Leisure and Passion @ Street of Festive Walk

Iloilo City used to be the “Mecca” of gastronomy and high-end bistros in the past as the “Queen City of the South.” Moving forward in today’s recent progress and visible developments, this promising metropolis is gaining a name for itself as the next most attractive destination for food-lovers and leisure-seekers. In Iloilo Business Park, the city’s 72-hectare investment hub for business, lifestyle and tourism located in Mandurriao district developed by Megaworld Corporation as their biggest township project in the Philippines, more exciting establishments and lifestyle options are making Ilonggos aware of where to hang-out, enjoy and experience pleasure.

The Street of Festive Walk is poised to become the longest one-way avenue of classy restaurants, bistros, pubs and retail shops with a walkable 1 kilometer length. It simply offers high-life and extraordinary dining experience for visitors and Ilonggos who are dreaming to have a taste of world-class culinary flavors all in one location. For shoppers, it is another enjoyable passion as they look for the most talk-about and international clothing brands, retail stores and boutiques. Nightlife will never be the same again in Iloilo as Street of Festive Walk will exemplify exclusive activities, wide-choices of leisure and more disco pubs to entice frenzied souls looking for a place to bond and have fun. The Street of Festive Walk will become the center-point of pleasure, day-in or day-out as it connects to the unique lifestyle that Iloilo Business Park is envisioning for Ilonggos or visitors longing to have a foretaste of passion, total experience and simply to find incomparable leisure time in the “city of love.”

The Street of Festive Walk is 40% complete as of July 2015 construction update with an early 2016 tentative opening schedule. Soon, it will become a significant part of lifestyle convergence in Iloilo Business Park, the modern and most-anticipated destination of the city.

Know more about the vision of a grand township emerging in Iloilo City. Call us at (033) 330-3462-65 or visit us online at www.iloilobusinesspark.ph. 

Festive Walk Mall rising at IBP

There are great images of fast developments happening in Iloilo Business Park, the 72-hectare massive business township developed by Megaworld Corporation in the old airport property in Mandurriao, Iloilo City. Among the anticipated establishments is the Festive Walk Mall, a high-end shopping center inspired by Megaworld lifestyle mall in Manila. The mall will feature absolutely high-class international clothing brands, boutiques and retail shops. For food lovers and leisure seekers, the mall will have an events center, high-end bistros, restaurants and 8 world-class cinemas. Across the mall is the Annex Mall, an extended shopping center where exciting boutiques and shops awaits mall-goers. A few steps at the Mall Annex is the Street of Festive Walk, a 1-kilometer shopping and dining destination that will feature classy restaurants, bistros, pubs and even retail stores. Inspired by Iloilo’s world-famous Dinagyang Festival, local culture of grandeur and pulsating progress, the mall was named as “Festive” to replicate the city’s relentless rise as a vibrant epicenter of culture and developments. The mall is a representation of Ilonggos’ love for shopping and fun. After all, Iloilo holds the cultural legacy of having Calle Real, one of the oldest business districts and Hoskyn’s, the oldest department store in the country founded in 1877. Surely, the Festive Walk Mall is a transcending cultural legacy from the past into the future of Iloilo City. The mall which is already 25% complete in terms of construction update envision to have its soft opening sometime next year, and will highlight the classy lifestyle that Iloilo Business Park is known for.

Iloilo is a “Festive City,” experience ultimate shopping in the future at Festive Walk Mall.

To know more about the project and the whole Iloilo Business Park township lifestyle, call us at (033) 330-3462-65 or visit us online at www.iloilobusinesspark.ph.

7 Financial Advantages of Condominium Investment

Real estate in the Philippines has proven to be a solid investment in recent years. With the steady growth of the real estate market since 2001– when commercial and residential properties were in great demand because of the sudden growth of the BPO industry—more and more people are now seeing great financial opportunities in condominium investment.
Although it may take a while to receive capital gain from it, real estate assets such as condominiums are highly practical and can be your safest bet in investing. Condo prices today are now offered at flexible terms, making it easy for young buyers to purchase their first unit.
The upshots of the real estate industry in this economy have been nothing short of rewarding in the past decade, so you can be sure to have a promising investment in this sector. Real estate investments also pose minimal risks because there is a multitude of ways you can gain profit from any given property.
But before you buy a condo, it is good to be aware of the financial benefits of owning one. Knowing the economic opportunities in owning a condo will help you utilize your property in the most financially-rewarding ways possible.

