yan. Kung sinabing "friends with benefits" I can understand.
Did that foreign client of yours put the condo in his name?

[3cr]

Naku Vic nahuli na pala ako at nasagot na ni Cynch kung ano ang FUBU though medyo malutong ata yung definition niya Hehehe! Sorry alam ko kasi sa FUBU eh "Friends with Benefits" (PG rated definition) otherwise I would not have used the term so as not to offend anyone. Naku pasensiya na po!

[ishtefh_03]

nakakatuwa lagi kayo at parang ako lang bata na nakaka encounter yang mga ganyan... madami ako nalalaman dito... haha!!