For the charitable-Ilocana* and I, investing in a farm land is way beyond our investment appetite given the large capital outlay, it is pretty much a leap of faith. Way outside our comfort zone, but we had to jump, to start fulfilling our field-of-dreams (literally).
This is just our own unofficial countdown. If you ask SMDC peeps, they are not yet willing to commit to a turnover date but based on our request of DP extension to SMDC (from Dec2015 to Dec2016 in lieu of delayed turnover, a request which they granted), it seems that Dec2016 / 4Q2016 is indeed a more plausible turn-over timetable.
Wrote the posts based on my personal experience when I solely handled the title transfer of the house and lot we bought way back then. I have observed that many still inquire about the steps, requirements among other things, maybe because Pinoys prefer to do this processing on their own, instead of outsourcing it to brokers, agents etc whose actual day job is to transfer titles.
I was surprised to learn that the cost per parking slot now starts at PHP750K, exclusive of 12% VAT and 6.5% other charges. So all in all, it’s at least PHP888,750. Crazy. I wonder how much the rival developer’s parking slot costs now, three years since. I just hope this means the property valuation of the actual condo unit has already appreciated too.
Based from the sales agent manning the Grace Residences showroom on-site, expected turn-over of Orchid Tower is 1H16 while Lily Tower is towards end of 2016. That means timelines have moved around 6 months later compared to initial timelines provided 2 years ago.
BSP is planning to lower and tighten the LTV cap to 60%, which means future borrowers will have to shell out higher DP at 40%. This effectively makes the target market for home loans smaller since not everyone can easily afford a 40% DP.
Say a grown pig averages 90kg upon sale. Trade price as of this writing is at Php120 per kilo of live pig. Per kilo of pork meat (essentially a dead sliced pig) is higher given the mark-ups (butchering plus transportation costs, and less the weight of inedible parts). Anyway, if you sell a pig of 90kg at Php120 per kilo, that translates to Php10,800 gross sale. Less investment cost of Php7,765, net income is Php3,035.
Banks do not lend 100% of the appraised value of the collateral, they usually put a cap to it, like 70% or 80%. This cap is the LTV ratio requirement. So if one is borrowing money to purchase a PHP1M car, the bank will just lend PHP800k or 80% of the value.
Both options above are illiquid and very long term commitments. Meaning if you change your mind, or have a need for cash beyond your emergency funds, it will be more difficult to sell these items to have cash.
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).