Cebu Real Estate

Foreign Ownership of Philippine Real Estate & Assets

admin — Fri, 04 Jul 2008 06:52:54 +0000

A Foreigner can own and control investments into Philippine real estate and other assets. We partner with Foreign Nationals so they can protect their Philippine investment interests. More information on this is provided below, and or contact Orwin Omega by email orwin.omega@gmail.com for further information. Foreigner Nationals can buy condominium units.

Under Republic Act 4726, otherwise known as the Condominium Act, provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation), and no one can buy shares in a condominium corporation without at the same time buying a condominium unit.

Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation.

For Non Philippine Nationals a Retirement Visa may be applied through the
Philippine Leisure Authority where proposed or “pre-existing investments may qualify the applicant for a Philippine Retirement Visa. The Philippine Leisure and Retirement Authority (PLRA) is now accepting Special Resident Retiree’s Visa (SRRV) applicants with pre-existing investments in the Philippines. This policy has been in place since October 28, 2003. Pre-existing investments in the form of a previously purchased condominium unit, shares of stock in corporations, leasehold agreements and proprietary membership shares are accepted in lieu of the required US dollar time deposit.

In addition to the usual documentary requirements for SRRV application, applicants should submit specific documents depending on the type of investment they will be using in lieu of the US dollar time deposit. For condominium units or long-term leasehold agreements, applicants should submit: Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) duly certified by the Registry of Deeds; and Deed of absolute sale as proof of the property’s purchase price, which should be at least USD 50,000.00 or USD 75,000.00, whichever is applicable, based on the exchange rate at the time the property was purchased or acquired.

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Brookfield

admin — Tue, 01 Jul 2008 13:38:05 +0000

Brookfield Subdivision - Lapu-Lapu City Cebu Philippines

Project Description Brookfield Subdivision is a residential subdivision that emphasizes not really a choice of fancy homes that make you want to own a home. It’s a meaningful relationships you’re bound to develop and cherish while living there. More images below…

Located in Mactan, cebu, right where beaches are part of the natural landscpae, brookefield is designed to attract kindred spirits in search of fellowships…

Picture your children playing with the kids next door… or picture sharing a laugh with the neighbors over barbecue and drinks. It’s all about community at Brookfield.

General Details of the Project

Brookfield Subdivision is a residential subdivision that emphasizes not really a choice of fancy homes that make you want to own a home. It’s a meaningful relationships you’re bound to develop and cherish while living there.

Located in Mactan, cebu, right where beaches are part of the natural landscpae, brookefield is designed to attract kindred spirits in search of fellowships…

Picture your children playing with the kids next door… or picture sharing a laugh with the neighbors over barbecue and drinks. It’s all about community at Brookfield.

Alta Monte 1

admin — Tue, 01 Jul 2008 13:37:09 +0000

Alta Monte Subdivision - Consolacion, Cebu, Philippines

Project Description

ALTA MONTE subdivision is located in Concolacion,
Cebu. It is on top of a mountain which offers a view of Mactan
Island and some parts of the City of Mandaue and Cebu. The subdivision
is around 2.0 km. away from the highway of Consolacion. There
are three types of houses but presently there are only two duplex
house models, Kate and Jenny. The other house model has two floors
and is single detach but is not yet available to the buyers.

House Models

	House Model
	Kate (Duplex)	Jenny (Duplex)
Lot Area:	57.00 sq. m.	52 sq. m.
Floor Area:	22.00 sq. m.	23.85 sq. m.
Contract Price:	Php 358, 250.00	Php 344, 600.00
Loanable Amount:	Php 330, 000.00	Php 324, 600.00
Processing Fee:	Php 28, 250.00	Php 20, 000.00
Reservation Fee:	Php 5, 000.00	Php 5, 000.00

Terms (Yrs)	Monthly Amort. (Php)	Net Income Required (Php)	Terms (Yrs)	Monthly Amort. (Php)	Net Income Required (Php)
5	7, 011.52	17, 528.80	5	6, 896.79	17, 241.98
10	4, 360.97	10, 902.43	10	4, 289.00	10, 824.03
15	3, 546.20	8, 865.50	15	3, 488.17	8, 720.43
20	3, 184.57	7, 961.43	20	3, 132.46	7, 831.15
25	2, 998.71	7, 496.78	25	2, 949.64	7, 374.10
30	2, 895.99	7, 239.98	30	2, 848.60	7, 121.50

Pag-ibig Requirements:

Preliminary Loan Counselling Questionaire
Duly Accomplished and Notarized Housing Loan Application with
1×1 I.D. picture (3 pcs)
Duly Accomplished membership Status Verification Slip (MSVS)
with stamped "Loan Counselling Attended" duly signed
by the Chief Division of MLD
Duly notarized Certificate of Employment and Compensation
(COEC) with net take-home pay per month signed by authorized
signatory
Cerified True Copy of Latest Payslip or payroll (1 month period)
Certificate of Remittances for the last 24 months (for MSVS
requirements)
Employment Contract (only for OCW)
Marriage Contract (if Married, Photocopy)
Birth Certificate (Photocopy)
Residence Certificate
Latest Income Tax Return (ITR)
Post Dated Checks (if applicable)
Certification from Employer stating that they are/are not
willing to deduct Pag-Ibig Monthly Amortization from Employee’s
Salary.

