Monday, November 20, 2006
Considering retirement in a Tropical Climate?
http://www.PinoyBroker.com
Considering retirement in a Tropical Climate? For many British,
Australians and Americans, retirement time is just around the
corner. At home, with low interest rates and high cost of living,
the prospect of trying to live on a pension, in old age, is a
daunting one unless you are preapred to substantially downscale your
lifestyle. For some, moving to retire in another country is an
option which has been successful in the past with Spain, Portugal,
Mexico and Puerto Rico being among some of the more popular
destinations. But why not consider retiring in the Philippines?
Over the past decade, the Philippines has become a retirement haven
for thousands of foreigners, particularly the Japanese, Korean, and
Northern Europeans. Along with Thailand and Malaysia, the
Philippines developed communications, infrastructure, and service
delivery systems specifically geared to meet the needs of foreign
retirees. Better yet, unlike most European Countries and South
America, nearly everyone speaks ENGLISH in the Philippines.
The Philippines offers a significantly lower cost of living. The
Philippine Peso (PhP) exchange rate is approximately PhP 50 to $
1.00 or PhP 94 to 1 Pound [Sterling (GBP)]. Housing, food, and labor
costs are quite reasonable. A One bedroom condominium can be
purchased for around $ 60,000 or GBP 32,500 or a Studio for only $
34,000 or GBP 18,000 and one can dine out on average at a three star
restaurant for less than PhP 500. If you hire domestic help, a
private driver's salary is approximately PhP 10,000/month, while
trained housekeepers earn approximately -PhP 5,000/month. These
salaries are lower if you live in the provinces.
http://www.PinoyBroker.com
Cable Television, Hi-Speed Internet and Satellite Communications are
cheap. One can hire an air-conditioned taxicab for eight hours for
less than $25.00. In a country where a provincial Governor's salary
is only PhP 28,000 per month, and a Presidential Cabinet Under-
Secretary earns PhP 35,000, your pension can go a long way. So, if
you have a retirement income of approximately $1,500 to $2,000 per
month ( PhP 80,000 to 100,000) you can live quite well in the
Philippines.
As for health care, most U.S. Health Management Organizations pay
for medical expenses incurred in the Philippines. Check with your
HMO. The Philippine Department of Foreign Affairs presently has a
task force headed by former Secretary Roberto Romulo working to have
the U.S. government accredit a number of first class Philippine
hospitals for Medicare reimbursement. The Makati Medical Center, one
of the nation's best already has such accreditation. Unbeknown to
many is that for years, citizens of nearby countries such as
Thailand, Nauru, Tonga, Indonesia, and Malaysia have flocked to the
Philippines for medical care, particularly sensitive surgical
procedures. The quality of medical care at the better Manila
hospitals such as the Asian, St. Luke's, Medical city, Cardinal
Santos, Philippine Heart Center for Asia, National Kidney Institute,
and Makati Medical Center meets international standards.
A Japanese company is building a medical facility in Tagaytay city
exclusively for Japanese nationals within the year. There are now
close to 10,000 Japanese retirees in the country, and the number is
growing annually. The British government recently acquired a large
tract of land in Fort Bonifacio to build a new Embassy. The British
ambassador explained the larger facility is meant to help serve the
growing number of British nationals retiring there as well. Japanese
and Korean investment groups are buying homes and condominiums in
Manila, and tracts of provincial land for retirees. This has caused
a mini- Real Estate boom in the country. A retirement village
exclusively for Japanese nationals already exists in Tagaytay, and
more are planned. These are strong indicators of what is on the
horizon
http://www.PinoyBroker.com
English is the Philippines' official business language. Most of the
people you will meet, from hotel workers, taxi drivers, sales or
service people, government employeesa all speak English, or have a
working understanding of it. The middle class speak English, without
exception. All major newspapers, and major broadcast companies use
English. An English speaking visitor will never get lost in the
Philippines. It is the universal use of that language that has been
a strong incentive to foreigners. As well, communications links
within the country and to other countries via the various commercial
gateways is up to international standards. For example, the use of
cell phones and text messaging is so common that housemaids, street
vendors and food hawkers can be seen using their celphones
incessantly.
