How much is the reservation fee?
Reservation fee is P15,000 for units below P3M and P25,000 above P3M.
Is the reservation fee refundable or transferable?
Reservation fee is nonrefundable (valid only for 30 days from the date of reservation) and nontransferable. Vista Residences, Inc. is looking forward to doing business with serious buyers only.
How can I reserve if I am located abroad?
You can reserve through wire transfer, trusted representative, or special power of attorney.
What are the complete requirements?
A photocopy of 2 valid government-issued ID’s, Reservation Fee, Buyer Registration Form, Reservation Agreement Form, Tax Identification Number (TIN), Income Tax Return (ITR), Proof of Billing, Computation, and Special Power of Attorney Form (if needed).
For a hassle free owning experience, we suggest that you submit all the requirements within 7 days from the date of reservation.
NOTE: Forms and computation template will be provided by us.
What are the payment terms/financing schemes?
Cash, In-House Financing, or Bank Financing. For buyers abroad, we suggest that you pursue In-House Financing for your convenience.
Can a foreigner purchase a condominium unit in the Philippines?
Yes. The Condominium Act of the Philippines expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.
Can a foreigner purchase a house & lot in the Philippines?
By law, foreigners don’t have the right to acquire land in the Philippines. Only Filipino citizens can own land. The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.
Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:
* Acquisition before the 1935 constitution.
* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.
* Purchase of not more than 40% interest in a condominium project.
* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (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)
* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.
Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house was built.
Setting up a corporation with 40% of the stocks in the foreigner’s name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.
When do I start paying Association Dues?
Once the unit has been turned over, you will be obliged to settle the association dues, whether the unit is occupied or not. For example, if a unit had been turned over in July, but you did not move in until August, you are still obliged to settle the Association Dues for July.
Can I earn through my purchased Condo Unit?
Definitely yes! Here are two ways on how much you can profit from your unit.
1.) Condo Unit Appreciation
Our Studio Unit is at around 1.8M now. Last July, when the pre-selling started, a Studio Unit costs around 1.5M. Every quarter of the year, Camella Condo Homes Taft will have an increase of about 2.5 to 3%. Meaning, there is an annual cumulative increase of 10%.
1,800,000 + (1,800,000 x 10%) = 1,980,000 1st year
1,980,000 + (1,980,000 x 10%) = 2,178,000 2nd year
2,178,000 + (2,178,000 x 10%) = 2,395,800 3rd year
2,395,800 + (2,395,800 x 10%) = 2,635,380 4th year
2,635,380 + (2,635,380 x 10%) = 2,898,918 upon turn-over
2,898,918 - 1,800,000 = 1,098,918 projected amount of profit from resale
2.) Monthly Rental due to 100% Occupancy Rate
Camella Condo Homes Taft is beside DLSU, just across CSB, and a block away from St. Scholastica's College - Manila. The current rental rate of condos here in Taft is about 15,000 to 18,000 per month. If we assume that there is an annual increase of 5% for condo rentals, it will mean that by the time of turn-over, the current minimum rental rate is 18,750.
18,750 x 12 = 225,000 annual rent profit.
1,800,000 investment / 225,000 profit = 8 years
Return of Investment is just only 8 years.