Aldea Prima - 3

admin — Tue, 01 Jul 2008 13:35:51 +0000

Town House Features

Building :	Cast in Place Steel Reinforced Concrete Structure
Floor Area :	47 sq. m.
Room Partition :	Hardiflex or Equivalent Partition for 2 bedrooms
Flooring :	Ground: Red Cement Smooth Finish Second Floor: Plain Cement Smooth Finish
Wall :	Interior: Single Coat Primer, Smooth Cement Finish Exterior: Colored Sand Blast Finish
Stairs :	Concrete
Second Floor Ceiling :	Hardiflex or equivalent
Roof Framing :	Steel Purlin
Roofing :	Rib-Type Colored Sheet Gauge 28
Gutter :	Front: False Gutter Colored Sheet Gauge 28 Rear: None
Windows :	Aluminum Jalousie with Glass
Toilet and Bath :	Floor: With tiles Wall: With tiles 600 mm H Door: PVC Toilet: Flush Type Lavatory: Provided
Kitchen :	Counter with Tiles. Enamel Sink with Base Cabinet
Water Lines:	Complete with Pipes & Fittings Separate charge for connection
Electrical Lines:	Complete without Fixtures Separate charge for connection

Subdivision Features

All concrete roads, curbs and gutter
Underground drainage system
60,000 gal. OverHead Water Tank
Entrance Gate with Guard House
Perimeter Security Fence
Multi-purpose Hall
Landscaped Parks and Playgrounds
Basketball Court

Sample Computation For House and Lot Package

Lot Area	40 sq. m.	48 sq. m.
Selling Price	Php 499, 000.00	Php 527, 000.00
Loanable Amount	Php 499, 000.00	Php 499, 000.00
Equity	Php -	Php 28, 000.00
Processing Fee	Php 32, 175.00	Php 32, 175.00
Total CASH OUT	Php 32, 175.00	Php 60,175.00
Monthly Installment - 12 mo.	Php 2, 681.25	Php 5,014.58
Reservation Fee	Php 5, 000.00	Php 5, 000.00

Aldea Prima - 2

admin — Tue, 01 Jul 2008 13:34:53 +0000

For In-House Financing Buyers:
(Including above requirements, if applicable)

Data for Reservation Sheet (DRC)
2 pcs 1×1 recent photo & Residence Certificate
Post Dated Checks (PDCs) for the full payment

Contact Person

Aldea Prima - 1

admin — Tue, 01 Jul 2008 13:33:50 +0000

Provisions

All concrete roads, curbs and gutter
Underground drainage system
60,000 gal. OverHead Water Tank
Entrance Gate with Guard House
Perimeter Security Fence
Multi-purpose Hall
Landscaped Parks and Playgrounds
Basketball Court

Pre-Qualifications Requirements

For HDMF members:

24 months HDMF remittance print out.
Certification of Employment & Compensation
Latest 1 month pay slip (original or authenticated photocopy)
Latest Service Record (for government employees)
Latest Income Tax Return (ITR) with W2
3 pcs. 1×1 I.D. picture
Residence Certificate, TIN ID, proof of Billing
Photocopy of Birth Certificate or Marriage Contract
Latest Job Contract/Employment Contract (for OCW)
SPA (Notarized by Phil. Embassy/Consul - for OCW)

For Self-Employed/Professional Practitioners

(Including above requirements, if applicable)

PRC I.D. & PTR
Latest ITR with Financial Statement
Business Permit
DTI or SEC Registration

