|
LEGACY
Ventures Realty and Development Inc. is investing about
P1.35 billion for its first real-estate project in the
Manila Bay area.
The
project offers bold guarantees for delays in the
turnover of units and depreciation of the property.
The 127
units of Sentosia Condominiums, rising in a 1.7-hectare
property along Macapagal Avenue, are now being presold
with floor areas ranging from 161 sq.m to 186 sq. m at
P52,000 per sq. m.
About 27
percent of the units have been presold. Before the end
of the year, Legacy Ventures expects to sell up 70
percent of the luxury units.
President Willy B. Pineda said the first phase of the
project, consisting of 24 units, is scheduled for
delivery this December. The whole project is expected to
be completed by December 2008.
“We
don’t need the preselling revenues to finish the
project,” Pineda said.
Legacy
Ventures guarantees the turnover of Sentosia
Condominiums units to buyers within six months from the
start of payment, and is ready to pay the buyers the
corresponding interests per day in case of delays in
delivery.
Also,
through a partnership with Philtrust Bank, Pineda said
Legacy Ventures guarantees a full refund after a year
should the property depreciate due to nondelivery.
Pineda
said construction cost is estimated at P350 million,
while the property is valued close to P1 billion.
He said
the property value is expected to appreciate at least 10
percent after a year.
The
company, he said, has contracted Asia Appraisal to
appraise the project after a year. This will form the
basis for a refund.
Through
partners Banco de Oro, Bank of the Philippine Islands
and China Bank, as well as its own financing arm, Legacy
Ventures is offering the units at 70-percent financing.
Buyers may also go for a three-year payment scheme at
zero interest. |
