Manila, Philippines

SMDC Grace Residences: Updated Countdown to Turnover

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It’s been a while since we last updated this countdown. Sure we posted some unofficial updates on the construction, the most recent of which is on parking slots which you can view here.

The last countdown was more than a year ago, and it was still counting down to June 30, 2016, our targeted turn-over date based on SMDC’s original target of 2Q16 during launch in 2012 (PSE: SMPH).

No surprises on the revised turn-over date of 4Q2016 as most condo projects really get delayed (and we lowered our expectations). Nonetheless, I hope the 4Q2016 target is now for real, we hope our units already get turned-over by then as the charitable-Ilocana and I cannot wait to move in.

Here’s the updated countdown then, conservatively based on Dec 30, 2016 turnover:

Got busy with wedding preps in 2015 so we didn’t get to feel the long wait and anticipation. Now that we’ve settled down, it’s time once again to set our sights to the condo completion.

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. We’ll see if Tower 1 meets the 2Q16 revised turn-over date, then hopefully Tower 2 towards end of year.

We’re excited to move in but not much in a hurry because moving in means already having to take out a mortgage loan to finance the balance of the property. Actually we already received a number of emails from banks offering us mortgage loans but we still have a little less than 10 months to avail of one.

We still have a little less than 10 months to beef up our financial capacity. Right now, we’re already paying for the unit and a parking slot, for a sum of around PHP16K per month.

The target is to fully pay and pre-terminate another mortgage loan by Nov16 (which I’ve been pre-paying for years now), to free up those funds and use some of it for the condo payment. Targeting to complete the condo mortgage loan in 10 to 15 years, hopefully with good interest rates. Then partial-pretermination again as and when there are extra funds.

God’s grace in God’s time.

PS. The unit owned by my charitable-Ilocana is still for sale.

But we figured it’s much easier to sell the property once it is already turned-over this year so people can actually see and appreciate. We figured people are usually visual and perceptive of something tangible, compared to selling them the idea of having a condo in a future date. But then again selling price will definitely be different once we have the keys to the unit.

Or we can always rent it out to any of the many interested parties.

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6 Responses

  1. Geri says:

    Without traffic one can be on BGC in less than 10mins if one has his own vehicle

  2. S. Cunanan says: Geri,

    I ran across your site and I’m hoping to pick your brain as to what was your main reason for choosing Grace Residences. I’m looking to see if I can purchase a condo near BGC for a more affordable price. But, i’m not quite familiar with Taguig City. What are your thoughts?

    Thank you and regards!

    • Geri says:

      Hi. Great question. Grace residences is not inside BGC because condos in BGC are much more expensive. It’s around 30 to 40mins away from BGC during rush hour mostly due to traffic but 30 to 40mins trip is already luxury in Metro Manila. I chose SMDC back then because it fits my budget and it’s proximate to BGC but not inside BGC. SMDC’s price point is also low like around 2M or lower but if you compute per square meter you can find more affordable condos but at 4M to 5M price points since the units are slightly bigger. We just wanted a place to stay near our place of work and we’re reserving spending 4M to 5M for an actual house and lot and not a condo. Again the decision was made 5 years ago during presell stage so I guess it was our best option back then. Now if you’re looking at renting it out of course the dynamics change.

  3. Geri says:

    Hi. You may request for a Buyers Request Form (BRF) from SMDC wherein you can write your request for extended DP. To get the form call their hotline or email their customer service.

  4. Merlinda Munoz says:

    Hi. I bought a unit in Town 3 of Grace and my balance is about to be due by September 2016. I'm thinking of extending my DP too but I don't know how to start. Can you tell me the process? Thank you very much.

  5. Unknown says:

    Hi. I bought a unit in Town 3 of Grace and my balance is about to be due by September 2016. I'm thinking of extending my DP too but I don't know how to start. Can you tell me the process? Thank you very much.

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