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Lancaster – The Atrium Condotel Manila, located along Shaw Boulevard, a mere 5 mins walk from Ortigas Center is offering Studio, One, Two & Three Bedroom Condo units for sale on up to 15 year In-House payment terms or up to 5 year payment plans at 0% interest.
Great Investment for Fil-Am's whom visit Manila for Vacations or Business as they can earn Rental Incomes of some 12-16% ROI per annum as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. This makes Lancaster Suites one of the Hottest Investment Opportunities in the Philippines.
All units at the Lancaster Suites have kitchen facilities. The standard unit price for the residential unit provides for the suite to be semi-finished and partially fitted but not fully furnished. Included in the current price are the interior finishing’s such as tiled & fitted bathrooms, bedrooms with simulated wood plank flooring, living and dining area tiled floorings and lower kitchen cabinets/work tops installed. Walls and ceilings are painted cement finishes’.
A complete optional extra Condotel interior fit-out package including unit enhancements, furniture and appliances is available. Monthly condo dues are currently around 80 pesos/square meter of the unit floor area/month..
The Lancaster Suites “Condotel” Concept
Rental Income…….
The Condotel Advantage only at THE LANCASTER SUITES
Condominium Hotels or “Condotel” combine the convenience of a residential condo with the amenities of a hotel.
Unit owners in a “Condotel” may opt to join the rental pool where he signs with a professional hotel management team who will convert the project into a world class hotel / serviced apartment. A serviced apartment is run just like a hotel but guests usually stay on a long term basis. For the tenant, this means savings since he is not charged a daily rate nor does he have to put up a security deposit like in a regular apartment.
Aside from real estate appreciation, unit owners receive a steady monthly income based on the size of their unit regardless of whether said unit was leased or not. This is because the hotel management will pool together the total income of the entire hotel and distribute this to unit owners net of any expense.
This makes the investment cost efficient and practically risk free.
Unit owners in the rental pool enjoy totally hassle-free CONDOTEL management. They need not worry about unpaid electricity bills, unpaid rent, and other problems so common in conventional leasing. All concerns, down to the payment of electricity bills and utilities are taken cared of by the professional hotel management operator. Lancaster Suites unit owners can sit back, relax, and wait for their monthly rental income from anywhere around the world.
Since Lancaster Suites is a full service Condotel, unit owners also enjoy full hotel services such as 24-hour telephone operator service, a local PABX telephone line in each unit (no need to apply for your own landline), Cable & High Speed Internet connections, 24 hour House Keeping service, Laundry pickup service on demand and Room Service.... even as a resident.
Assured Returns
Pacific Concord Properties’ President & CEO, Mr. Ronald Lim is the author of the professionalized Condotel concept wherein unit owners in the rental pool get equal rental income per square meter; per month. Fairness is assured since all Lancaster Suites unit owners enrolled in the rental pool earn equal rental income based per square meter. All unit owners will earn the same amount per square meter regardless of actual unit usage. This makes the Lancaster Suites a profitable, transparent and fair investment especially for foreigners and overseas based Filipinos.
Lancaster – The Atrium [Manila] is designed and conceptualized as a private residential Condominium Hotel [“Condotel”] or fully serviced private residential condominium building with facilities of a Hotel including full Room Service, Laundry, 24 Hour Security Guards, Full Concierge, 24 Hour Reception, PABX Telephone Operators, High Speed Internet service, Resturants, Coffee Shops, Mini Shopping Mall, Entertainment Center, Private Businessman's Club etc....
The units in the building are all privately owned by the respective buyers. The unit owner has the “option” of enrolling his or her unit in the Lancaster “Condotel” Rental Pool. The building and the rental pool will be managed and operated by Lancaster Hotels & Resorts which is a affiliate company of the Owner/developer Pacific Concord Properties, Inc., If the unit owner opts to enroll a unit in the “Rental Pool” they merely have to do so for a yearly period, however they may still use the unit for 1 month within the calendar year with notice….