Here are 7 financial benefits you can get from owning a condo:

1. You can access first-class amenities at a very low cost.
While condo living would require you to pay a certain amount for the maintenance of the building’s amenities (usually in the form of association fees), this fee is still much lower than the amount you would spend should you want your own rooftop pool at home, or set-up your own private gym. One of the greatest perks that come with living in a condo is the bargain you get with first-class amenities and facilities.

2. Condos in key cities have high resale value.
The property sales value of a condo rises with inflation, the improvements of the building, and the overall appeal of the condo in terms of prestige and location. With the top condo living locations in the Philippines, you can be sure to be rewarded with a competitive market and high condo resale value.

3. Condominiums can easily be rented out.
With the growing condo rental market in the Philippines, you can also offer to rent out your property at a competitive rate and get favorable returns. Many employees and students these days, especially those who are not originally based in the metropolitan area, prefer to rent a condo than travel long distances from their home to their school or workplace. This a smart financial move for condo owners who are looking to gain profit from their condo unit without having to sell the property itself.

4. Condo units are easily transferable.
Having a real estate investment, such as a condo, is a practical way to transfer wealth. Because condos in the Philippines are situated in key locations, parents usually find that it is highly convenient and practical for their children to live in a condo near their school or workplace, instead of renting out an apartment that would most likely cost a fortune.

5. The initial financial demands of owning a condo are much less.
Buying any real estate property would require a certain amount of down payment. If you are a first-time home buyer or a young investor in the early stages of your career, then it is likely for you to get a better deal at a condo. The money you could potentially save after paying a smaller down payment can be used to make the process of owning a property—and eventually living in it—more affordable.

6. Owning a condo poses minimal utility and maintenance costs.
A valuable property such as a condo can be maintained at a lower cost. Sharing the cost of the building amenities with a number of homeowners can translate to savings that can be used to purchase other things.

7. A condo unit is an ideal business space.
Today, more and more businesses are housed in condominiums. This is because most condos are located near central business districts, making it a practical and sustainable venue for an office.

Iloilo Business Park is Megaworld’s largest premier township in the Philippines with a wide-range of lifestyle, business, commercial and investment preferences located in the old Iloilo airport in Mandurriao, Iloilo City. Iloilo Business Park offers three luxurious residential towers such as One Madison Place (3 towers), Lafayette Park Square and the tallest condo tower in Western Visayas – The Palladium. Avail their first-class condominium units with ongoing holiday promos and easy-payment terms to secure a vibrant lifestyle like no other. 

For inquiries, give us a ring at 330-3462-65, 0928-353589451 and 0917-3524888. Visit our showroom at the ground level of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City. 

A Confabulation with a Real Estate Expert

For most part of his life, he has put his heart in the real estate business and the corporation world where he learned the ropes to succeed, to inspire people and to usher significant changes.  If we look closely on his trails of passion and extensive career experience in real estate consultancy and management in the Asia Pacific Region that spans for over 25 years, Professor Enrique “Eric” Soriano can be considered as an icon and a pillar in his chosen field that transcends inspiration. Presently, he is the Chair of the Marketing Cluster and Program Directorship for Real Estate at the Ateneo Graduate School of Business. As a true-bloodied Ilonggo who grow up in Iloilo City, his recent invitation as the resource speaker for Iloilo Business Park’s Open House Event at Richmonde Hotel Iloilo on July 25 is a sort of “homecoming” for this popular real estate expert who never hesitated to share his wisdom, success-driven talk and amusing wit to an audience filled with optimism, to understand the true vision of the real estate business. In an up-close interview, Professor Eric Soriano selflessly bared his lifelong passion and sharpened perspective about the world of real estate.

What makes Real Estate an important aspect in developing our nation’s economy?

