Pardon me I keep on mentioning this from time to time. Not bragging about it. Just excited much. For some, this may not really be much of an accomplishment, and the condo unit, indeed is very humble if not small. Well yeah it is small. And still very far from completion.
Though for me this is major step, a major investment for a low profile breadwinner employee. Well aside from getting a mortgaged house and lot for my family, this is my next biggest investment. And consequently, my next biggest leap of faith (that in 3 years time, I can repay two home loans at the same time, Amen). Seeing this project also made me think twice about getting a car this year. And so for the question car or condo, you already know my answer.
Just wanted to share this post to provide updates on the progress and milestones on SMDC’s Grace Residences (PSE: SMDC @ 5.95/sh). If you want more detailed information on the project, you can visit the following (unofficial) sites:
Milestones I listed below are from my perspective, meaning they may not be accurate time-wise or project construction-wise. I just want to detail in this post my slow long journey towards having my own unit, one that is really mine alone. Plus the prospect of living alone (first time in 26 years) and living more independently, designing my own unit etc. Ok I digress.
Just for my reference in the future, and in case you are interested as well. And mind you, I do not pass by the site every day, usually just once every week or every two weeks, so these are really just my own timelines, observations and updates.
SMDC announces a new project in Taguig City, named Grace Residences. Will be comprised of 4 towers, 1 with only 12 floors (5 residential and 5 parking levels, 2 levels for stores) while the 3 towers with 19 residential floors. Estimated completion date is 3Q15 to 4Q16. Located in Levi Mariano Ave, roughly 150 meters away from C-5, near DMCI’s Acacia Estates / Mahogany / Cedar Crest / Rosewood Pointe projects (PSE: DMC @ 53.90/sh).
Residential units of the first tower to be finished, Orchid tower, now fully reserved. Huwhaat?!?!
Finally met Grace via a common friend, Google. Proximity to BGC and Makati CBD was appealing to me (I come from the northeast you know). Plus, since project was just recently announced, chance to take advantage of comparatively low introductory prices. Lastly, there are many condos out there for sale, but only quite a few fit my budget.
I saw the actual site of construction for Grace Residences for the first time. Lot is fenced with blue galvanized irons, with a small tarpaulin saying “On this site will rise SMDC’s Grace Residences.” No visible groundbreaking from the outside. Very discreet really, no big signage or posters.
Contacted a friend’s SMDC agent to inquire more about the project. Couple of showroom visits in MOA (they use showroom of Field Residences). By end of the week, finally signed documents to reserve a unit in Lily tower (ETD: 2Q16). Total damage: PHP25,000. Parking plan and slots not yet available for reservation.
Issued 36 PDCs as 3-year monthly down payment for the unit. 1st of 36 months payments due by the end of that same week. Agent also confirmed that prices have already been revised upwards for future buyers / reservations. Mind you, the advertised TCP of 1.6M is usually the cheapest unit, meaning located at the bottom floors of the towers. Most likely already sold out and no longer available. I further realized that:
- Price goes up as the unit floor goes up, or as the “view” from the unit becomes more “beautiful”. Location of the unit within the floor and the size are also considerations in the pricing.
- There are other costs involved aside from the price of the unit itself, such as registration, transfer and annotation costs, utilities costs, taxes etc. These are usually lumped into ‘other charges’.
- Parking slot is not automatically sold together with the unit as not all unit owners will avail of parking slots anyway. In my case, I will have to reserve a slot once parking reservation opens. Usual price range is PHP500k to PHP750k per slot. Grrr. So expensive right?
Anne Curtis finally arrives on site. Well at least her poster and the Grace Residences logo and promo pictures are now plastered on the blue fencing. But still, no visible ground breaking from outside. 2nd of 36 months payments due this week. Per last check, Grace is still tagged as future projects in SMDC website.
Will be updating this post from time to time to keep you posted. You may contact me as well in case you are interested in the project.
As per my motto, God’s Grace in God’s time. Can’t wait. Fingers crossed.