The Lancaster Atrium will operate as a Private Hotel and will source clientele from Travel Agencies, Advertising, Local Chambers of Commerce, Business Establishments and other prominent organizations in the Ortigas Center area etc as would any other Hotel in Manila…….
The Lancaster rental pool will operate on a “Co-operative” basis. Example: There are 50 units enrolled in the pool with a total floor area of 1,400 square meters. The Hotel room operations derive a monthly rooms rental income of 2,640,000.00 pesos for the calendar month on 80% occupancy. The unit owners will receive a 60% share of the net proceeds as share of the rentals. This however will be paid as a “Dividend” based upon the total floor area of the rental pool. Example: Proceeds in Pesos 2,640,000.00.00 x 60% = 1,584,000.00 divided by the total floor area of the rental pool units [1,400 sqm] = 1,131.00 pesos per square meter which will be paid as the monthly rental dividend.
Hence, if you owned a Studio Unit in the rental pool, you share of the proceeds for the month would be your floor area, example 28 square meters multiplied by the dividend of 1,131 pesos. Ergo: your rental income would be 31,668.00 pesos monthly [USD 750.00].
This is pro-rated whether you own a Studio, 2 Bedroom or even a Penthouse Suite.
On today's cash purchase price for a 28sqm Studio this represents an approximate net ROI of 12-16% per annum through Rental Incomes with 30 days owner occupation or reciprocal room nights at the Lancaster Cebu Resort Residences.
Moreover, because this is “Cooperative” basis, even if your unit was not actually used during the month you still get a share of rental proceeds because of the pro-rated pool sharing system of dividends…
There are in all Condominiums the “Monthly Condominium Dues” or Homeowners Association Fees payable to cover such recurring expenses as the maintenance of the common areas, security guards etc…. and this will be around 80 pesos per square meter based upon you unit size. Annual Real Estate Taxes are around 12,000 pesos for the Studio units. A complete Condotel enhancement, furnishing, furniture and appliances “Fit-Out” package is available at extra cost, for clients intending to enroll their units in the Condotel Rental Pool…
As with all Real Estate covered by Certificates or Titles Deeds, a 4.5% Final Closing Fee representing transfer, registration and issuance of the freehold condo Title Deeds payable upon full payment for the unit.
The Lancaster Suites is Full Property Ownership Not Time Sharing
Most real estate “Agents” would seem to have a totally incorrect about Condominium Ownership in the Philippines that a Condo Unit can be only be owned for 50 years. This idea wherever it came from is incorrect. The property held by Pacific Concord Properties, Inc., for the Lancaster Developments is a “Freehold” property. It is free from all loans, mortgages and any other encumbrances. The property is not leased. The land where Lancaster is located is fully owned. It is covered by a Land Certificate of Title reproduced in the corresponding owners Transfer Certificate of Title [TCT]. This applies to all Condominiums in the Philippines registered under the Condominium Act [Republic Act 4726]……………
Lancaster [Manila] is fully owned and titles issued and transferred into the name of the Condominium Corporation in accordance with the Condominium Law. The Lancaster Manila Condominium Associations are incorporated and registered with the Housing & Land Use Regulatory Board ….
Each individual unit [as well as all the “Common Areas”] in the building are covered by, and owners will be issued a full Condominium Certificate of Title [CCT] representing their ownership in fee simple of the Condominium Unit.
There is no “time limit” as to ownership of the Lancaster Condominium Units. This [Lancaster] is not a “time sharing” Condominium. However, where the “50 Year Term” is applicable is the charter of Corporations under the Corporation Code. This has nothing to do with ownership of a Condominium Unit per see. However, you must fully understand the mechanics of a Condominium Corporation, that owns and holds freehold titles to the land, of which the unit owners are automatically stockholders and members and the rights and privileges of owning a Condominium Unit covered by Condominium Certificates of Title representing ownership in fee simple of the unit.
