FOR INQUIRIES CALL ROMULO CORTEL mobile no. 063-9228286283 / 063-9193240492
website: www.cebucondo.multiply.com
email address: cortelromulo@yahoo.com
The Economy
One of the fastest, if not the fastest, growing city with a very supportive local government.
Leading the whole country in exports with growth rates for the past 5 years.
Home to local and multinational companies
Exports of furniture, fashion accessories and food processing
Being positioned as the premier ICT investment, software, and e-services hub in Southeast Asia
Being set up as the Convention Center of Asia
Current occupancy rate of 80- 90% (hotels) during peak season
Highly productive and skilled labor force
Why people flock to Cebu?
35% of all all tourists going to the Philippines go to Cebu
First class facilities
Beautiful scenery
Low cost of living
Barrage of wonderfully diverse cultures
Warmth of the locals
Sinulog and other festivities to look forward to
Mouthwatering delicacies such as sutokil, danggit, dried mangoes, dried squid, otap, and many more
The booming hotel industry
For the past five years, the hotel industry in Cebu has been flourishing. With the dynamic growth of local tourism, the surge of both foreign and local investments, and businesses wanting to build their base in Cebu, the hotel industry is definitely set for a prosperous future.
Based on the Department of Tourism’s data on hotel performance, deluxe, first class and standard hotels in Cebu enjoyed an average occupancy rate of 70%* for 2006 (show chart). With Cebu’s increasing tourism patronage from domestic Pinoy travelers, OFWs, and foreigners, there will be a big shortage of supply for the hotel industry in Cebu as it plays catch up to address the growing demand for hotel rooms in the next 3 to 5 years. As tourist arrivals for Cebu increase at double-digit rates, the hotel industry will have the challenge of expanding their accommodation capacities in order to take full advantage of the opportunity presented by the existing market forces.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 9:07 AM
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Grand Cenia
Condotel and Residences
Your 5-Star Investment in Cebu
Filinvest has crafted an investment opportunity that will let you ride the tourism boom and thriving hotel industry in Cebu by making you a co-owner of one of the best quality hotel projects, soon to rise, in Cebu - The Grand Cenia Condotel and Residences.
The Grand Cenia project is a 25-storey condotel and residential tower that will rise along Archbishop Reyes, corner Solon Street in Banilad, Cebu - right across Ayala Center Cebu and the Cebu Business Park.
Two products are offered - the condotel units and the residential condominium units. The condotel units are 24.54 square meter hotel rooms available for purchase. These condotel units will be furnished and brought into a rental pool. All the units within the pool will be managed and operated as part of a fully functional hotel. Filinvest Land is currently looking to tie-up with Aston Resort International, an internationally renowned hotel and resort operator, for the hotel operations of the project. The proceeds generated from hotel operations, basically from renting out the pooled units, will then be subdivided to the condotel owners quarterly on a per square meter basis. We are projecting an annual return on investment of 15%. Thus, you will be able to recover your investment in about 6 years! Afterwards, you will continually and perpetually receive rental income. Also, Condotel owners are allowed 14 nights free per year in the hotel plus generous discounts on extended stay.
The residential condominium units are for long-term residential end users. 1 bedroom, 2 bedroom and 3 bedroom units are available. Residents shall enjoy the project’s strategic location right at the heart of the commercial and business district, its proximity to good schools, as well as all the advantages of condominium living complete with amenities and a sweeping view of the business center and the surrounding mountains.
And be it noted that Foreigners are allowed to own condo units in the Philippines!!
