Now this is something that blew up my mind and open a new leg of project for this 29penn home construction. An off-grid living? Maybe we would consider this project at the back of our mind as we go along in making the optimum use of this property. This is truly an inspiration.
Source: http://www.simplesolarhomesteading.com
Saturday, September 25, 2010
12% VAT on Real Properties
We just got an info over the internet about the VAT exemption on house and lots and other dwellings. We have to clear this out with the construction of the dwelling though.
VAT-exempt transactions:
(P) Sale of real properties not primarily held for sale to customers or held for lease in the ordinary course of trade or business, or real property utilized for low-cost and socialized housing as defined by Republic Act No. 7279, otherwise known as the Urban Development and Housing Act of 1992, and other related laws, residential lot valued at One million five hundred thousand pesos (P1,500,000) and below, house and lot, and other residential dwellings valued at Two million five hundred thousand pesos (P2,500,000) and below. Sources:
http://www.lawphil.net/statutes/repacts/ra2005/ra_9337_2005.html
http://www.punongbayan-araullo.com/pnawebsite/pnahome.nsf/section_docs/VO767V_24-11-05
VAT-exempt transactions:
(P) Sale of real properties not primarily held for sale to customers or held for lease in the ordinary course of trade or business, or real property utilized for low-cost and socialized housing as defined by Republic Act No. 7279, otherwise known as the Urban Development and Housing Act of 1992, and other related laws, residential lot valued at One million five hundred thousand pesos (P1,500,000) and below, house and lot, and other residential dwellings valued at Two million five hundred thousand pesos (P2,500,000) and below. Sources:
http://www.lawphil.net/statutes/repacts/ra2005/ra_9337_2005.html
http://www.punongbayan-araullo.com/pnawebsite/pnahome.nsf/section_docs/VO767V_24-11-05
Prefab options
Okay, we got the latest update from response shelter and with the present budget for this 29penn dwelling project it looks impossible to go for their ali-kit building system. The unofficial quote we got shows that for a 50 sqm. unit it would roughly be Php673k excluding shipping, installation and even the structure itself. So that price covers for:
Electrical - 20,271 Plumbing and sanitation - 63,098 House finishing - 517,959. VAT of 12% - 72,159
I was told by the contractor that the structure might just be about another 500k with shipping of about 21k and installation of 16k for a 4-day work (4k/day). I was impressed for the cost savings on labor but surprised on the structure cost and finishing which would be over to 1M. Just way-out of my plan.....
That said, I turned to their next offer of a rapid system which could be extended up to 2-storey only. This may be a more practical approach because of the high cost of the ali-kit which is optimized for a 6-storey building.
Electrical - 20,271 Plumbing and sanitation - 63,098 House finishing - 517,959. VAT of 12% - 72,159
I was told by the contractor that the structure might just be about another 500k with shipping of about 21k and installation of 16k for a 4-day work (4k/day). I was impressed for the cost savings on labor but surprised on the structure cost and finishing which would be over to 1M. Just way-out of my plan.....
That said, I turned to their next offer of a rapid system which could be extended up to 2-storey only. This may be a more practical approach because of the high cost of the ali-kit which is optimized for a 6-storey building.
Saturday, September 18, 2010
Search for Financing
| An important factor to turn a real property into a steady income generating source is to get an excellent financing for the property. We searched different major banks for their housing loan programs and most would offer interest rates for 11-12% p.a. fix for a period of 15-20 years. 1. Banco De Oro offers the most competitive rates with fast processing of 10 days. Call 631-8000 or 1-800-10-6318000 (Domestic Toll-Free) http://www.bdo.com.ph/Personal/Loans/BDOHomeLoan.asp Budget and project your expenses, knowing your rate and payments will stay the same. You have an option to fix interest rates up to 20 years based on prevailing home loan rate.  Fixed Rates (as of August 11, 2010):
 7.88% fixed for 1-3 years 9.75% fixed for 4-5 years 10.50% fixed for 6-10 years 11.00% fixed for 11-15 years 11.50% fixed for 16-20 years Yearly repricing after the fixing period
| |||||||||||||||||
2. RCBC Savings Bank also offers special housing loan packages for first time and existing homeowners through the Home Starter and Home Budgeter Loans. HOME STARTER LOAN The Home Starter Loan is created for First Time Homeowners with an innovative repayment feature. It comes with a grace period on amortization payments of up to 12 months to allow new homeowners to introduce home improvements before regular loan amortizations commence. HOME BUDGETER LOAN The Home Budgeter Loan is ideal for existing homeowners who want to lighten their debt burden by borrowing against the value of their home to pay-off and/or consolidate financial obligations and consumption-related expenses, e.g. tuition, travel, hospitalization, etc. APPLICATION REQUIREMENTS Employed
DIRECT HOUSING LOANS DEPARTMENT 637-3152; 634-9503; 633-9505 DEVELOPER GENERATED HOUSING LOANS DEPARTMENT 633-9487; 637-7140; 637-7287 3. Security Bank For any inquiries: Please call (02)888-7138/ (02)867-6788 or email inquiry@securitybank.com4. Allied BAnk You can also call: Mr. Robert Aragon Assistant Vice President Consumer Loans Department Email: rtaragon@alliedbank.com.ph Tel nos. 816-3311 local 3039, 3075, 3087 Or you can visit us at: 5th Floor Consumer Loans Department Allied Bank Center 6754 Ayala Avenue, Makati City 5. HSBC 6.99% for the first year Call us Metro Manila 02-85800 or 976-8000 Provincial1-800-1-888-8555 Abroad +632-8580000 6. UCPBCurrent promo of waived mortgage fees for every million: of about Php33,846 | |||||||||||||||||
| Lee De Claro, yldeclaro@ucpb.com | |||||||||||||||||
| Tel No: (632) 878-5030 | |||||||||||||||||
Advertised in Buy and Sell Ph. for Php3290/sqm
29 penn was submitted for free ad in www.buyandsellph.com on September 16, 2010.
