Manila, Philippines
geri@investmoney.com.ph

SMDC Grace Residences: Updates and Timelines

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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.
 
 grace_banner

 

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.
 
July 2012
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).
 
Aug2012
Residential units of the first tower to be finished, Orchid tower, now fully reserved. Huwhaat?!?!
 
Oct2012
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.
 
1WNov12
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.
 
2WNov12
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.
 
2WDec12
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: 
  1. 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.
  2. 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’.
  3. 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?
2WJan13
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.

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 Filipino Personal Finance PSE: DMC PSE: SM PSE: SMDC

24 Responses

  1. Mark Anthony Munsayac says:

    Hi, any update? I am a future unit owner.

  2. Geri says:

    Check out our Jan 2015 post.

  3. Geri says:

    Check out our Jan 2015 post.

  4. SMDC The Good Guys says:

    Hi pen_name! Congratulations on your unit at Grace Residences!
    More investments! 🙂

  5. pen_name says:

    Hi guys. In this new post I included an FB page that puts updated pictures of the construction site. You might want to check it out.

    http://www.bulbsandbubbles.com/2013/06/grace-residence-update-sm-san-mateo-smdc.html#more

  6. Eric Juvell Respicio says:

    Thanks Pen_name…it's great to make it a home…^_^

  7. Eric Juvell Respicio says:

    Hi guys,

    Is the area just a walking distance going to sm aura?

    Eric

  8. pen_name says:

    Hi Eric, technically it's still walking distance, maybe around 15 to 20 minutes? I don't have accurate estimates but I would say it's like walking from St. Luke's to Market Market but your route is via Bonifacio High Street (hope your familiar).

    Walking along the sidewalks of C5 is another matter though. 🙂

  9. Anonymous says:

    Hello pen_name, your blog really helps me decide in owning a unit as well in Grace, by next week I will be reserving one, and was able to get a 15K reservation fee promo. I just wanna ask what were the processes you undertook from reservation, like, probably filling out forms.. etc. up to PDC issuance. thank you! 🙂

  10. pen_name says:

    Hey Anonymous / Future Neighbor!
    I envy you since your reservation fee is Php10k cheaper! Anyway, if I recall correctly, I paid the reservation fee via credit card, chose the unit I wanted (floor and unit number) then filled up some forms that same day. As for the issuance of PDCs, it happened a few days after since SMDC will have to prepare for you the schedule of payments. SMDC also helps those without existing PDC accounts to open one, via sister company BDO. :)Don't worry your agent should guide you throughout the process.

    Goodluck and see you there. Can't wait, really.

  11. pen_name says:

    Hi Anonymous. Haven't found the time yet to personally drop by the construction site but I browsed a few SMDC Grace Residences Facebook pages and some of them have pictures of the actual construction site. Hope this helps.

  12. pen_name says:

    Hi Anonymous, SMDC like other developers offer down payment terms payable thru installment. Like for my case 20% of the TCP is payable in 0% installment for 36 months so it's around 9k to 12k depending on the TCP (parking slot not yet included).

    Then the remaining 80% you apply for a home loan by month 37. Hope this helps.

  13. Anonymous says:

    hi, how about the payments is it affordable enough

  14. pen_name says:

    @Anonymous, will try to upload pictures in succeeding updates, in case I get to drop by the site again. Last time I checked their website, Grace is still tagged as Future Projects. My hunch though is that we cannot see yet the construction from outside since they are still in the process of doing the underground work.

    Anyway agent confirmed to me that they have indeed started construction. Just yet to see it with my own eyes.

  15. Anonymous says:

    Yup I am asking both of you guys, if you have some pics of the construction site. Thanks.

  16. pen_name says:

    Hi Anonymous. You asking me or Mark? Anyway haven't been to the site lately so I don't know if they have started with the groundbreaking already. But you can find aerial shots of the proposed site on Google though.

  17. Anonymous says:

    Do you have any pictures of the actual site? Like the groundbreaking activities and also the fences?

  18. pen_name says:

    Thanks for the comment Mark.

    To answer your questions, yes in general I did consider other developers within the area and DMCI was one of them. Honestly, I feel that DMCI caters more to upper markets the way their developments are priced and designed (Mahogany, Cedar Crest, Rosewood Pointe, etc).

    Unfotunately, not too the level though of asking quotations from DMCI agents. I'd say your friend got a jackpot offer of a size double than that of SMDC but only slightly higher price. Which condominium is that, and when did she buy it since the price is also dependent on when she purchased it?

    Lastly, I'd like to remind you of my 2WDec12 update. If you got an offer for a PHP1.9M which suits your floor and location requirements, lucky you. 🙂 Good luck Mark!

  19. mark says:

    Questions: did you look around for other developers within that area? What made you decide to go for SMDC? I'm also in the lookout for a condo unit near CBD. A friend of mine is also in the process of buying a condo with DMCI developer, within the same area as Grace Residences (just on the other side of Levi Mariano st. To my surprise, she's only paying 16000php (3 years) for down payment for her 58sqm two bedroom unit (w/original price 2.3M). I just got a price quotation from someone from SMDC, and their 1 bedroom studio (27.33sqm) cost about 1.9M.. DMCI is a lot cheaper.

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