Featured House and Lot

admin — Tue, 01 Jul 2008 06:31:33 +0000

1. Subdivision, in general - is a tract of land parcellised into two or more lots.
2. Subdivision Project - as defined by P. D. 957, is a tract of land registered under Act 496 (Now P.D.I 529) which is partitioned primarily for residential purpose into individual lots, with or without improvements thereon, and offered for sale to the public in cash or installment. It shall include all residential, commercial, industrial and recreational areas, as well as open spaces and other community and public areas.
3. Simple Subdivision - a subdivision where no street or open space is delineated.
4. Complex Subdivision - a subdivision with street and/or open spaces.
5. Square Planning - a subdivision scheme for flat terrain.
6. Contour Planning - a subdivision scheme for a rolling terrain.
7. Gridiron - a subdivision scheme where the resulting blocks are more or less rectangular traffic.
8. Chaplan - indention along comer lots to allow better visibility to perpendicular traffic.
9. Cul-de-sac - a passageway with only one outlet. A blind alley.
10. Key Lot - a lot adjoining a comer lot and fronting an intersecting street.
11. Relocation Survey - the measurement of the land to determine its external boundaries and ascertain whether or not there are encroachments.
12. Subdivision Survey - a survey to determine the boundaries of each lot in the subdivision project.
13. Contour Lines - are lines in a topographic map which indicate the elevation of the land at various sections.
14. Tie Line - imaginary line connecting point 1 of lot with a reference point, such as a Bureau of Lands Location Monument (BLLM).
15. Environmental Compliance Certificate - a document issued by the DENR Secretary that the proposed project will not cause a significant negative environmental impact.

16. Environmental Impact Assessment - the process of predicting the likely environmental consequences of implementing projects, and designing appropriate preventive, mitigating, and enhancement measures.

17. Environmental Impact Statement - refers to document/s of studies on the environmental effects of a project, including the discussions on direct and indirect consequences on human welfare and ecological and environmental integrity.

SALIENT FEATURES OF PRESIDENTIAL DECREE 957

1. Registration and License to sell - requires developers to secure development Permit, registration certificate, and license to sell from the Housing and Land Use Regulatory Board.

(NOTE: Under the Local Government Code, approval of plans and issuance of development permit for subdivision projects were devolved to the local government units, but issuance of license to sell remains with the HLURB. For condominium projects, regardless of classification, plan approval, issuance of development permit and license to sell remained with the HLURB.

2. Selling a subdivision or condominium project, which requires HLURB License to Sell, is defined under P.D. 957 to include offering to sell, advertising to sell, and receiving reservation deposits.

3. Exemptions from License to Sell :

a. Sale of a subdivision lot resulting from partition of the land among co-owners
or co-heirs,
b. Sale of a subdivision lot or condominium unit by the original purchaser, and any subsequent sale of the same lot or unit.
c. Sale of a subdivision lot or condominium unit by or for the account of a mortgagee in the ordinary course of business to liquidate a bona-fide obligation.

4. Non-Forfeiture of Payments. No installment payment of the buyer may be forfeited by the developer when the buyer who is not delinquent, and after due notice, desists from further payment due to failure of the developer to complete the development within the required period.

The buyer may, at his option, be reimbursed with the total amount paid including amortization interest, with interest thereon at the legal rate.

5. Mortgage of Project. No mortgage of any lot by the project owner/developer without Permit to Mortgage from the HLURB.
Permit to mortgage may be granted upon submission of a) proof that the loan proceeds will be used for development; and b) verified undertaking by the mortgagee to release from the mortgage any lot/unit whose loan value has been paid.

In case a mortgage was executed by the owner/developer pursuant to a HLURB permit to mortgage, the buyer may opt to pay his installment directly to the mortgagee.

6. Representations in Ads. Representations by the developer on development facilities and infrastructures appearing in advertisements, brochures, leaflets and other announcements are deemed part of the main contract and enforceable against the developer.

7. Alteration of Plans. Any alteration in the approved plan relating to roads, open spaces, facilities and other forms of development require prior approval of HLURB (now LGU) and written consent of Homeowners’ Association.

8. Realty Tax. The realty tax on the lot shall be paid by the developer without recourse to the buyer for as long as title has not yet passed to the buyer. However, if the buyer has taken possession of the lot although title has not yet been transferred, the realty tax shall be for the account of the buyer effective the year following said taking of possession.

9. Right of Way. When the project is without access to any existing public road, the developer must secure a right of way which must be developed and maintained according to the requirements of the government authorities concerned.

SALIENT FEAUTRES OF PRESIDENTIAL DECREE 1216

1. Subdivision developers are required to develop at least 30% of the gross area of the project, inclusive of road, alleys and other service areas, for park and recreation.
2. Minimum percentage of gross area for park is as follows :

residential 2

admin — Tue, 01 Jul 2008 02:40:14 +0000

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Contact: Orwin C. Omega Address: Ceniza Compd., Maguikay, Mandaue City, Cebu, Philippines, 6014 Phone 1: (032) 420 6248 International: 6332 420 6248 or +6332 420 6248 Phone 2: (032) 348 2238 International: 6332 348 2238 or +6332 348 2238 Mobile: 0917 3591743 International: 63 917 3591743 or +63917 3591743 If you are connected to an email account, clicking on this address – orwin@cebuland.com — should magically bring up your email form and insert my address. However, in the event that doesn’t happen, no problem — use the form below and click "submit."
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