Philippine Condotel Investments to hit new heights in 2007
Lowering interest rates have been a driving force in the rate of appreciation and the lure of real estate as an investment in the Philippines.
The Philippines registered a net 11.5% real estate appreciation during 2006, the highest in South East Asia and preconstruction appreciation rates are much higher in 30% per annum range. The current trend in lowering interest rates make marginal real estate deals look attractive. Low rates help marginal home buyers buy larger homes or enter the market, increasing demand. There is a direct correlation between the cost of money and the value of high leverage real estate. Many second homes and investment real estate are now being purchased with cheap and easy money from lenders and affordable no prequalification short payment terms offered by developers.
Pacific Concord Properties Inc., a Philippine real estate developer of the Lancaster Brand of condotels in Metro Manila is now offering its buyers and Foreign Nationals, Equity Loans for the Lancaster Suites Tower I Condotel units
Banco De Oro (BDO) a commercial Bank in Metro Manila has just approved a buyer's financing or mortgage plans for Lancaster Suites Tower I Manila Condotel units. Beth Collingz, PLC International Marketing Director stated that "The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for the purchase of Condotel units in the Philippines, is now available to unit owners (Filipinos, Filipino-Americans and Foreign Nationals alike) whom are looking to purchase a Condo Hotel Suite or refinance their investments through BDO's Home Loan"
Lancaster Tower I Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units or purchase preconstruction units in the new Lancaster Atrium Manila Condotels. “Many of my previous clients whom have purchased units in Lancaster Suites Tower I are now set to cash in on their equity by availing of the new 15 year financing option to be able to reinvest in new units at Lancaster Atrium which is currently on preconstruction selling”
Better yet, “we are currently working on terms to release a preconstruction loan package this spring 2007 for buyers of the new Condotel development by the company; Lancaster – The Atrium that will provide PCPI’s clients the option to purchase condotel suites at preconstruction prices and finance the purchase over 15-20 year repayment periods” Collingz continued.
Lancaster – The Atrium offers Executive DeLuxe Studio Suites for sale with an average Floor Area 32.50 square meters [350sqft] at $1,518.00/sqm. The Current Offer for a Studio Suite provides that it may be purchased with a Reservation Fee USD 500.00 and the Balance then Payable without interest over 72 consecutive equal monthly payments of USD 678.26.
Condotel Suites are also available on very affordable and competitive Payment Plans that provide for Executive Studio Suites to be purchased on a No Interest No Down Payment basis with 67% of the payment payable over 60 equal consecutive monthly installments without interest and the 33% balance of contract price payable upon turnover of unit or to be paid over an additional 5 years from turnover through our hassle free no prequalification "In-House" Finance Plans.
“Pay only USD 500.00 Reservation for a 32.50sqm [350sqft Executive Studio [Contract Price USD 49,335.00] then 60 consecutive monthly payments of only USD 545.32 with the balance of USD 16,115.55 either payable in cash on turnover or to be financed over another 60 months payment plan”..... said Collingz
Philippine Immigration policy and the dollar’s real value may turn out to be more important to general home values than interest rates. If foreign investors feel at home in the Philippines, they will likely take up more permanent residence here in larger numbers as the geneal cost of living is a lot less expensive than in the United States or Europe. Even if the dollar continues to devalue, our real estate is a bargain that cannot be passed up by the world’s boomers.
For more information on Philippine Real Estate, Retirement, Investments and inquiries on the Lancaster Suites currently available Condotel suites, price and terms of payment available together with information on the Launch of Tower II sales, please contact:
PLC International Marketing Networks
Pacific Concord Properties Inc., Manila Head Office
Shaw Boulevard. Mandaluyong City.
Metro Manila. Philippines 1552
Phone: Manila [63 2] 717 1958
Fax: Manila [63 2] 718 1828
Web: http://www.lancastersuites.com [Lancaster Condotels]
Web: http://www.plcglobalpinoy.com [Condotel Webring]