Manila, Philippines
geri@investmoney.com.ph

SMDC Grace Residences Updates: Construction Site Pictures

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While majority of our Catholic faithful, including me, is enjoying God’s grace and powerful reminders, (a.k.a. Pope Francis Fever) brought by the Philippine visit of Pope Francis, allow me to post some pictures and updates on another grace, this time Grace Residences in Taguig City of SMDC. Digging back, my last update was almost a year ago wherein only Tower 1 (Orchid) has started to take shape and Tower 2 (Lily) is still just a few floors high.

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Oh and in case after reading this and seeing the pictures, you find the project interesting and worth considering, I’m helping my friend sell her unit. You may find details here. 
Got some time during the Christmas break to take a detour coming from a day trip in Batangas, headed Northbound via C-5 and I must admit that it surprised me to see the Lily Tower now very much visible from C-5. Naturally it got me excited and with 2015 now in full swing, 2016 turn-over is just around the corner. I really hope so.
Here’s what Tower 1, Orchid Tower, now looks like. Exterior is almost done and I think the construction is now focused more on the interiors, such as piping, electrical wiring etc. This building will contain most of the parking space for the 4 towers, plus a commercial area at the ground floor, and a few residential floors on top.
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Another angle of the Orchid Tower.
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Below is the Lily Tower (Tower 2) now and I think it has already reached the basic foundations of the top floor (mid-rise at just 20 floors). Of course there will be more furnishings necessary for this tower compared to Orchid since it has more floors, and it shall be fully residential (unlike Orchid which has multiple floors for parking spaces). Oh and I can already see my unit on the 12th floor!
Beside Lily Tower to the right of the picture is Tulip Tower (Tower 3) which has reached perhaps around construction of its 10th floor.
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Here’s a more complete angle of the Tulip Tower, taken from the main driveway of the condominium grounds.
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The space in between Tulip Tower and Orchid Tower will house the last tower, dubbed as Violet Tower. From our vantage point, it seems that construction has not yet started for Violet Tower. Or maybe some diggings for the foundations which we can’t see from the surface.
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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.
Will be finishing the 20% amortized down payment at 0% by Dec2015.
God’s grace in God’s time. ‘Til our next update.

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30 Responses

  1. Geri says:

    Hi. Yes still paying the same amount but mine was extended for 12 more months (Nov15 to Nov16) so yes we get to save some amount that otherwise would have been for bank financing.

  2. t.barrett says:

    We were out there a couple of weeks ago. Orchid already has occupants, lobby security, doormen, etc. The workout room is done and open, common areas are done and furnished. The commercial area of the building is still under construction. Lily is coming along. They are installing windows in all the units. I was told that they will start turnover of units in Lily in Dec 2016. They will do notice in increments such as first five floors or first ten floors, then on and on. I'm ready to go now but, have to go back to the US end of Aug. Be back in December though.

  3. StillSingleCPA says:

    I just called SMDC and they said I have to pay P10k for the restructuring fee to extend my payment until turnover. I bought the Tower C and now I am thinking if it's ok to extend my payment.

  4. Anonymous says:

    In our case we continue our monthly down payment as extension.they approved the bank financing by dec. provided we pay the 20,074 in cash this amount is a less discount to us and this will be cancelled when u ask for extn. to pay the balance upon turn over.

  5. Geri says:

    So we save on interest payments as well since we get to reduce the loanable amount. We're sort of paying the condo at zero percent interest for an additional 12 months.

  6. Geri says:

    I see. Maybe that's the reason for the penalty. For us we opted to continue paying monthly so that we can lessen the amount we have to pay once bank financing is needed.

  7. t.barrett says:

    They refused to grant an extension unless I continue the monthly payments. I refused to continue monthly payments and told them I will make full payment upon turnover.

  8. Anonymous says:

    Thanks Geri your blog is very helpful. I just want to ask since you requested for an extension of DP, are you paying the same monthly amount for DP? I'm just wondering if its the same or possible to adjust to lessen the bank financing amount. We are paying our DP for 6 months and will be completed this October 2016 but since the estimated turnover date is Dec 2016 we still have 2 months (Hoping that ETA will push through). We are planning to use this 2 months and hoping to adjust the amount so we can minimize the bank financing amortization.

  9. Anonymous says:

    I see. Thanks for your response. Not really sure though if it's the MRI. But I just read in the contract that owners should avail of the home insurance. Anyways, really appreciate if you can also inform us if you receive any updates regarding the turnover date of tower 2.

    Thank you and God Bless!

  10. Anonymous says:

    Thanks, Geri! I hope so too. By the way, were you informed that aside from condo dues, owners still need to pay additional cost for insurance and realty tax? Aside from that, I was also informed by my friend who bought a unit in Grass Residence that before turnover, they will require 3-6mons deposit for condo dues? Do you know if that's really the case?

  11. Sofia says:

    hi Geri. When was the initial turn over date of the Lily tower? We also bought a unit and we were advised that it will be turned over on the 4Q of 2016. My fear is it might get delayed again. 🙁

  12. Geri says:

    Also heard the advanced condo dues from a friend. Insurance, is this the MRI for the bank financing? If it is then that's a given. But if aside from that I haven't heard of any. Real estate tax for 2016? Not sure about that. If we're the registered owners as of 2016 then I guess we're liable for the real estate tax too.

  13. Geri says:

    Also heard the advanced condo dues from a friend. Insurance, is this the MRI for the bank financing? If it is then that's a given. But if aside from that I haven't heard of any. Real estate tax for 2016? Not sure about that. If we're the registered owners as of 2016 then I guess we're liable for the real estate tax too.

  14. Geri says:

    Hope you've already gotten a reply by now. Otherwise follow up with them. They usually grant the extension since the unit is not yet available.

  15. Geri says:

    When they launched it in 2012, target turn-over for Lily is 2Q16 though back then we already anticipated a delay like what happens to most of developers. Keeping our fingers crossed on revised target turn-over of 4Q 2016. Hope this pushes through as we are desperate to live near our place of work.

  16. t.barrett says:

    We also received a demand letter. I applied for an extension of final payment until the unit is turned over to me. I have not heard back from them yet. They say the demand letter is standard operating procedure for everyone.

  17. Geri says:

    Hi. There must have been a miscommunication, and I hope you were able to cite this miscommunication and shortcoming on their part on your request for waiver of penalties. In our case we also got a letter telling us that we should avail of bank financing as early as Dec2015. But we requested for an extension of DP since turnover is delayed anyway to 4Q2016. They approved the request so we are still paying a monthly DP (saved us 11 months of bank financing interest) and will need to avail of bank financing by Nov2016. Hope they also decide on your favor.

  18. Anonymous says:

    We just finished our down payment jan 9, 2016 to our surprised we received demand letter asking us to pay the balance plus penalty for feb. We donot know that feb 9 is the start if our amort. We did not received any notice or letter. In fact we went to smdc office last year of dec to follow up the bank financing and told us to come back on feb. we did not inform r that Feb 9, is our due date for the balance We wrote to waive the penalties as we did not inform 47k is the penalties for month of feb only and now, we are processing the bank financing ito ba ay makatarungan na ginagawa ng smdc napaka incompetent ng mga workers ma waive kaya ung interest or lalagyan nila ng interest and penalties until such time na ma release yong bank financing ? Any advice…

  19. Geri says:

    Thanks too Kym. Really looking forward to its turn-over. Less than 12 months to go. I hope.

  20. toxicasm says:

    This is great, thank you for the info and update. keep us posted. Kym

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