As of the last count, real estate supports 42 sub-industries in the Philippines from construction, steel to wood industries. In short, real estate literally helps the stability of these 42 sub-industries that directly supports workers and local businesses. There are so many sub-industries that directly benefited from the surging success of the real estate nowadays. The status of the real estate industry t is the reflective barometer of the kind of economy that we have in our country today.  If a nation’s economy is moving up, real estate follows. Real estate attracts investments and businesses to thrive due to investors’ trust to our economy. Also, real estate is the ultimate gauge to elevate the quality of living in every country allowing people and families to secure a decent home. The existence of a strong real estate industry transcends stability and directly supports vital industries.

What are the advantages of Iloilo Business Park as a township away from major megacities in the country?

First, land property prices in Iloilo City are affordable. Statistics shows that it’s just 10% compared to most expensive prime commercial lots in Manila’s major commercial areas. Second, the kind of concept and master plan that Megaworld initiated for Iloilo Business Park is obviously comparable to some world-class developments. Everything you need are already here in this complete mixed-use commercial complex. It is a visionary integrated community and business township that shows sustainability and strong investment potential. I was toured earlier in the area and I saw similar township developments in other countries. So basically it raises the standard of Iloilo as a 21^st century premier city.

As an Ilonggo, what are your impressions about the recent developments in Iloilo City?

Since my parents are both Ilonggos, I studied here and I came back where I truly belong - Iloilo has changed a lot and the development is impressive.  Iloilo’s recent success can be credited to its visionary mayor in the person of Mayor Jed Patrick Mabilog. As a leader, he is a very creative, efficient and he thinks out of the box. He is not your typical politician because aside from being dynamic and active, he’s actually a good marketing guy. He has the drive and the vision to put Iloilo City in the map of most developed cities nowadays.

What is your best advice for clients and investors looking for condominium and commercial areas especially for those planning to live in Iloilo Business Park?

Iloilo Business Park is a self-contained integrated township where everything from business to leisure spots can be seen, a visionary master-planned community that speaks highly of remarkable developments. For usual real estate projects, developments are mostly standalone with “a one building affair” and that’s it. But here in Iloilo Business Park, it is a massive plan that is so complete and highly-integrated with so many anchors linking to commercial establishments, hotels, offices and convention facility. For most investors, this is definitely a confirmation of the real value for money and investment. You’re not just buying a condominium or commercial areas, you’re actually buying the whole township, a dynamic and integrated community that holds great potential for business.

Can you share with us valuable tips for people like property consultants pursuing a career in the real estate business?

First, they must have the “patient-capital.” They have to be very patient because as the saying goes “Rome wasn’t built overnight.” It takes a little longer to succeed in this career, and therefore, there’s a need for them to embrace the concept of the development that they promote.  In the case of Iloilo Business Park, they should learn to fully internalize the “township concept,” share it with their clients and in the long run, they would be able to sell the project with credibility and confidence. Here, they are selling condominiums as not just a home but it comes with a complete integrated township, a modern community suitable for business and high-end lifestyle.

Can you share with us your most significant achievement in your career in the real estate business?

Well, I consider the passion to be able to advocate for best practices in the real estate business as the significant highlight of my career. I think it is my dream to educate buyers and investors, empower sellers and developers with the right kind of information they need in this kind of business and career.  It is my goal to educate them on what they need to know and emphasize “value-creation” in real estate.

Personally, I want to advocate for an eco-friendly and pollution-free lifestyle in a modern township to elevate the quality of life. When my father passed away last year because he was sickly due to air pollution, I realize how important it is to live in a clean, close-to-nature and serene community amidst the active developments taking place in it.

Lastly, do you have any favorite quote or words of wisdom from a significant real estate icon?

I had the opportunity to meet Dr. Andrew Tan, the visionary owner of Megaworld Corporation. In our conversations, he would always highlight a very important element and used to say that “integrity is non-negotiable.” If I may add something - “integrity has no day-off.”  For instance, we should learn to look for “value” in everything that we do and pursue - value for money, investment and time, time is gold for those who are yearning to succeed in life. For Dr. Andrew Tan, Iloilo Business Park is the product of his desire to raise the standard of life in Iloilo City. I admire him because he is very passionate with his vision and dreams in the real estate industry.

For more information about this real estate expert, visit his official website at www.enriquesoriano.com.

