According to Beth Collingz, of PLC International Marketing Networks, a Lead Marketing Partner with Pacific Concord Properties Inc., whom have Condotel developments in Metro Manila and Cebu, and specializes in working with international clients: “My phone has been very busy with buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes here. A lot of this interest is being driven by the relatively cheap market prices in the Philippines compared to Europe, specially UK Housing prices, and the easy payment options available for our Condotel Developments, but there are other factors, too. Offshore Property Investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our In-House Condotel Management when they are not using the unit thereby gaining rental incomes that on today’s purchase prices, give a projected ROI on their investments of some 12-14% depending upon the mode of payment for the unit”
Beth Collingz, who also runs PLC Global Pinoy, an internet based marketing network specializing in Condotel Investments in the Philippines, indicated that more than 85% of all Condotel sales in Metro Manila were to international clients. While such a level of foreign-purchasing activity is not as high in the Philippines provinces, Cebu in particular, has seen a sharp increase in real estate purchases by international buyers in the past several years.
“These international buyers know it’s a buyer’s market in the Philippines right now—there are a lot of properties available and fewer local buyers,” Collingz said. “I’m working with clients who are purchasing their second property with me. We also have referrals from many of our prior customers and new clients who have found us through our Web sites, lancastersuites.com and plcglobalpinoy.com which include a special section for international buyers”
While Metro Manila is still a popular choice with international buyers, Collingz says clients tell her that it makes more sense to buy in a year-round vacation destination. The Lancaster Cebu Resort Residences Condotel development by Pacific Concord Properties located in Mactan, Cebu — the area around Cebu International Airport — fits the bill with all it offers to International buyers.
Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy. Pacific Concord Properties Inc with it’s flagship Lancaster condotel developments fit’s the bill.
Previously a stumbling block for some international buyers was the perception that it is difficult —if not impossible — to obtain financing in the Philippines. As a result, many purchases in the past were cash sales.
Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condotel Suites where a Studio Unit can be purchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI’s no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condotel Investment “Boom” in the Philippines.
Another drawback to purchasing property in the Philippines was that most overseas buyers of the real estate have become accustomed to normal home buyers standards like putting their money in escrow (which protects them if the developer does not deliver on its commitments)
Pacific Concord Properties Inc., now sets that “International Standard’ in the Philippines with the “Buy Safe Payment Policy” of Escrow Trust Account Banking with Equitable PCI Bank, one the Philippines largest Banks, for the purchase of a Condotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila or Lancaster Cebu developments.
Buyers of Condotel units at the Lancaster Suites Manila, Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu, pay their Reservations, down payments and all monthly payments directly to the Companies Trust Account with the Bank thereby ensuring that funds are maintained and ultimately used only for the purpose of direct construction related costs. This not only guarantees that the buyers money is safe, but more importantly the development will be completed on schedule and within projected time frames for the project.
To further penetrate the UK Offshore Property Investors Market potential, PLC International Marketing Networks recently appointed David Stanley Redfern Ltd [DSR] with offices in Nottingham, UK as their marketing partner for the Lancaster Brand of Philippine Condo Hotel Buy-to-Let Investments.
David Redfern of DSR Ltd an International Real Estate specialist company, recently looked at the Philippines on behalf of several private investors and investments trusts in Europe and the United Kingdom, specifically the Lancaster Suites condo hotel developments in Metro Manila and Cebu and are AIPP accredited.
On accepting the UK accreditation for the Lancaster Atrium developments in Manila, DSR Managing Director, David Redfern, said “the Philippines property market is currently one of the hottest in the world. Affected worst by the Asia economic crisis, since Asia began to grow again, the Philippines is fast becoming the commercial hub of south East Asia. Its low starting point has also made Philippine property a hot favorite with investors. The massive growth potential of property in the Philippines is fuelled by the level of new businesses and foreign investment the Philippines, especially in Manila. Philippine property is expected to grow in value by no less than 24% for the next five years and possibly even more in the next 2-3 years”
“Our Philippine property is a three tower development of apartments in Manila's new residential, recreational and financial district - Ortigas Center. As Philippine property goes, Lancaster Atrium towers have found the perfect balance between luxury and affordability. Their low price makes them a favorite with investors hoping to capitalize on the huge growth potential of Philippine property” said Redfern.
A lot of this interest is being driven by the relatively cheap market prices here compared to Europe – especially UK housing prices – and the easy payment options available for condominium hotel developments”