As with any Corporation, the Lancaster Suites Manila Condominium Associations will have stockholders and members. The Stockholders and Members will comprise of each and every holder of a Condominium Certificate of Title [CCT] of a unit in the building. This is where the 60% - 40% ownership rule by Filipinos/Non-Filipinos derives and is applicable as it is the Condominium Association that owns the Land and holds “Freehold” title thereto. Each holder of a CCT is automatically a stockholder and member of the Association and has all rights and privileges as a stockholder of any corporation. He has the right to vote [according to the number of units he owns] and he is also entitled to pro-rated share of the assets of the Corporation upon it’s dissolution which can only be done by a majority 2/3rds vote. In this case the “assets” of the Corporation are Freehold Land Titles together with Titles to the “Common Areas” of the building.
Now here’s where the 50 year thing comes from…… A corporation under Philippine Law has for it’s Charter the existence in Law for a period of 50 Years. At the end of the 50 years, the then Stockholders of the Corporation [which are all CCT holding unit owners] may vote to renew the Corporate Charter for another 50 years…. Or vote to dissolve the Corporation in which case the “Assets” of the Corporation may be sold and proceeds equally divided among the stockholders on a pro-rated basis. This means that a unit owner in a building of let’s say 300 units assuming he owns one unit would get a 1/300th share of the proceeds of any sale of the assets….
Philippine Property Ownership
• Foreign Ownership of Philippine Real Estate & Assets
A Foreign National can only own Philippine Real Estate through the purchase of Condominium Units or Townhouses constituted under the Condominium principle with Condominium Certificates of Title [CCT Title Deeds].. [Note* Townhouses covered by a Transfer Certificate of Land Title are not allowed to be owned by Foreign Nationals]. More information on this is provided below, and or contact us by email
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for further information. Foreign Nationals can only buy and own condominium units under Republic Act 4726, otherwise known as the Condominium Act, provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation), and no one can buy shares in a condominium corporation without at the same time buying a condominium unit. Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation.
As for Philippine Visa Requirements a 21 day Tourist Visa is granted upon entry for most foreign nationals. A Tourist Visa can be extended for periods up to 6 months once in the country. For Foreign Nationals planning to stay for longer term visits to the Country, a Retirement Visa may be applied through the Philippine Leisure Authority. An inward remittance deposit of either USD50,000 or USD75,000 [depending upon the applicants age] is required to be placed on time deposit for 6 months with a Philippine Bank. After the Visa is granted the deposit can then be used for the purchase of a condominium unit, shares of stock in corporations and proprietary membership shares. For more information on Visa Requirements please check FAQ’s on http://www.lancastersuites.com
• Right To Own Philippine Real Property
Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines. As an exception to this rule, foreign acquisition of Philippine real estate is allowed in the following cases. Acquisition before the 1935 constitution. Acquisition thru hereditary succession if the foreign national is a legal heir. Purchase of a Condominium unit or not more than 40% interest as a whole in a condominium project or building. Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law. A Filipino who is married to an alien retains their Philippine citizenship, unless by their act or omission they are deemed to have renounced their Philippine citizenship. [Please see notes on the Philippine Dual Citizenship Law].
• Foreign Ownership as a Philippine Corporation
Another way for foreign nationals to invest in Philippine real estate is for the Foreign national or foreign corporation to create a Philippine corporation to hold title. This allows the Philippine corporation of a foreign national or foreign corporation less investment risk and more control of their Philippine real estate investment, and other Philippine investment assets. Foreign nationals, and corporations may 100% own a Philippine condominium or town home.
For private land, residential home with land lot and or commercial building with land lot ownership the foreign national and or corporation forms a Philippine Corporation to take ownership of the property. On paper, a Philippine Corporation by Philippine law will be a maximum of 40% foreign owned, and a minimum of 60% Filipino owned with a minimum of five incorporators. The Philippine corporation by law shall have a main bank account tied to it before and upon incorporation. A foreign national may be the sole person on the Philippine corporation bank account once after the Philippine corporation has been created and power of attorney has been handed over to the foreign investor at the time of incorporation. Thus allowing the foreign national total control over the funds derived and paid out from the Philippine Corporation and from the income or sale of the asset or real estate property.