About the Product
The Amenities
Additional Product Offering
Prices and Payment Terms
Investment Mechanics
Earning Opportunities
Consultants and Design Team
The Developer - Filinvest Land
About Cebu
About the Broker
Picture Gallery
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Advertising Cebu Real Estate Properties
Offers Cebu and Philippines wide real estate listings.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (7 photos) Jan 26, '08 9:06 AM
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Consultants and Design Team
Architectural Design: R. VILLAROSA Partners and Associates
List of Achievements:
EDSA Shangri-la hotel
Shangri-la Mall
One McKinley place
Malayan Plaza
The Palms Country Club
Structural Design: AROMIN & SY + ASSOCIATES, INC. (ASAI)
List of Achievements:
Rockwell Center (all existing buildings)
PBCom Tower (tallest bldg. in the Philippines)
Pacific Plaza Towers
Citibankard Center
LKG Tower
Forbes Tower
Ayala Triangle
Roxas Triangle
all Makro stores
Urban Bank Plaza,
Petron Mega Plaza
SM Megamall
Ayala Center Cebu
Greenbelt Redevelopment,
The Residences at Greenbelt
The Columns at Legaspi Village
Interior Design: C.T. Onglao Architects
List of Achievements:
Asia Tower (Hanoi)
Serendra Phase 2
The Residences 2
8 Wack Wack Road Condominiums
Coconut Palace
Baguio Country Club Ballroom
Holiday Inn Clark Hotel
Millenium Plaza Hotel
Tagaytay Highlands Condominium Model Units
Zobel de Ayala Residence
Landscape Design: H.E. Dimanlig
List of Achievements:
Filinvest Alabang Center
Metrobank Shanghai
St. Luke’s Hospital
MEPF Design : VM Design Associates
List of Consulting Clients:
Belle Corporation for Tagaytay Midlands Golf Clubhouse
Filinvest Alabang, Inc. for South Station
Hotel Intercontinental Manila
Bangko Sentral ng Pilipinas
Philippine Long Distance Telephone Company
Philippine Orthopedic Center
Siemens Building Technology
SM Mall of Asia
Texas Instruments
The Peninsula Manila
University of the Philippines, Diliman
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 9:04 AM
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Earning Opportunities
Condotel owners of the Grand Cenia stand to enjoy three major benefits – a unit in a very prime location, a very good return on investment, and hassle-free, global standard hotel services.
The development is of course located right across the Cebu Business Park, easily accessible to the business hub, the convention centers and commercial areas. Early return on investment is as good as guaranteed because of the booming tourism, and subsequently booming Cebu hotel industry. The hotel, made up of the pooled units, would be managed by an international hotel operator, who would also handle the distribution of the rental pool income to the condotel owners. The condotel unit owner can just sit back, relax and watch his investment bear fruit.
Typical condotel units will have a standard size of 24.27 sqm, There are 432 condotel units available for sale. There are special condotel units on the 7th and 8th floors which will feature open patios to take advantage of their view of the city, the surrounding mountains and the swimming pool deck and landscaped area. There are also a number of condotel suite units which feature a hotel bedroom separate from the room receiving area. These units are sold and delivered bare of finishing and furnishing.
Upon turnover and full payment of the buyer, each condotel unit will be transformed to a typical hotel room with interior and furnishing finishes based on set hotel standards and look. Based on the preference of the hotel operator, some condotel units will be converted to twin-bed rooms (double single beds) or single-bed rooms (queen-size). Bigger hotel rooms and adjoining units can be transformed and offered by the hotel as deluxe or suite rooms for guests.
All the condotel units are required to be brought into the rental pool for the purposes of hotel operations.
The condotel owners will have to pay a separate joining fee, which will include the standard interior finishing, furniture and fixtures of the condotel to become ready hotel rooms.
The perpetual assignment of the condotel units to the rental pool for hotel operation use will be annotated on the title of the condotel units and shall form part of the unit’s usage restrictions.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 9:03 AM
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Investment Mechanics
The income to be allocated as the Rental Pool Income is derived from the proceeds generated from Hotel Business operations of the Rental Pool less the service fee of the Hotel Operator, operating expenses, and other expenses relevant to the hotel operation. This cash value net of hotel operation expenses will be the total income distributable to the rental pool
The condotel unit owner’s individual share of the income shall be distributed quarterly. Not yet included in the deductions are the association dues that the condotel unit owners would have to pay as part of the Grand Cenia Condominium Corporation Association. The hotel operator has the right to deduct these association dues from the income of the rental pool instead of collecting it from the individual units owners.
The condotel unit owner will not receive income from the facilities and amenities offered by the hotel. The asset contributed by the rental pool is limited to the rooms being utilized for the hotel operations. The hotel developer will retain titles to the food and beverage areas and manage it to complement and enhance hotel operations.
Condotel Unit Owner’s Share of the Rental Pool Income
A condotel unit owner’s share of the Rental Pool Income is computed on a per square meter basis. A square meter of actual condotel unit area is equivalent to full square meter for purposes of income computation. Such as 25 sqm of actual condotel unit has 25 square meters of area share.
The formula for the computation of a condotel unit owner’s share of the Rental Pool Income is as follows;
A= Quarterly Rental Pool Income
B= Number of Days Condotel was Operational for the Quarter
C= Total Contributed Area to the Rental Pool per unit owner
D= Total Area of Rental Pool (all the member’s units combined)
E= Number of Days the Unit is in the Pool
The Individual’s Usages Income shall be computed as follows:
A/B x C/D x E
Note: The rental pool agreement shall not provide any guarantee of income or proceeds to the rental pool members.
