Paris Hilton in Manila

MANILA, Philippines—Hotel heiress and all-around media pop star Paris Hilton arrived on a drizzling Sunday night aboard an Emirates Airlines flight from Dubai, welcomed by a throng of international and local press.

She is on a five-day visit to Manila, where she is scheduled to meet with executives of real-estate firm Century Properties inviting her to design its upcoming “urban resort” named Azure in Parañaque City. The celebrity was tapped to jazz up the property’s beach club.

Hilton, heiress of the Hilton hotel empire, will also be opening her namesake luxury store at SM Megamall on Aug. 18.

Malacañang has yet to confirm if Hilton would meet President Aquino, although earlier reports suggested a meet-and-greet might take place.

Source: inquirer.net

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Types of Subdivision

All land can be subdivided by a variety of methods. The most common forms of Urban Subdivision a surveyor does are:

• Freehold (Fee Simple)

• Cross Lease

• Unit Title

Freehold Subdivision (fee simple)

This is the most common type of subdivision where the land is subdivided to create separate Certificates of Title for each new Lot. The new pieces of land are then solely owned by those named on the Certificate of Title.

Cross Lease Subdivision

This used to be a common type of subdivision and was a way of circumventing the council rules of the time. The total area of land is owned in equal shares by all of those owners of the cross lease.

The individual owners then lease a particular building or buildings that are shown on the Flats Plan for 999 years. The share of land that their building sits on and the building is then registered in a cross lease agreement on the Certificate of Title.

A cross lease tends to be used for two or three houses within the same lease. Any more houses tends to make the management of the leases more difficult. In the cases where there will be 4 or more properties on the same property, a unit title subdivision is a better alternative.

Because the exterior walls of the building are shown on a flats plan, every time the shape of the building changes a new cross lease plan should be prepared.

Unit Title Subdivision

This form of subdivision is used mainly when one building is over another i.e. an apartment complex. But can also be used for individual houses, joined houses or a commercial block of buildings where the owners share common land. In each case a Body Corporate (owners committee) is set up to administer the property, and all property owners become members of the body corporate. A body corporate can be useful if you want to govern how a development is to look or to manage areas of common land. The Body Corporate can employ a company to administer the body corporate rules, collect any levies and keep all property owners informed.

A unit title development is best suited for larger developments of at least four units.

Source: http://www.seehowthelandlies.co.nz/process/types_of_subdivision.htm

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What real estate property can foreigners own in the Philippines?

List of Cebu Condominiums

The best way that foreigners can own real estate properties in the Philippines is by purchase of condominium units as long as it does not exceed 40% interest of the whole project. That is why if you are an owner of a condominium, you might notice that there are other owners who are foreigners. Most high end condominiums are appealing to foreign investors especially if they want to start a real estate investment in the country. In the title, the property will be named under the foreigner who bought the property. There are also some townhouses in the Philippines which are sold under a condominium title so this means foreigners are eligible to buy said properties.

In case of lands, these properties can only be owned by Filipinos. You might have noticed a couple, the guy is a foreigner and the woman is a Filipina, transacting with you a Contract of Sale for a piece of land. In this event, the property will be named under the name of the Filipina since under Philippine laws, only Filipinos can own lands. For some foreign investors though who want to buy a piece of land, they normally have a trustee who is a Filipino who will stand as the owner in titling the property.

Some instances that a foreigner can own real estate properties in the Philippines are outlined below:

1. Acquisition before the 1935 constitution

2. Acquisition through hereditary succession provided he/she is a legal heir

3. Acquisition of former natural born Filipinos for residential purpose under BP 185 or for business purpose under RA 8179. Natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land and 1 hectare of agricultural or farm land.

Purchase land as a Balikbayan – The Government of the Philippines has recently passed the Dual Citizenship Act which gives all former Filipinos the right to purchase land within the Philippines.

List of Cebu Condominiums

Cebu Real Estate blog
Cebu Subdivisions and Condo

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How Do you pay a Real Estate Investment? Or your dream House and Lot?

You are dreaming to buy a P 1M worth of House and Lot from a particular developer. The thing is that you do not have the full amount to purchase the property right away. Well, for big time investors, it would be easy for them to produce that amount right there and then. However, most people have to budget everything in order to keep up with the daily expenses. Here is how the payment scheme goes if ever you buy a House and Lot in the future.

1.

The first thing you have to pay is the reservation fee. That is about P 10,000 to P 30,000 for subdivisions and P 50,000 to P100,000 for condominiums. This amount is non-refundable and non-transferable but it is deductible from the Total Contract price. (If the amount is P 1M, the reservation fee is deducted from that amount). Why do you think it is important to pay the reservation fee as soon as you have selected your unit? This is to ensure that you get what you want. If you have chosen a corner lot, you get the corner lot. Without paying the reservation fee, anyone can still buy the unit you are planning to buy.

2.

The next thing would be the equity. This is usually equivalent to 30% of the total contract price (TCP). For a P1M property, that is around P300,000. This can be paid even between 2-5 years. The reservation fee is deducted first from the equity before computing your monthly amortization. If you paid P30,000 for reservation, the net equity would become P270,000. If that is payable in 5 years, the monthly amortization would be P 4,500. The equity can be offered at 0% interest especially when the units are still under pre-selling stage meaning the houses are not yet there.

Note: You do not need to worry buying during pre-selling period as long as the developer has a proven track record that they deliver the units on time. The advantage here is that you can avail of discounts, stretched payment of the equity, and most of all a lower price of the property. As soon as the units have already been built, prices will normally increase. So, it would be wise enough to buy during pre-selling period. The delivery date is the time that you can already use your unit. If the delivery date is December 2011, then you can move in by then.

3.

When you are done paying the equity, the next would be the balance which is equivalent to 70% of the Total Contract Price. If the price is P1M, then that would be P700,000. This can be paid in 5, 7, or 10 years. If you plan to avail of the 10 year term, it may require a credit investigation before approval. So, if you choose the 5 year plan, which is the most common, your monthly amortization would be P11,666.67.

Note: The balance which is 70% of the Total Contract Price can be paid by In House Financing, PAG-IBIG, bank financing, or any other payment schemes offered by the developer. For working individuals, if you have already contributed your PAG-IBIG premiums for 24 months, you can already avail of the PAG-IBIG Housing Loan.

Computations may vary depending on the type of payment schemes you have selected. If you are approved a big amount for your PAG-IBIG Loan, chances are, you will only pay a very small amount for the equity.

Cebu Real Estate blog
Cebu Subdivisions and Condo

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