Philippine Real Estate Rental Business

It’s going to be a very busy month for me this coming March what with my condo unit from Citylands Grand Emerald Tower in Ortigas officially being turned over to me and having to do some minor renovations and furnishing (yes I have decided to go the furnished unit path) it in preparation for me renting it out hopefully this coming April.

I’ll be updating this blog with pictures from my punch listing, renovations (although I am going to go minimal on this route to save money) and furniture’s bought and the unit itself when all of them come together. Keep an eye out for this guys.

Finally after 2 months of paying my monthly amortization for my unit at Jazz Residences, my contact to sell (CTS) is now available for me to sign. My agent left me the documents so I can go over it before signing and I will probably return it to him next week. I have been busy at work so I will probably read and sign it up this long weekend since Monday, June 14 has been declared a holiday.

Well as of this time, rumors has it that Cityland's Grand Emerald Tower in Ortigas will be completed this October, a whooping 8 months ahead of schedule! Although it is still unverified, the website of Citytland, which can be found here has indicated that Grand Emerald is already 88% complete and still 5 months more till October. I am very excited with this development because I can rent the place out earlier so my money will be working earlier than expected. Will keep you guys posted for more developments.

Finally, my agent and I met last Friday to get my PDC's. 35 checks in total because he forgot to get them from me last April so he had to pay my first amortization to SMDC. Anyways, I already repaid him after a month in cash but I still don't have my contract to sell yet. My guess is because SMDC has yet to finalized the layout for Jazz Residences as my agent has confirmed. he will email me the revised designs for Tower C next Tuesday. Tomorrow is election day, go out and vote wisely. Lets' vote the leaders we truly deserve. (I'll be voting for Gordon/Bayani in case you are wondering)

Well what can I say, I was annoyed at my agent because he forgot to inform me that the start of my monthly payments was every 29th of the month, starting last April! He also did not get my 36 checks for my amortization.  But as an apology, he paid for my first payment. I'll just repay him back when I meet him next week, provided he bring along the O.R as proof of payment, you can never be too sure right?

Great news Jazz Residences investors. Here are the latest, although unverified as of the moment updates regarding are beloved condominium.

Ground Floor - Will be the commercial podium of the project.
2nd Floor - Call Center Offices. Great for investors planning to rent out their unit.
The Basement, 3rd and 5th Floor - Parking Area of the project.
6th Floor - Amenities of the project.
7th Floor up to 46th Floor - Residential units.

The bridge way located at the 2nd floor will lead to Salcedo Village, so no need to cross the street. This is exclusive to unit owners.

Turnover dates:

Dec 2010 - Bridge way
Dec 2011 - Commercial Podium
Dec 2012 - Tower 1
July 2013 - Tower 3
Dec 2013 - Tower 4
July 2014 - Tower

Very exciting developments indeed.

If you are a Jazz investor like me and is wondering what the heck is seems to be no construction going on in the site might be a bit disappointed. On the copy of SMDC 2009 Annual Report, the estimated target completion date for Jazz Residences is on October 2014. Well that too bad, I was expecting it to be around 2013. Oh well, that explains the pacing of the construction. I hope once the construction process start, an early turnover maybe on the horizon.

It took me 3 years to save enough money to pay for my Grand Emerald Tower bachelors pad. Nothing beats the feeling of such an accomplishment, but I know this is just the beginning of my journey to financial independence via real estate rental business. I still need to pay off some more taxes and miscellaneous expenses prior to the turnover and I am now in the process of looking for an interior designer to maximize my small 21.92 sqm home.

I paid my reservation fee of 25,000.00 pesos to my high school friend who is an agent of SMDC last March 29, 2010. Although he has already informed me that it takes a month to process my papers, I am getting a bit impatient from the lack of news on what's going on. Oh well, still 2 more weeks before a month has passed. By the way, I have availed their financing term of 20% down payment payable in 36 months and 80% of the balance due after I finish paying off my DP where I plan to pay it cash.. (hopefully)