Wise Guide for OFW Condo Buyers

You may be one of the Overseas Filipino Workers (OFW) dedicating your life to earn high-paying jobs abroad and save for the bright future of your family, but investing your hard-earned savings is another story. Putting your resources in the right place and envisioning a great future often leads to should be a wise investment. Investment for real estate, specifically purchasing a condominium can be a wise choice but pose a lot of risk since you are not here to personally supervise everything. The expanding market for condominiums and easy-luxurious lifestyle with extraordinary amenities is attractive and advantageous for OFWs. If you are planning to purchase a condo, take these tips seriously to ensure you will be able to fulfill your plans and dream to secure your investment… 

Research

 It is an advantage for you to have your own research by finding out the most trusted and reliable developers in purchasing your condominium. The internet provides you with favorable information that would help you find out the best developer in the country. Everything you need to know from location, its amenities and other vital details are mentioned not only in developer’s website and other website blogs, articles and forums. You can also research about the cost of purchasing a condominium, documents needed and other payment terms included in your chosen unit. It would be wise to ask questions not only on forums, email or via online but you can talk to developers or their agents or property consultants through mobile phones, Skype or Viber to clarify details regarding your plan to purchase a condo. It is best to document your findings and research, compare the price with your chosen unit and make a wise decision what kind of unit you’re going to purchase. 

Representative

As an OFW working away from home and your family, it is advisable for you to choose your representative, presumably a family member or a trusted friend to help you gain second opinion, meet up with the developer, their agents or property consultants to explain further the details of your chosen unit and how to go through with the process of payment and to turn over required documents. Your representative should fully understand what you really want, the details you need to ensure a wise decision and protect your investment in purchasing a condominium. 

Do an Ocular

Developers provide beautiful pictures and images of their condominium units. They even have attractive images like tower or unit perspective, layout and its amenities. But to ensure that you will have no regrets in the future, have your own ocular inspection scheduled during your vacation back home. If you can’t go home for a short vacation, you can give the task to your trusted representative to have an ocular inspection of the unit, talk directly with the developer and provide you with photos or perspective layout of the unit. For pre-sold condominiums, let you representative meet the developers or their property consultants and exhaust all possible questions by updating you with everything you need to know about the project.

Requirements 

After the briefing with your representative, they will then provide you with the required documents. Presumably, you already have this prepared as a result of your research earlier. Typical requirements are the consularized SPA, copies of your passport and other ID’s, proof of income, proof of billing in the Philippines, TIN, employment contract, and certificate of employment and compensation. Your agent can usually help you obtain other requirements. You also need to have your attorney-in-fact process papers needed for the housing loan with the bank (accredited by your developer), developer (if in-house financing), or PAG-IBIG (if government-provided financing). These papers are important and so attention with details is very important. You and your attorney-in-fact should document all transactions along with related documents. This allows you to backtrack if needed. Purchasing Typically, a 10-30 percent down payment is required. This varies with developers. 

The transfer of the actual title is not until you are fully paid, but ownership of the condominium unit should already be in the Condominium Certificate of Title (CCT). You should have estimated the total expenses from your early calculations. Loan applications should be in place at this point. Other processes and requirements should be provided by the agent. Turnover The turnover process is the most exciting part for any new homeowner. Finally, you are able to see the fruits of your labor for the first time. If all payments are processed properly and requirements submitted, completion date of units can last 30 days (for single units) up to nine months (for unit construction). This should be clear to you during the briefing. Inspection will then be scheduled. Again, it is best that you do this personally. Of course, your attorney-in-fact can do this for you also. You will then be provided with house rules, policies, and regulations during the handover of unit. Any upgrades or alterations should be made clear with the developer through your agent before you actually move in. 

Deposits 

In a perfect world, you will have a perfect agent who informs you of all processes and updates you of your deposits. However, agents handle multitude of clients and process hundreds of requirements. You as a buyer should have the initiative to track your payments with your agent. You should also check your loan status. Be diligent in submitting documents and depositing payments. As a reminder, be sure to invest on reputable developers with a good history of quality projects. Do not be intimidated with paper works. Every detail should be clear to you. Your agent should provide this information or at least lead you to the right sources. 

Recommendation 

Iloilo Business Park, the 72-hectare township in Mandurriao, Iloilo City, is Megaworld’s biggest real estate project set to redefine the luxurious lifestyle and establish a vibrant business district in Western Visayas. The township’s luxurious residential towers such as The Palladium, One Madison Place and Lafayette Park Square offers stunning condominium units with stunning amenities. Secure a beautiful future and invest for a great life at Iloilo Business Park. You can do it while working away from home and secure your hard-earned investment with a trusted company for 26 years of trailblazing success as the country’s leading condominium developer.