Eric Soriano Talks about Real Estate in a fast-rising Philippine Economy

“The Philippines is no longer a sick man in terms of economy in Asia next to China for the last 8 years,” says Professor Enrique “Eric” Soriano, an international real estate expert whose expertise transcends vision into success as he currently fulfils his passion as chair of the Marketing Cluster and Program Directorship for Real Estate at the Ateneo Graduate School of Business. Professor Soriano’s extensive career experience in real estate consultancy and management in the Asia Pacific Region spans for over 25 years.

“In terms of economy, the Philippines is experiencing a steady upward growth in the economy, and one of these factors is the steady rise of the real estate sector,” he added. He talks with sheer passion and sometimes, entertaining yet witty remarks as guest speaker for Iloilo Business Park’s recent open house event entitled “Merience Cena” at the function hall of Richmonde Hotel Iloilo last July 25. According to him, real estate contributed a lot in invigorating the economy, and steadily brought visible stability with the influx of real estate projects happening all over the country. Filipinos should now have a sense of value and pride of their country because we are on the verge of elevation in terms of our economy and role in development in Southeast Asia.    

Professor Soriano believes in “creating and conceptualizing value for real estate.” It is very important to consider our short-term and long-terms goals as an intelligent approach in the real estate investment. Though there is a soaring rise of developments in the real estate business, but still, those who intend to invest must know how to put their hard-earned money wisely by choosing credible developers. He emphasized the need to get your money’s worth, and the first thing to consider investing is finding out its true value. He pointed out that there are various advantages in investing for real estate either in megacities like Manila or uprising metropolises like Iloilo outside Luzon. Iloilo Business Park, Megaworld Corporation’s largest multi-facetted integrated business township that spans 72-hectare in Mandurriao, Iloilo City is the right kind of project that investors should consider investing in.

Professor Eric Soriano discussed about the importance of choosing the right real estate project and developer for your dream investment. (photo by Ronelo Ladiao) 

“What makes an ideal place to live and invest?,” he asks the audience while his changing the slide for his presentation. According to him, the best community to invest must be a place that fuses strong sociability factor – neighborly, cooperative and welcoming; unlimited lifestyle access and linkages for walkable spaces, various conveniences from nearby establishments and transportation accessibility; supports different leisure activities within the area, and must transcend visuals for comfort – clean, charming, attractive and historic scenery. He further discussed that an integrated community must be “people oriented development.” Simplifying the idea emphasizes density – urban development not sub-urban, diversity- mixed-use and mixed income, and design – walkable development. When these important aspects of an integrated community or a business township will be met successfully, then it is the best time to invest by buying a condominium or invest in commercial lots where business opportunities are possible. Iloilo Business Park is one of the country’s most complete business townships in the Philippines that offer a near-complete lifestyle with multi-functional accessibilities.   

As the discussion turned interesting, he talks about the true value of real estate economics, statistics and metrics that ultimately leads to synergy of developments and tangible steady surge of economic progress. Before he ended his significant talk, he quoted centuries old Chinese proverb that cleverly pose the question: “when is the best time to plan a tree?” The answer was 20 year ago, but the second best is now. Real Estate is about envisioning something great for your future, and it should start with the investment of trust and credibility with developers that will ultimately lead to the fulfillment of our dream lifestyle.  

Professor Eric Soriano received a token and certificate of appreciation from Iloilo Business Park's dynamic Head of Sales and Marketing, Jennifer Ann Palmares-Fong. (photo by Ronelo Ladiao)

Afterwards, he told the audience that he is open for questions. Like a well-motivated and inspired group of audience sharpened by true sensible speaker who speaks from experience, the questions overflowed. But from what we’ve learned from him - the best choices in life are those pursued intelligently that holds greater purpose set to transcend change.   

Looking for a lifestyle and investment that really matters? Make that call now at (033) 330-3462-65 or visit us in our showroom at the ground level of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City. For online, visit us at www.iloilobusinesspark.ph.

