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F A Q

Are one or more of the buildings complete?

Building 'A' is now complete, together with the front gate, guard house and administration building are all finished. Our administration and in-house sales team are pleased to announce that their office is open to the public. If you are in Davao City please drop by and visit this exciting real estate development. We are located in Porras Street corner Lakandula, Barrio Obrero, Davao City. Also, you can get in touch by accessing our Contact Us page.

Please check back regularly on our News section for updated development.

Are these units available to foreigners under the Philippine Real Estate condo laws?

Yes.

Unlike private land, foreign nationals and foreign corporations may directly own a condominium unit. However, the land on which the condominium building stands must be owned by the condominium corporation. When a person buys a condominium unit, he automatically becomes a member of the condominium corporation which owns the land. Under Philippine law, foreigners are allowed to become members or stockholders of the condominium corporation which owns the land, but only up to a maximum of 40% of the capital stock of the condominium corporation.

Can any foreigner purchase a condo unit, or is permanent residency required?

Any foreigner can avail, as Philippine law does not require any specific visa for foreigners to purchase a condominium unit.

Seeking to retire in the Philippines?

Foreigners intending to retire in the Philippines may apply for the Special Resident Retiree's Visa ("SRRV"), a special non-immigrant visa issued by the Philippine Bureau of Immigration to foreigners through the retirement program of the Philippine Retirement Authority ("PRA"). For the SRRV to be issued, the PRA requires that a minimum investment shall be deposited in a PRA-accredited bank by the foreigner. General questions and answers about this program can be found here: http://www.pra.gov.ph/main/srrv_program

What are the financing option?

The company will be offering the following:

• We offer 20% and 30% down payment. If DP is spot cash, then there is a 7.5% discount on the DP. If not spot cash, you can pay by instalments over 6 months, no interest.
• Financing scheme on the 80% or 70%:
  • 0% - if 1 year
  • 13% - if 2 years or 3 years; factor rate of .047541822 (2 years) and .033693952 (3 years)
  • 15% - if 4 years or 5 years; factor rate of .027830748 (4 years) and .02378993 (5 years)

Please visit the Sample Calculation page to get a detailed description of our financing options on your favorite unit.

What are my rights as a Condominium unit owner?

• Absolute ownership of your unit
• Co-ownership of the land and common areas in proportion to the unit owned
• Exclusive easement of the air space within your unit (exclusive rights (privacy) in your own unit)
• Non-exclusive easement to common areas for purpose of ingress and egress (must share the right of way to other unit holders in the common areas, i.e stairwell, hallways, facilities etc.)
• Right to repair, paint or redecorate the interior surfaces of your respective unit
• Right to sell, lease or mortgage your unit
• To vote and be voted upon during meetings of the Condominium Corporation

Will you have on-site property management that allows owners to rent their units out on a daily/weekly/monthly basis when not owner occupied?

If there is a demand for this type of service, there is no problem having one person or staff dedicated to handle this. A property management division can easily be set up to offer services to unitholders such as this. Services such as property rentals and maintenance will be under this division so you may rest assured that your unit is well taken care of whilst you are away.

Are reservation contracts in good standing transferrable if a purchaser begins the buying process but then needs to cancel?

Reservation contracts are not transferable. A transaction fee of P5,000 is deducted from the reservation fee should the reservation be cancelled.

Are the Contracts to Sell transferable?

The Purchaser may assign or transfer his contract or any of his rights or interest therein or in the unit provided prior written consent from the Developer is secured.

Are you aware of any restrictions regarding the income tax deductibility of interest payments?

Interested parties should get their own professional advice on tax matters. Regardless, the company will provide a statement of payments made detailing principal, interest and other expenses paid pertaining to the unit(s) for the calendar year ended.

Can you explain the applicable taxes and fees in the Philippines?

Extended Value-added Tax (EVAT)

For units with gross selling price of over P2.5 million, there shall be imposed a value-added-tax of 12% payable on each sale to the BIR. Any units with a gross selling price of under P2.5 million are exempted.

Documentary Stamp Tax

An instrument, document or paper on the sale, transfer or exchange of real property is required by law to be stamped. The Documentary Stamp Tax at the rate of 1.5% of the purchase price, zonal values, or the market values under the Tax Declaration of the property, whichever is higher, is payable to the BIR within ten (10) days after the close of the month when the DOAS is signed and notarized.

Local Transfer Tax

Local transfer tax is imposed by the City Treasurer’s office generally at the rate of 0.8% of the purchase price, zonal value, or TD value of the property, whichever is higher.

Registration Fees

are payable to the Register of Deeds at the rate of P8,796.00 for the first P1.7million plus P90.00 for every P20, 000.00 or fraction thereof in excess of P1.7 million.

If you are working with a local bank (or banks) can you give me a ballpark figure as to their current rates?

On finished units, Banco de Oro (BDO) is offering home consumer loans. Please refer to this link: Banco de Oro Personal banking Consumer Home Loans.

If you have any questions and/or concerns please don't hesitate to Contact Us