One will never want for adventure and sights to experience in the
Philippines. There is always a colorful Fiesta, pageants, street
festivals, and open public events going on. Lush with bountiful
natural resources, one can enjoy the numerous beaches, resorts, golf
courses, and play just about any sport, except skiing. There is an
ice skating rink in Manila, though. Scuba diving and fishing are
among the sports which draw the most number of foreigners to the
rich aquatic offerings.
Shopping is the Filipinos' second most popular activity, the first
is eating. Manila is Asia's undiscovered shopping Mecca. You will
love the golden purple sunsets, the fragrance of the flowers at
dusk, and the wonderful array of fruit and food. I used to enjoy
watching the Sun set from the bar at the Philippine Cultural Center.
There, you can listen to the Symphony, check out a play, or enjoy
Grand Opera. There is just so much to explore and discover,
specially in terms of nature, culture, and history. If you're a
betting man, there's horse racing, the Jai Alai, numerous first
class casinos, and of course, cok-fighting. Manila is well known for
its exciting night life.
The Philippines offers affordable real estate and good investment
opportunities for those seeking a retirement haven
http://www.PinoyBroker.com
"Where can you find a 350 sqft Freehold Flat in the heart of Central
London for only 25,000 Pounds and then get up to 18% per annum ROI
from rental returns UK Tax Free" enthuses Collingz. "These figures
probably seem Crazy to London Property Buyers unless they remember
the prices of Flats and Apartments back in the late 70's" and all of
this comes complete with average 85 degree temperatures and sunshine
nearly all year round" said Beth Collingz whom used to live in South
Kensington and still owns several Chelsea Embankment Townhouses and
St. Catherine's Dock Flats before coming over to the Philippines
If you have $50,000 or GBP 30,000 to invest, here are some buys you
could make right now with that budget:
1. A Freehold Studio Condotel Suite at the Lancaster Atrium Manila
for Initial Property Appreciation Investment and Rental Income from
2010 in Metro Manila, Philippines. Floor Area 28.17 square meter
[304sqft] at $1,518.00/sqm. Total Contract Price: USD 42,762.06. Pay
Cash and take a full 20% discount [Save USD 8,552.41] on the unit
price. Pay 90% Now [USD 30,788.68] and the remaining 10% [USD
3,420.96] on unit turnover from December 2009
2. A Freehold Studio Condotel Suite at the Lancaster Suites Manila
for Rental Income from 2007 in Metro Manila, Philippines. Floor Area
of 27.23 square meters [293sqft] at $1,618.00/sqm. Total Contract
Price: USD 44,058.14 [Tax Exempt]. Pay Cash and take a 10% discount
on the Contract Price. Save USD 4,405.81 Pay 90% of the contract
price now [USD 35,687.09] and the remaining 10% balance [USD
3,965.23] on unit turnover from March 2007
3. A Freehold Studio Condotel Suite at the Lancaster Cebu Resort
Residences for rental income from 2007 in Cebu, Philippines. Fully
Furnished Studio 36.5625sqm [395sqft] $1,507.00/sqm USD 55,099.69.
Pay Cash and take a full 10% discount [Save USD 5,509.96] Pay
Reservation [USD 1,820.00] and Cash Balance within 30 days [USD
47,769.72] for an Effective Total Cash Price of USD 49,589.72.
Immediate Occupancy.