See The Palladium at the Tip of your Fingers

 

Taking the multimedia marketing and online innovation to a higher ground, Iloilo Business Park will be making a mark with The Palladium's Electronic Brochure (E-brochure) available for download online via our official website. Just click and visit this link: http://www.iloilobusinesspark.ph/projects/palladium/

The Palladium is the 5th residential tower launched by Megaworld Corporation in 2014 as part of the expansive residential district of Iloilo Business Park, the biggest 72-hectare mixed-use commercial complex and business township in Western Visayas located in the old Iloilo Airport in Mandurriao, Iloilo City. The Palladium is named after the rarest metallic element of the Earth for its unique features as the highest tower in the region with 22 floors and topmost penthouse level where ultra-luxurious loft units allow its residents to see a special cityscape view of Iloilo. The tower also boasts with 4 multi-level sky gardens sharing a nature-like serenity and ambiance. The Palladium has a third level amenity floor where residents can enjoy a grand infinity pool, lifestyle areas like fitness gym, outdoor gym, open spa, function hall, daycare and a stunning main lobby. 

The Palladium E-Brochure is viewed as not just an innovation where future residents, condominium buyers and investors will be given the ease to have a glimpse of this first-class residential tower right at the tip of their fingers online, but it would make them feel the passion, the rare luxury and the prestige that they can experience in the future. 

Experience life on top of an emerging lifestyle trend in Iloilo Business Park now. Visit our website and download it now. Would you like to talk with us further about the project? Call us at (033) 330-3462-65 or visit us in our showroom at the ground level of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City. 

Merienda Cena at Richmonde Hotel on July 25

Be the first to take a glimpse of Richmonde Hotel Iloilo in our Merienda Cena - Open House. And enjoy an afternoon talk with Mr. Enrique "Eric" Soriano, MBA, a real estate expert. Be with us, Iloilo Business Park, in this relaxing afternoon delight. See you!

APEC 2015 Set to Invigorate Iloilo's Infrastructure Developments

Iloilo City, one of the most livable city in the Philippines is hosting the Asia Pacific Economic Cooperation (APEC) 2015 meetings on with the theme “Fostering APEC’s Infrastructure through Long-term Investment and Capital Market Development,” the meeting aims to solicit proposals and share best practices in boosting connectivity and mobility within and across member-economies, particularly through more active capital markets. The local government of Iloilo City prepared for the start of this significant meeting hoping to promote, boast and invigorate the business, infrastructure and tourism potential the metropolis. Iloilo Business Park being one of the most promising developments in the city will be an investment site for investors and the APEC meeting will greatly promote the township.
As seen in the photo releases are officials from finance ministries and multilateral organizations, infrastructure experts, and capital market players across APEC member-economies gathered at the Royal Garden Hall Convention Center in Iloilo City on July 23-24, 2015 to discuss infrastructure and capital market development in the Asia-Pacific region.

Astonishing Iloilo

Iloilo Business Park (Marx de Silva)

Iloilo is an astonishing city. The beauty of its glorious past replicates the vision of the future – sustainable, progressive and culturally-passionate. Since its destined elevation from a simple town into a royal city under the royal decree of Spain’s Queen Maria Cristina in 1889, Iloilo started to chase the tides of time and made a remarkable mark as the most important city right next to Manila with its economic and cultural supremacy.

Iloilo Dinagyang Festival (osmiva.com)

La Paz Batchoy (kusinamaster.asia)

Sinamay weaving in Villa de Arevalo (Ronelo Ladiao)

Calle Real, Iloilo City (Bert Andone)

Astonishing Mark

Iloilo is a city with multi-facetted legacy that transcends inspiration and pride to its people. It is known as the “weaving capital of the Philippines” during the 18^th and 19^th centuries with the boom of local fabrics and hand-woven works of weavers like hablon, sinamay and piňa cloth. Fashion and tailoring heightened the dynamic business along the famous Calle Real, one of the oldest business districts in the country. If the Province of Iloilo is known as the “food basket of Western Visayas,” Iloilo City tickled the taste buds of visitors with its world-famous La Paz Batchoy, Biscocho, Roberto’s Queen Siopao, Barquillos, mouth-watering seafood from Villa and many other must-have, must-taste luscious keepsakes or “pasalubongs.” Iloilo City redefined and properly-elevated the standard of Philippine festivals with the innovations introduced by its world-famous Dinagyang Festival, a fusion of spectacular choreography, intricate multi-colored costumes embedded with deep Catholic devotion to the Child Jesus celebrated every third week of January. The Paraw Regatta Festival relieves the oldest boat sailing competition in the Southeast Asia and attract crowds with its “Samba de Regatta” spectacle every February. Jaro District Fiesta and “Nuestra Senora dela Candelaria” feast are the most grandiose religious and traditional fiestas in the Philippines every first week of February.