Invest for a lifestyle to beat, call us at (033) 330-3462, visit us online at www.iloilobusinesspark.ph or see our showroom located at the upper ground floor of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City.    

From Airport to Bustling Township, Megaworld Changes the Ilonggo life

The old Iloilo Airport in Mandurriao, Iloilo City (photo by JunJun Mendoza)

Pelagia Longno remember how she used to say “goodbye” to her husband, Jonathan Longno, a seaman OFW before leaving for his flight to Manila at the Iloilo Airport 15 years ago. That very moment left a pinch in her heart. Like the Longno couple and other Ilonggo OFWs, venturing professionally to look for high-paying jobs in other countries to provide a better future for their family, they are doing a great sacrifice.

(Photo by Gettyimages.com)

A Place of Sentiments and Dreams

According to the Overseas Workers Welfare Administration (OWWA) records in 2014,there are more than 60,901 OFWs coming from the Province of Iloilo out of the estimated 187,971 OFWs throughout Western Visayas leaving to work in other countries. Iloilo City has the biggest number of OFWs with 28,890 who send large amount of remittances and taxes that helps our economy. For nearly 8 decades, the old Iloilo Airport in Mandurriao district served as the airline domestic entry point for Iloilo and other neighboring provinces.  For most OFWS and their families, this airport has been a part of their lives. It leaves a sentimental spot, a place where they used to say their precious “goodbyes” to their loved ones and create bittersweet memories before leaving each other for the sake a better life.

Since its operation in the 1930s, the old Iloilo Airport in Mandurriao District ended its operation in 2005. It was replaced by a much-bigger and modern Iloilo International Airport in the nearby municipality of Cabatuan in Iloilo. After its closure, the old airport property had its untimely slumber – the place became sleepy and the noise of the airplanes died down. The Iloilo City Government formulated a plan to revive the area into a possible commercial and residential complex ushering an extension of the city’s unstoppable progress. Megaworld Corporation, the country’s leading real estate and township developer saw the property’s investment potential. In 2007, they successfully acquired the 72-hectare old airport property. Soon, Megaworld unveiled their visionary plan of transforming the property into one of their biggest township projects, their most ambitious venture outside of Luzon with a total of P35 billion investment – the Iloilo Business Park.

Iloilo River Esplande by night (Photo by Neil Alvin Cuenca)

Iloilo Business Park's Megaworld Boulevard (Photo by Marx de Silva)

Relentless Developments

“Iloilo Business Park is the city’s new central business district, a most welcome addition to the city’s urban development landscape that will help realize the city’s vision of becoming a premier city,” says Jose Ronie Penalosa, Iloilo City Planning and Development Coordinator. He believes that Iloilo Business Park is a “strategic location, a valuable connectivity and carefully planned mixed-use development that strongly supported by an eco-friendly network of walk-able green urban spaces, bikeways and public transport-oriented corridors that makes it an excellent place to live, work and play in.” The township perceived to be the most high-end infrastructure and business-related project in Iloilo City since it features significant developments that would pave way for strong investments, commercial and employment opportunities.

Megaworld’s 72-hectare master-planned township was carefully envisioned to unlock Iloilo City’s global potential with the opening of Iloilo Convention Center equipped with a massive seating capacity of 3,700 audiences where this year’s Asia Pacific Economic Cooperation (APEC) side events are set to take place. The township is teeming with commercial investments where a lifestyle mall – the Festive Walk Mall, a mall annex and the long-stretching 1 kilometer Street of Festive Walk, a shop-and-dine avenue are preparing to rise very soon. The Information Technology – Business Process Outsourcing (IT-BPO) industry is destined for a global boost with the opening of BPO office buildings where multinational companies like StarTek, Reed Elsevier, Transcom and many others will find a new home, giving local graduates and professionals the most competitive employment opportunities.  Comprising the Boutique Hotel and Commercial District, international hotels such as the 10-storey Richmonde Hotel Iloilo designed by Getty’s, the world’s most prestigious hotel interior designer, and the first of its kind hotel in the country from the Marriot group - the Courtyard by Marriot, are both looking forward to provide world-class hotel accommodation for visitors and investors.

(From the top) Two Global Center - BPO Company StarTek office and operation site, a local call center agent, Megaworld Boulevard with the construction site of Festive Walk Mall and One Global Center - BPO Company Transcom office and operation site (Photos by Marx de Silva and Ronelo Ladiao) 

Life-changing Jobs

“I’m lucky enough to be able to have my OJT (on the job training) in one the best call centers in Iloilo Business Park. The opportunity provided young people with a better-paying job. Young professionals like me are hoping to stay and get employed locally rather than to leave our city,” says 20-year-old James Tan, a graduating IT professional from a provincial state university. Tan is one of the competitive young professionals who is now taking part, and will soon benefit from the expected 30,000 job openings foreseen by Megaworld when most of their BPO buildings will open in full swing for the next 10 years. The continued infrastructure developments within the area have benefited local engineers and construction workers.  It includes 30-year-old Joemar Villanueva who is working full-time to complete the Festive Walk Mall, the city’s next shppping center. Villanueva hopes to work in the mall as utility staff with his friends soon after the construction of the mall is complete. Iloilo Business Park is currently providing significant employment opportunities to local workers who are all looking forward to benefit from its existence.   

