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Furnished Condo Deals In Cebu


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http://www.sulit.com.ph/index.php/view+classifieds/id/24414379/invest+a+furnished+condo+unit+at+7k/mos?event=Search+Ranking,Position,2-3,3#advertisementDetails

 

the attached advert is the one I have been looking at. Seems too good to be true, and usually in the Philippines that means it is dodgey.

 

 

Here's the prices

 

http://www.bamboobaycondo.com/payment-options.html

 

Bamboo Bay Community Payment Options
Contempo Property Holdings, Inc. assures that its flagship project, Bamboo Bay Community, will be affordable to most of the Filipinos. Bamboo Bay offers you with the best payment options in the market.
Prices
Studio = 1,995,000
One-bedroom = 3,198,000
Two-bedroom (Unit M) = 3,895,000
Two-bedroom (Unit V) = 3,995,000
 
Additional amount to price:
Premium (Facing amenities) = Plus 50,000 to studio units N to U
           No additional premium for 1BR and 2BR
Premium (Per level) except 1BR and 2BR units
           3rd floor = Plus 0
           5th floor = Plus 15,000
           6th floor = Plus 30,000
           7th floor = Plus 45,000
           8th floor = Plus 60,000
           9th floor = Plus 75,000
           10th floor = Plus 90,000
           11th floor = Plus 105,000
           12th floor = Plus 120,000
           14th floor = Plus 135,000
 
Payment Schemes
CASH PAYMENTS:
Spot Cash = 7.5% discount
Cash payment in 30 days =  5% discount
Cash payment in 6 months = 3.5% discount
Cash payment in 12 months = 2.5% discount
Cash payment in 40 months = 0% interest
 
EQUITY FINANCING 
Spot cash on 10% equity = 3% discount
Straight and Ladder type scheme
 
BALANCE FINANCING 
In-house Financing (4 or 5 years to pay only)
Bank Financing
Pag-Ibig Financing
Below are length of equity terms for Bamboo Bay Condo Tower 1 and Tower 2
Tower 1: 19 months
Tower 2: 24 (10% Equity) or 36 months (20% Equity)
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Those 2 bedroom units are near enough 45 sqm for 4 million pesos. About $100,000, which is $2,222 per sqm.

 

That makes my current 210sqm home worth $466,666 in Philippines terms...  Ouch!  That makes Philippine property about 10-15% more expensive than Australia on a per sqm basis !!

 

I'll have to try some better examples (compareable properties) to see how accurate that is.

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I have been looking at several furnished condo deals in Cebu City area. A lot of these seem too good to be true, several between 8000 and 10000 php per month, all furnished with really nice stuff, at least on the pictures provided they look pretty good. Are all these just condo scams??

 

Quoted from the ad:   bamboobay condo start 7k furnished for the equity spread for 24mos.

One-bedroom = 3,198,000

3,198,000 is much more than 7000-10 000 in 24 months, so fishy ad...  :)

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3,198,000 is much more than 7000-10 000 in 24 months, so fishy ad... 

 

Over the last half years or so, i've noticed a common way of advertising for properties for sale in the Philippines.

 

That Php 7-10,000 per month over 24 months pays the deposit, and you can then move in after the full deposit is paid.  The balance is then a different figure per month.

 

It looks appealing at first, until you get to the nitty gritty ;)

 

Based on estimated Mortgage Interest rate of 7.5% the actual repayments would appear to be about:

 

Studio:

Base price: 1,995,000
8,312 pm for 24 months
21,313 pm for 120 months (10 years)
 
1 Bedroom:
Base price: 3,198,000
13,325 pm for 24 months
34,165 pm for 120 months (10 years)
 
Plus of course the maintenance charges, which may vary depending on the decisions of the complex owners.
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Another example, of misleading advertising. This one is in Palawan though.

 

It is highly accessible, only 9 kms. to the Provincial Capitol and the downtown area, few minutes to the City Hall. 


Few minutes to the famed UNDERGROUND RIVER

 

But in reality, those few "minutes" took me about 2 hours by car, and another 30 minutes by boat

 

That particular property was about 70 km (44 miles) as the crow flies .. to the Underground River.

 

Believe NOTHING until you see it with your own eyes. 

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only 9 kms. to the Provincial Capitol and the downtown area, few minutes to the City Hall. Few minutes to the famed UNDERGROUND RIVER

Yeah... a few minutes.  That is a good one!

 

My girlfriend used to talk to those people at the mall about houses. She kept telling me renting is throwing away money - for very little more you can buy.  One time i finally got involved enough in the discussion to get a good pricing structure.  She finally got to see in writing (a very nice chart actually with multiple payment options) exactly how how much these houses cost with financing. 

 

I think the only way I would buy a house here would be to buy an existing house, if it was a really good deal.  Or build one.  I just have not seen any of the new homes, or condos, that were reasonably priced.

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  • 1 month later...

Hello Guys, I too am on the look-out for a cheapish rental Apartment having just landed after a long process and a lot of almost sorted business which finally came to fruition except for the payment price posts being moved at the eleventh hour (sh*t happens) etc, This delay caused my intended place to be taken, so it leaves me still looking for another place (furnished unless I want to sit and sleep on the floor) So if there's any decent places going cheap as Tweetie Pie used to tweet I would be very interested to find out! My details are in my Profile but I will repeat my cell No. here again it's 09215712286. I might even be willing to Flat share as I believe I'm fully house trained if the other party are also !!! So I will see if any members reply and in the meantime I will continue to ask all and sundry if they know of any suitable accommodation which may be suitable for a Hetrosexual rugby loving beer liking male just turned 60 last month. Cheers Michael...

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