Author Archives: Lauren

The Aston at Two Serendra

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The newest phase in Serendra, Fort Bonifacio is The Aston, where city living meets natural beauty in perfect harmony. A high-rise condo located in a suburban-style neighborhood, The Aston is 2.3 hectares wide but most of the area is devoted to open space that will be designed according to the landscape of Serendra. At the center of the open area will be an expansive swimming pool, lots of water elements, and themed amenities like river boats, hanging bridges, forest walkway, and tree houses. Recreational areas such as a day care center, jogging trail, video game room, and mini theater serve as a space for the residents to come together and spend time as a community.

The building itself is 35 storeys tall and has studio (42 to 54 sqm at Php 3.2 – Php 4.6 M), one bedroom (55 to 69 sqm at Php 4.2 to Php 5.5 M), two bedroom (82 to 135 sqm at Php 7.5 to Php 9.1 M), three bedroom (105 to 152 SQM at Php 9.4 to Php 10.9 M), and a special three bedroom unit with two levels (160 to 161 Sqm at Php 14.2 to Php 14.3 M)

For more information, visit the Alveo Land website.

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Private Mortgages as Financing Alternative

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Since banks usually have more strict requirements when it comes to loans, you can take out a mortgage from a private lender instead of traditional sources. Mortgages from private lenders are usually short-term asset-based loans, and the decision to lend is based on the value of your property as collateral, and not on your credit history. Private mortgages are also used by those who need immediate financing but who do not have the documents required by banks and other lending institutions.

Private mortgages are easier to get because the lender usually bases his or her decision to lend based on the asset used for collateral, which is the property. If the value of your property is high enough and you generate income that will pay off the interest of the loan, your personal financial situation will not affect the lender’s decision.

For non-income producing properties like homes, a private loan will get you at most a 55% loan of the appraised value of the property. Besides the value of the property, private lenders usually look at how the borrower intends to repay the loan before approving it. Since private mortgages usually last from six months up to three years, lenders have to consider if an exit strategy (how the borrower intends to pay the loan) is viable.

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Homes in the City

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With the rising prices of gas, it makes more sense for people to cut down on their fuel consumption – and part of the strategy to save on gas is deciding where to live. In an age where a liter of gas costs more than 60 pesos, it makes more sense to live in Metro Manila, possibly in a location that’s close to the business districts of Makati and Ortigas. Most homebuyers today don’t want to trouble themselves with an hour’s worth of commuting time and cite cutting down on fuel cost as their main reason for looking for a place in the city. Even couples who are retired would rather move out of bigger houses and into a condo in the city. Since their children are all grown up and have families of their own, they no longer need a large house that takes time and money to maintain.

Makati-based workers might want to consider getting a unit at One Pacific Place in Salcedo Village. Not only are you near work and hip commercial centers like the Ayala Malls; the condominium also has excellent amenities that include a gym, day care center, and a lounge with free WiFi access. Those who work in Ortigas and Quezon City will be pleased to know that Ortigas & Co is building a large residential complex across Tiendesitas.

So long as high fuel prices continue to persist, developers will have their hands full trying to provide homes for everyone who wants to live closer to work or who simply want to spend their days in a peaceful and safe residential area.

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Advantages of In-House Financing

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In-house financing is a loan directly from the developer or the subdivision. Most home buyers in the Philippines choose in-house financing over bank loans because processing the former is easier and faster than the latter.

For one thing, no background checks of the applicant are made and the developers who offer the in-house financing program do not usually require the applicant to submit proof of income. The approval of the loan is made once the buyer is able to pay the reservation, submit the required documents, and fill out the forms. The interest rates of in-house financing for the duration of the loan is also fixed, meaning that the amount the buyer has to play is not affected by any political or economic developments, which makes bank interest rates rise up or fall down.

Bank loans have lower interest rates and greater flexibility (9% per year for a 1-3 year loan, 12% for a 15 year loan), but many buyers get turned off by the stringent requirements and the length of time it takes for the loan to get approved. One of the requirements for a bank loan is a proof of income – a reason why freelancers or workers in the informal sector need to formalize their businesses before they can get a loan. Some applicants who earn by commission also do not qualify for a loan because they don’t have a fixed salary. While there are banks who are more flexible about these nuances and only need proof of consistent income, these are few and far in between.

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Condotels in the Philippines

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Condo-hotels or condotels are high-rise buildings that are developed and operate as a luxury hotel, but they also have condominium units that serve as fully-functional vacation homes. Condotel units are a great investment. As a unit owner, you can can live in the unit for about thirty days per year; during this time, you have access to world-class amenities like room service, a gym, and a spa. For the rest of the year, you can choose to rent out the unit together with the hotel and receive a percentage from it. Alternately, you can also live in the unit permanently and enjoy five-star hotel living day in, day out.

Condotels operate just like serviced apartments and are great for investors who want to test the waters in hotel investment in the Philippines. Buyers own their condotel units just as though they were regular condos – there is no time limit to ownership, and all units come with freehold title deeds.

The best cities to invest in a condotel are Metro Manila and Cebu. The hotel-condo investment trend in the Philippines is already accelerating in these major metropolitan hubs. Given the country’s expertise in the service and hotel management industries, there’s no doubt that condotels are a profitable operation that ensures maximum return on investment.

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Miss Real Estate Philippines

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Beauty pagaents are usually frivolous affairs, but not Miss Real Estate Philippines. Held at the Philippine Real Estate Festival on July 25 at the SMX Mall of Asia, Miss Real Estate Philippines is a competition that aims to find ambassadresses for the country’s real estate industry.

Out of 200 candidates, who were all educated about the real estate industry and why it is vital in the Philippine economy today, only 24 made it to the pre-pagaent screening. The name of the winner has not been released yet but whoever she is, she’s going to do more than just wear a crown, look pretty, and enjoy the valuable prizes that include a house and lot. She will also represent the Philippines in the first ever Miss Real Estate Asia and handle the responsibility of heading the outreach projects that will provide homes to the underprivileged. I don’t think there’s ever been a beauty pagaent in the Philippines that is as socially involved as this one.

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