In the interest of fairness, the condotel unit owner will only be entitled to income for the days when his condotel unit is made available for Hotel Business and therefore will not receive a share of the profit for the number of days the condotel unit owner made use of his own condotel unit. Rental Pool Income would be distributed to the condotel unit owners on a quarterly basis.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 9:01 AM
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Prices and Payment Terms
1. Buying a Condotel Unit and its Difference from Buying a Condominium Unit
At the pre-selling stage, there is not much difference in the procedure for buying a residential condominium unit from a condotel unit. In buying a condominium or condotel unit, the buyer should first provide the Developer with a letter stating that he/she is offering to buy the said property. Afterwards, the buyer must then furnish the Developer with all the needed documents, including the Rental Pool Agreement and pay the reservation fee of Php 50,000, the 20% of the TCP as down payment or 90% of the TCP depending on the financing plan that he chooses.
12 months before turnover, condotel unit buyers must also pay the Rental Pool Joining Fee amounting to Php 280,000-300,000. The fee includes all the furnishing costs for the unit to make it hotel room standard and the Rental Pool membership fee. The rental pool membership fee would also advance 3 months’ operating expenses to jumpstart hotel operations, and also cover initial hotel capital expenditure.
However, the condotel unit buyer must be aware of the conditions for buying a condotel unit enumerated in the Rental Pool Agreement. Any prospective buyer must be willing to subject their units to the provisions outline in the Agreement.
2. Payment Terms
· Cash Payment
For cash payment, a 10% discount is offered, with 90% of the contract price payable in 7 days from reservation. The remaining 10% of the contract price will be payable upon turnover. The total contract price includes 12% EVAT and miscellaneous and registration fees.
Residential Condo
Condotel 1 Bedroom 2 Bedrooms 3 Bedrooms
Area (sq. m.) 24.54 50.52 76.14 107.37
A. SPOT CASH (10% discount)
Reservation Fee 50,000 50,000 50,000 50,000
Total Contract Price (TCP) 2,381,900 5,885,500 8,496,200 12,061,700
Payable within 7 days after reservation 1,950,750 4,820,220 6,958,350 9,878,580
Retention (payable upon unit turnover) 216,750 535,580 773,150 1,097,620
· 36 Months Deferred
For the deferred cash payment, 100% of the contract price will be spread over 36 equal monthly payments.
Residential Condo
Condotel 1 Bedroom 2 Bedrooms 3 Bedrooms
Area (sq. m.) 24.54 50.52 76.14 107.37
B. 36 MONTHS DEFERRED
Reservation fee 50,000 50,000 50,000 50,000
Total Contract Price 2,381,900 5,885,500 8,496,200 12,061,700
Monthly Amortization 66,312 165,944 240,184 341,576
· 20-30-50 Scheme
For the 20%-30%-50% installment, a 6% finance charge will be applied on the contract price. 20% of the contract price is due 30 days after reservation, 30% payable for the next 36 months after and the remaining 50% of the contract price payable upon unit turnover.
Residential Condo
Condotel
1 Bedroom
2 Bedrooms
3 Bedrooms
Area (sq. m.) 24.54 50.52 76.14 107.37
C. 20-30-50 Scheme
Reservation fee 50,000 50,000 50,000 50,000
Total Contract Price 2,524,814 6,238,630 9,005,972 12,785,402
20% of TCP 454,963 1,197,726 1,751,194 2,507,080
30% payable in 36 equal monthly installment 21,040 51,989 75,050 106,545
50% payable in full upon unit turnover 1,262,407 3,119,315 4,502,986 6,392,701
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 8:58 AM
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Additional Product Offering
Commercial Spaces – Ground Floor
There are around 10 units of commercial spaces on the ground floor with an average floor area of 200 sqm per unit.
The commercial spaces shall not be for sale. These units will instead be available for a 5-year lease term renewable for another 5 years.
We are initially allocating one of the ground floor spaces for the main branch of East West Bank, a sister company of Filinvest Land. We prospect to tap various restaurant owners for the remaining commercial spaces on the ground floor to complement the food requirement of the hotel guests and residential condo unit owners.
Office Spaces – 2nd Floor and 3rd Floor
The 2nd floor can be subdivided to around 6 units of leaseable space with an average leaseable area of 350 sqm per unit. The central office for Filinvest Land in the Visayas will be occupying nearly 900 sqm in the 2nd floor.