For more info on Condo Hotels or Condotels in the Philippines,
email us at condotel@pinoybroker.com
http://www.PinoyBroker.com
Pacific Concord Properties, Inc., Flagship Lancaster Atrium Suites
Condotel [Manila] development located along Shaw Boulevard,
Mandaluyong City, Metro Manila, is one of the hottest Condotel
Investments in the Philippines where property investors, apart from
real estate appreciation initially reckoned to be 100% for early
investors, will get projected Rental Incomes on their units of up to
16% per annum once fully operational from 2010
To be called Lancaster Atrium [which is the second Tower adjacent to
the existing "Sold Out" Tower I] Condotel Studios, One, Two & Three
Bedroom Suites are currently available to Property Investors
adopting International Standard Escrow Trust Account "Buyer Safe"
Easy Secure Payment Plans… with 6 year interest free payment terms
or up to 12 year no prequalification "In-House" financing [available
to all overseas buyers], full condo ownership, no management costs
for Condotel Suites, no enrollment charges for joining the Condotel
Rental Pool, and minimum monthly maintenance fees, as buyers or
sellers of Real Estate you really should take a moment to look at
this Philippine Condotel Investment Opportunity
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 12-16% depending upon the mode of payment for
the unit"
Beth Collingz, who 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.
Accessibility from Europe & The United States is also a factor.
"London to Qatar, London to Amsterdam to Singapore or Hong Kong, Los
Angeles to Tokyo, San Francisco and New York to Hong Kong direct
flights to Cebu and Manila, for example, average just 16 hours, add
to that the many airline specials from Qatar Airlines whom probably
offer the cheapest air fares, that fly directly into Cebu and
Manila, and it's easy to see why the Philippines is becoming an
international community."
For more info on Condo Hotels or Condotels in the Philippines,
email us at condotel@pinoybroker.com
http://www.PinoyBroker.com
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.
Financing Options and Security open up Philippine real estate market
to International buyers.
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.
A major stumbling block for some Investors from the UK was the
perception that purchasing property in the Philippines was risky
with nightmare stories of fraud and deception abounding due to the
lack of Professional Realtors and Internationally accepted
principles' of Real Estate Transactions.
With Pacific Concord Properties Inc adopting International Property
Standards and the only Philippine Real Estate Developer to operate
the Internationally accepted practice of Escrow Trust Account
Banking for all payments made by buyers of it's Condotel Suites,
international offshore property investors need no longer worry about
the security of their investments
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) whenever they buy real property.
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.
For more info on Condo Hotels or Condotels in the Philippines,
email us at condotel@pinoybroker.com
http://www.PinoyBroker.com
Collingz highlights the importance of working with those experienced
in this type of transaction. "Buying property in the Philippines is
significantly different from buying in the UK and other European
countries, for example," said Collingz. "The purchase process is
more direct, with less stress and more accountability; and we work
directly with the buyer or collaboratively with the client's agent
or representatives. Our goal-and that of Pacific Concord Properties
Inc - is to make the whole process as easy as possible. Prospective
buyers can view properties online on our Web site and save listings
they're interested in an online portfolio"
Communication is the key to the process, according to Collingz. "We
spend a lot of time communicating with buyers before they visit, so
that we all have a clear picture of the type of property that's
right for them. We also make travel arrangements and hotel
accommodations and provide them with information in advance of their
visit so they understand the process and their options. That way
they can make the best use of their time here-and we can ensure they
have time to get to know and enjoy the area." In many cases, buyers
arrive for a three to five-day visit and sign a sales agreement
before heading home. Pacific Concord Properties'
Philippine real estate, medical, social services, and employment
agencies are now working together under the government's Philippine
Retirement Authority (PRA) to set up standards and make the
retirement industry truly world class. Under the direction of Gen.
Edgar B.Aglipay, chairman of the Philippine Retirement Authority,
plans have been operationalized to ensure that the growing demand
for housing and ancillary services for the retirees are met. The
objective is to turn the country into the retirement haven in Asia.
For more info on Condo Hotels or Condotels in the Philippines,
email us at condotel@pinoybroker.com
http://www.pinoybroker.com
for all your property needs