However, as previously mentioned, care must be taken as a foreign investor and adequate caution should be taken upon considering taking title to real estate in this manner to avoid being accused of using Filipino Citizens as mere "Dummies" to circumvent Constitutional Provisions prohibiting Foreign Nationals from acquiring Land in the Philippines. A typical example of "bona fide" property holdings would be Hotels, Guest Houses, Offices and Commercial Premises, Investments in Condominiums or Condotel Investments in the Philippines as Income Generating Real Estate
• New Dual Citizenship Laws Affecting Property Ownership
Dual citizenship is now newly available under Philippine Law. Dual citizenship means having two citizenships and passports from two different countries. Former Philippine citizens born in the Philippines, but that have immigrated to another country and obtained citizenship of that country. A foreign spouse married to a Philippine citizen. Dual citizenship allows the citizenship holder full rights of possession of Philippine real estate property.
* Philippine's Embraces Dual Citizenship [September 19, 2003]
In a landmark bill, the Philippine Government enacted Citizenship Retention and Reacquisition Act. With this act, the decades-old ban on dual Philippine citizenship was thrown away. The Philippine Congress recognized that in today's world, Filipinos have dispersed around the world and have even taken on the nationality of their new home countries while maintaining their strong ties to the Filipino community, heritage and families.
Unfortunately, prior to this act, a Filipino who naturalized in another country, such as the U.S. lost Filipino citizenship. The Philippine Congress recognized that this seriously affected the unity of Filipinos overseas with those in the Philippines. It also had drastic consequences with prior Filipinos losing interest in investing in the Philippines.
The new act allows all prior Filipinos who lost their Philippine citizenship because they became citizens of another country to regain Philippine citizenship. It also allows Filipinos who want to naturalize in another country, like the United States for example, to keep their Philippine citizenship. Reacquiring and retaining citizenship allows dual national Filipinos to vote and run for elected office.
The children of Filipinos who reacquire citizenship are also affected. Those unmarried children, under the age of 18 will also be considered to be citizens of the Philippines. This includes legitimate, adopted, and illegitimate children.
The reacquisition of Philippine citizenship is not automatic. Filipinos who lost Philippine citizenship when they became citizens of anther country must swear an oath of allegiance. The oath is found in the text of the act, and in the coming months the Philippine Department of Justice will provide rules on the administration of the oath. One can envision that former Filipinos overseas need appear at their local Consulate to take oath and apply for Philippine passport.
The new act accepts back, with open arms, Filipinos who lost their citizenship. It embraces dual citizenship and recognizes that in today's day and age dual citizenship is a desirable factor for Filipinos who maintain their allegiance to their homeland.
• Foreigner Married to a Philippine Citizen
If holding a land title as an individual, a typical situation would be that a foreigner married to a Philippine citizen would hold the land title in the Philippine spouses name. The foreign spouse's name cannot be on the property Land Title and he/she will never have any rights over the property whatsoever but can be on the contract to buy the property. In the event of death of the Philippine spouse, the foreign spouse is allowed a reasonable amount of time to dispose of the property and collect the proceeds or the property will pass to any Philippine heirs and or relatives. As a foreign investor caution should be taken upon considering taking title to real estate in this manner. In the event of divorce or legal separation, a Foreign National will simply walk away without a cent as the property, even if sold, all proceeds will be awarded to the Filipino spouse. However, the purchase of a Condominium Unit may be held, registered and titled under the name of a foreign national and he/she may legally sell or dispose of the property at any time without restriction.
• Condominium Residential Commercial Development Ownership Law
Presidential Decree No. 957, which regulates the sale of subdivision and condominium developments. The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB). Certain conditions are required before a license to sell condominium development units and or subdivision development lots and homes is issued to a Filipino or Foreign owned individual or corporation. The requirements include a certificate of registration, a performance bond, and an approval of the building plans and specifications.
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Condotel Concept