Land development and other costs
Some other costs which may be incurred in developing 29 penn to a rental property or a house and lot package are:
1. for a stand alone prefab house such as a container house then hook up to utilities, drainage, septic tank etc. about Php100,000
2. for the concrete fence of 1.5m high with steel bar gate - Php200,000 ... this is quite an expensive quote that I got from a contractor
3. for driveway concreting of the 155 sqm. lot - Php150,000
1. for a stand alone prefab house such as a container house then hook up to utilities, drainage, septic tank etc. about Php100,000
2. for the concrete fence of 1.5m high with steel bar gate - Php200,000 ... this is quite an expensive quote that I got from a contractor
3. for driveway concreting of the 155 sqm. lot - Php150,000
Saturday, September 11, 2010
Start with an Ali-kit building system
One way to transform 29 Penn is to consider Response shelter`s offer for a starter building unit called Ali-kit building system. It is claimed that up to a 6-storey building can be built using its prefab modular system in the Philippines. A quotation for a 50 sqm. unit is underway.
Featured in Baguio Swedish Modular Homes.
More options here : http://www.response.ph/
Advertised in 29penn.sulit.com.ph
29penn.sulit.com.ph - Saturday, September 11, 2010
2010 © Sulit.com.ph
Fit a container house
Another option is to start with a 20-footer container house for a studio unit with toilet and bath which was quoted for Php195,000 excl. delivery. More details about the supplier here: Northgreenland
Build a Prefab House
Upon searching for suppliers for prefab houses in the Philippines, we came across with Vazbuilt with their informative video on How to build a prefab home.
The Tyler model which starts at Php247,000 for a 36sqm unit is available for pick-up of the construction materials. This then doesn't include installation, hook-up to utilities, and land preparation.
Vazbuilt low cost starter home was featured in Rated K (8/1/2010ABS CBN Television, Philippines) with a starting price of Php80,000 for a 22sqm. floor area. Watch here:Rated K Show
Tranforming 29 Penn
We are planning to transform 29 Penn to a new package to make a productive use of the land and earn income. Some options which are being considered:
1. Build a prefab modular house - a starter unit for 20-50 sqm floor area; extendable
2. Rent out the house
3. Sell the right to the modular unit
4. Sell the property for a house and lot package
5. Use it for an urban farm site
6. Other suggestions
If you`re interested for a joint venture or other creative ideas please contact 29penn@gmail.com
1. Build a prefab modular house - a starter unit for 20-50 sqm floor area; extendable
2. Rent out the house
3. Sell the right to the modular unit
4. Sell the property for a house and lot package
5. Use it for an urban farm site
6. Other suggestions
If you`re interested for a joint venture or other creative ideas please contact 29penn@gmail.com
Friday, September 10, 2010
29 Penn Vicinity Map
29 Penn is just a minute walk from the main gate and clubhouse of Metrosouth at Governor`s Drive. Metrosouth is the entry point to the Eagle Ridge Golf and Country Club via the main thoroughfare at Governor`s Drive. You can reach Tagaytay for less than 30 minutes via Amadeo Road. Banks, supermarkets, restaurants, schools and hospitals are all within reach.
Property for sale
29 Penn is for sale by the owner for Php 3330/sqm. only (estimated at USD 77.4/sqm using Php44/USD1) for a total price of Php 516,150 (USD 11,730) for each 155sqm lot (1668.406 sqft.) The quoted price is for the lot without any improvement and is subject to change without prior notice. The real property was appraised by Cuervo Appraisers Inc. in 2002 using Market Data Approach. Comparable lots in the area with land area of 150-239 sqm. were priced at Php 3500-3600/sqm by Centerpoint Realty Corporation and First Alliance Property Ventures.
You may verify the transfer certificate of title nos. T-1067456/T-1067318 at the Registry of Deeds, Trece Martires City, Cavite, Philippines.
If interested please email 29penn@gmail.com or call 81.80.6626.5774 (Japan), 63.919.679.4436 / 63.927.771.4877 (Manila).
You may verify the transfer certificate of title nos. T-1067456/T-1067318 at the Registry of Deeds, Trece Martires City, Cavite, Philippines.
If interested please email 29penn@gmail.com or call 81.80.6626.5774 (Japan), 63.919.679.4436 / 63.927.771.4877 (Manila).
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