Iloilo Business Park (Iloilo Travel Guide)

Iloilo River Esplanade (Felipe Uygongco)

Iloilo City at night (Litratistang Agustino Studio)

Astonishing Developments

Iloilo is swiftly becoming the face of progress, steadfast developments and expansion that turned this once shy and reserved royal city into a bustling economic melting pot in the Philippines, claiming good governance recognitions, infrastructures projects and investment potentials. Iloilo is creating a synergy of balance between uprising modernization, manageable ecology and inspiring slogan as one of the most livable cities in the world. To preserve not only the bio-diversity of Iloilo River, a multi-billion peso, long-stretching Iloilo River Esplanade was made possible through the cooperation of national and local government. The site is giving an inspiring face to Iloilo River as its cultural and ecological treasure. Another advocacy of preserving the past is the preservation and rebuilding of heritage buildings in Calle Real. Along the Diversion Road, the city’s promising district where businesses are propping up, shopping centers are expanding and nightlife spots elevate, wide roads with walkable red-brick bike lanes and green stripes create a promising perspective for Iloilo’s future. In Mandurriao district where the old Iloilo Airport property was once located, is the very site where one of the country’s leading real estate visionary, Megaworld Corporation established their P35-billion investment master-planned commercial and lifestyle complex called Iloilo Business Park. It is a 72 hectare modern township conceptualized through the company’s “live-work-play” success-driven vision that’s creates a massive buzz and fame for Iloilo, claiming a new title as the next epicenter of virtually almost all kinds of investments. Megaworld integrates an economic-uplifting township where the most exclusive and high-end destinations can be found such as Festive Walk Mall, 1 kilometer shopping-and-dining avenue Street of Festive Walk, the most modern convention venue – Iloilo Convention Center, the biggest McDonald’s branch in Panay, several BPO Buildings used as office-operation site of multinational call center companies, and first-class international hotels with recognizable names such as Richmonde Hotel and Courtyard by Marriot. A foretaste of high-life living can be experienced with the township’s elegant residential towers sporting names such as the 3-tower One Madison Place, 16-level Lafayette Park Square and 22-storey The Palladium. It is expected that the township’s BPO buildings will provide more than 30,000 quality jobs in the next 10 years. Almost 30% of the old airport highway was retained by Iloilo Business Park to become its major vein of transportation. And of course, the green-inspired walkable lane for those looking for a perfect destination as venue of healthy lifestyle activities is open to its residents and passersby. The township presents more than just a stunning addition to the modern and expansive physical-facelift for Iloilo City, it is a sustainable community that opens wider and bigger doorway for global investments, tourism and job opportunities.

From the promising progress that swiftly re-writing Iloilo City’s modern history and legacy, the country’s real estate industry is truly destined to find a “pot of gold” in the shores of this pulsating metropolis called by many people as the “city of love.” But for its people, the Ilonggos whose tireless resilient voice, hardworking nature and passionate sentiments for their cultural heritage, somehow believes that their city, their home is an astonishing destination for all the world to see.

For visitors and strangers who happen to laid eyes in Iloilo, what’s truly astonishing in this city does not entirely depend on its newfound face of progress or its well-preserved past, but the warmth of its people that starts with heartfelt “welcome” greetings. Such passion makes Ilonggos capable of showing it effortlessly to the world. Wouldn’t you like to call Iloilo your new home, too?

Condo Buyer's Guide for OFWs

You may be one of the Overseas Filipino Workers (OFW) dedicating your life to earn high-paying jobs abroad and save for the bright future of your family, but investing your hard-earned savings is another story. Putting your resources in the right place and envisioning a great future often leads to should be a wise investment. Investment for real estate, specifically purchasing a condominium can be a wise choice but pose a lot of risk since you are not here to personally supervise everything. The expanding market for condominiums and easy-luxurious lifestyle with extraordinary amenities is attractive and advantageous for OFWs. If you are planning to purchase a condo, take these tips seriously to ensure you will be able to fulfill your plans and dream to secure your investment… 