The entirety of the 3rd floor can be leased to a call center or a casino to complement hotel operations. The gross floor area for the 3rd floor is around 3,100 sqm.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (1 photo) Jan 26, '08 8:49 AM
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The Amenities
Hotel Lobby, Front Desk Area and Residential Reception Area
The hotel lobby and front desk area will cater to hotel guests, as a lounging area and for checking in and out of the hotel. The residential condominium units are provided with their own reception area where an intercom system is installed for easy communication with the individual condominium units.
Business Center
The building will feature a business center for hotel operations. WiFi service will be provided in the business center and extended up to the hotel’s lobby.
Hotel Coffee Shop
There will be a coffee shop where breakfast for the hotel guests will be served, as well as light snacks in case hotel guests and residents alike get hungry within the day.
Bus Parking
The building also has provisions for tourist bus parking, in anticipation of the influx of foreign and local tourists, as well as seminar and convention attendees.
Function Rooms
There is an approximated 700 square meters of function room on the 6th floor and 200 square meters on the 7th floor. These rooms shall serve as available spaces for meetings and seminars.
Back of the House
An approximated 40 square meters on the basement level and 700 square meters on the 6th floor will be allocated as back of the house for hotel operations to accommodate the hotel staff and make room for the services and functions that will be provided by the hotel. The hotel kitchen that will service the function rooms will be housed within this area.
Swimming Pool, Kiddie Pool, Swimming Pool Deck and Landscaped Area
The building will feature a 4-feet deep swimming pool as well as a separate kiddie pool for hotel guests and residents alike. The swimming pools and swimming pool deck will cover an approximated 400 square meters.
There will also be approximately 300 square meters of landscaped area that will feature a gazebo and lush greeneries and vegetation.
Parking Slots
For condominium units, one (1) parking slot is already allocated for each unit. The price for the parking slot is already included in the condominium unit’s TCP.
For condotel units, the parking spaces are retained as a condotel common area to cater tot the hotel guests. Parking would definitely not be a problem since the hotel will provide valet services for the guests.
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Photo Album CEBU CITY RESIDENTIAL CONDOMINIUM/HOTEL GRAND CENIA CONDOMINIUM Archebishop Reyes cebu City (7 photos) Jan 26, '08 8:40 AM
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Hotel Lobby, Front Desk Area and Residential Reception Area
The hotel lobby and front desk area will cater to hotel guests, as a lounging area and for checking in and out of the hotel. The residential condominium units are provided with their own reception area where an intercom system is installed for easy communication with the individual condominium units.
Business Center
The building will feature a business center for hotel operations. WiFi service will be provided in the business center and extended up to the hotel’s lobby.
Hotel Coffee Shop
There will be a coffee shop where breakfast for the hotel guests will be served, as well as light snacks in case hotel guests and residents alike get hungry within the day.
Bus Parking
The building also has provisions for tourist bus parking, in anticipation of the influx of foreign and local tourists, as well as seminar and convention attendees.
Function Rooms
There is an approximated 700 square meters of function room on the 6th floor and 200 square meters on the 7th floor. These rooms shall serve as available spaces for meetings and seminars.
Back of the House
An approximated 40 square meters on the basement level and 700 square meters on the 6th floor will be allocated as back of the house for hotel operations to accommodate the hotel staff and make room for the services and functions that will be provided by the hotel. The hotel kitchen that will service the function rooms will be housed within this area.
Swimming Pool, Kiddie Pool, Swimming Pool Deck and Landscaped Area
The building will feature a 4-feet deep swimming pool as well as a separate kiddie pool for hotel guests and residents alike. The swimming pools and swimming pool deck will cover an approximated 400 square meters.
There will also be approximately 300 square meters of landscaped area that will feature a gazebo and lush greeneries and vegetation.
Parking Slots
For condominium units, one (1) parking slot is already allocated for each unit. The price for the parking slot is already included in the condominium unit’s TCP.
For condotel units, the parking spaces are retained as a condotel common area to cater tot the hotel guests. Parking would definitely not be a problem since the hotel will provide valet services for the guests.
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Tags: cebu philippines FOR INQUIRIES CONTACT MR. ROMULO CORTEL MOBILE NO. 063-9228286283 /063-9193240492
Office tel.no. 063-32-4218211/ 3482293
email add: cortelromulo@yahoo.com
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