Manila, Philippines

SMDC Grace Residences: Parking Slots

SMDC Grace Residences Updates: Tower 1 Turnover and Site Pictures
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I was advised by my agent that parking slots for Grace Residences are now available for sale. Wow it’s been years!

Un carrito Majorette by Vacacion, on Flickr

Years before she mentioned that parking slots will only be made available once the 4 towers have been launched, due to limited slots, and to give opportunities for those who just purchased recently.

So I guess all the 4 towers have been launched already. Years ago too, the cost assumption I had was that it will cost in the range of PHP500K and up. A rival developer building in EDSA corner P. Tuazon had parking slots in the range of PHP800K back in 2012.

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.

Recall that parking slots will only be situated in Tower 1, Orchid, which is the shortest one and houses the retail area too. Target turnover of this unit is 2Q15. The cheapest will be at the topmost floor (level 7 I think) while price increases as the floor level goes lower. As of this writing, they are only selling Parking levels 5 to 7 only. They shall open Parking levels 1 to 3 (no parking level 4) eventually and I can’t imagine how much it would cost by then. My agent says for these floors price is around PHP900K to PHP950K exclusive of VAT and other charges.


Note as well that per floor, the 4 towers have been designated specific areas so per floor, it is not free for all. There is only a limited number of slots per floor per tower.

Expected Tower 2 delivery (Lily) is by Oct 2016, or around 4 months delayed, which is fine by me. There are various down payment options but the one I got is to pay the down payment monthly until Oct 2016 (around 15 months), then the balance via bank financing, together with the condo unit.

Previously, we issued PDCs from Dec2012 to Dec2015 for the amortized down payment of the actual unit. We issued 10 PDCs more to cover for Jan 2016 to Oct2016. I sure hope housing loan rates are still at low levels when our time comes to avail of bank financing.

If you’re a neighbor at Grace Residences and is interested to reserve a parking slot, contact your agent now.

By the way, we’re still selling the unit owned by my fiance. She’s selling it a 2012 presell prices + transfer charges only. No interest! No property appreciation. Why? Because by then, we’re already married and shall share one unit only. See here for details.

Photo: Un carrito Majorette by  Vacacion 

Creative Commons Creative Commons Attribution 2.0 Generic License



3 Responses

  1. Geri says:

    Haha. I can feel your pain. Yes it's really expensive that's why Juan has to be financially ready in getting a condo. And better if Juan is planning to live on it so that he can at least enjoy the comforts of condo living, giving the costs of condo living.

  2. Anonymous says:

    buying a condo is a pain in the ass. you have to buy a separate parking slot for almost 1million pesos or else you have to park your car elsewhere around the perimeter or pay a parking which will cost you around 600 pesos for 8 hours. what the heck, i am not an atm machine dude

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