Research

 It is an advantage for you to have your own research by finding out the most trusted and reliable developers in purchasing your condominium. The internet provides you with favorable information that would help you find out the best developer in the country. Everything you need to know from location, its amenities and other vital details are mentioned not only in developer’s website and other website blogs, articles and forums. You can also research about the cost of purchasing a condominium, documents needed and other payment terms included in your chosen unit. It would be wise to ask questions not only on forums, email or via online but you can talk to developers or their agents or property consultants through mobile phones, Skype or Viber to clarify details regarding your plan to purchase a condo. It is best to document your findings and research, compare the price with your chosen unit and make a wise decision what kind of unit you’re going to purchase. 

Representative

As an OFW working away from home and your family, it is advisable for you to choose your representative, presumably a family member or a trusted friend to help you gain second opinion, meet up with the developer, their agents or property consultants to explain further the details of your chosen unit and how to go through with the process of payment and to turn over required documents. Your representative should fully understand what you really want, the details you need to ensure a wise decision and protect your investment in purchasing a condominium. 

Do an Ocular

Developers provide beautiful pictures and images of their condominium units. They even have attractive images like tower or unit perspective, layout and its amenities. But to ensure that you will have no regrets in the future, have your own ocular inspection scheduled during your vacation back home. If you can’t go home for a short vacation, you can give the task to your trusted representative to have an ocular inspection of the unit, talk directly with the developer and provide you with photos or perspective layout of the unit. For pre-sold condominiums, let you representative meet the developers or their property consultants and exhaust all possible questions by updating you with everything you need to know about the project.

Requirements 

After the briefing with your representative, they will then provide you with the required documents. Presumably, you already have this prepared as a result of your research earlier. Typical requirements are the consularized SPA, copies of your passport and other ID’s, proof of income, proof of billing in the Philippines, TIN, employment contract, and certificate of employment and compensation. Your agent can usually help you obtain other requirements. You also need to have your attorney-in-fact process papers needed for the housing loan with the bank (accredited by your developer), developer (if in-house financing), or PAG-IBIG (if government-provided financing). These papers are important and so attention with details is very important. You and your attorney-in-fact should document all transactions along with related documents. This allows you to backtrack if needed. Purchasing Typically, a 10-30 percent down payment is required. This varies with developers. 

The transfer of the actual title is not until you are fully paid, but ownership of the condominium unit should already be in the Condominium Certificate of Title (CCT). You should have estimated the total expenses from your early calculations. Loan applications should be in place at this point. Other processes and requirements should be provided by the agent. Turnover The turnover process is the most exciting part for any new homeowner. Finally, you are able to see the fruits of your labor for the first time. If all payments are processed properly and requirements submitted, completion date of units can last 30 days (for single units) up to nine months (for unit construction). This should be clear to you during the briefing. Inspection will then be scheduled. Again, it is best that you do this personally. Of course, your attorney-in-fact can do this for you also. You will then be provided with house rules, policies, and regulations during the handover of unit. Any upgrades or alterations should be made clear with the developer through your agent before you actually move in. 

Deposits 

In a perfect world, you will have a perfect agent who informs you of all processes and updates you of your deposits. However, agents handle multitude of clients and process hundreds of requirements. You as a buyer should have the initiative to track your payments with your agent. You should also check your loan status. Be diligent in submitting documents and depositing payments. As a reminder, be sure to invest on reputable developers with a good history of quality projects. Do not be intimidated with paper works. Every detail should be clear to you. Your agent should provide this information or at least lead you to the right sources. 

Recommendation 

Iloilo Business Park, the 72-hectare township in Mandurriao, Iloilo City, is Megaworld’s biggest real estate project set to redefine the luxurious lifestyle and establish a vibrant business district in Western Visayas. The township’s luxurious residential towers such as The Palladium, One Madison Place and Lafayette Park Square offers stunning condominium units with stunning amenities. Secure a beautiful future and invest for a great life at Iloilo Business Park. You can do it while working away from home and secure your hard-earned investment with a trusted company for 26 years of trailblazing success as the country’s leading condominium developer.

Invest for a lifestyle to beat, call us at (033) 330-3462, visit us online at www.iloilobusinesspark.ph or see our showroom located at the upper ground floor of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City.