Richmonde Hotel Iloilo and Two Global Center (Photos by Ronelo Ladiao)

Significant Changes

With Iloilo Business Park’s larger-than-life significant relation to Iloilo City’s urban development, Peňalosa of the Iloilo City Planning and Development Office has further expressed his thoughts: “Hosting the city’s taller and modern buildings, IBP is going to be a showcase of contemporary Philippine architecture and urban design that is executed in ways at effectively complementing the old world charm and historic beauty of the city’s other districts.” With the township’s promising concept of viability for future businesses, tourism industry and commercial sector, it can usher a new age of economic renaissance for Iloilo City, giving the locals the chance to experience how their vibrant city will grow and prosper as one of today’s most livable cities in the world. For visitors and investors who will be looking for the best place to travel or to relax can fully appreciate their stay in Iloilo as they can see the past being revived and embed in the present. Investments will soon start to pour in and serve as seeds to lay the groundwork for a long-term, sustainable developments and progress. Iloilo City equates in its people’s heart the value of treasuring the past and keeping it all alive, a true inspiration to build a better future.

True progress transcends more than just the physical infrastructure development of a certain city or locality. If its locals are experiencing better and promising opportunities that could raise their standard of living, such change will socially and economically indicate significant elevation, a higher step to sustain competitive progress. In its vision to shape the future Ilonggo lifestyle, Megaworld is sharing their dreams to put  Iloilo City in the forefront of swift developments.

On a sunny afternoon, Pelagia was passing by the very site where the old Iloilo airport was once located. She can’t it help but put a smile in her face, and most of the time, she feels enthusiastic to look ahead in the future. In this very site, a new dream destination – Iloilo Business Park will vibrantly emerge in this city where her retiring OFW husband Jonathan will be coming home soon. One of her two grown-up sons is already an employee working in the township’s BPO company – Reed Elsevier. She’s hoping to spend quality time with her family after her early retirement. Her beautiful city, Iloilo is now teeming with better opportunities for everyone willing to stay home and chase their dreams.

She thought that maybe there will be no more “goodbyes” but a heartfelt “hello” for a bright future and a possible investment opportunity for their family. Well, buying a condominium unit might be a good start of her new life in this bustling township where memories of love was once built. (Ronelo Sanchez Ladiao)

Passionate About Condo? This Ones For You!

Are you looking forward to live in a condominium? Check out these facts, you might be the one who deserves the prime lifestyle at Iloilo Business Park...

Retirees for Serene Lifestyle
Condominiums are very popular among retirees, including those who are looking to downsize from their previous homes. A condominium community may offer many opportunities to socialize, and certain developments offer services that cater specifically to retirees and seniors. In addition, many retirees enjoy traveling, and the reduced maintenance associated with living in a condominium is attractive. Looking for serene lifestyle mix with pleasure? A condo unit might be an answer for your dreams.

Frequent Travelers’ ideal abode
A condominium may be appropriate for the frequent traveler for whom keeping up with routine maintenance would be a challenge. Additionally, a condominium unit owner may feel safer leaving the unit unattended for frequent or extended periods of time knowing that neighbors are present. Looking for a place of your own even if you’re frequently travelling? A condo unit is something really you need.

Young Professionals and Graduate Students’ life-in-style
Young professionals and graduate students may be interested in condominiums that are located close to work or school. Condominium ownership may also be attractive due to social opportunities, the proximity to urban conveniences, and because condominiums are sometimes cheaper than a single-family home, while still offering plenty of space. Mixing university life with pleasure and luxury? A condominium will complete your flexible lifestyle.

Young Couples’ love nest

A condominium can be an ideal starter home for young couples. Like other condo owners, couples may find the social opportunities attractive and may enjoy the community facilities offered by the development. Young couples who are not planning or not yet ready to start a family may find the size and layout of a condominium unit to be more practical than that of a house. Starting up a family life in practical and exciting perspective? A condominium will make your love story flourish.

The LIFE you desire…

Megaworld - Iloilo Business Park, the 72-hectare life-stretching township of unlimited pleasure and great possibilities located in Mandurriao District, Iloilo City, is your perfect home in the future. Embrace the vision, the power and prestige by being part of this bustling community of class and luxury. It offers gorgeously-conceptualized condominium units located in top-notch residential towers such as The Palladium, Lafayette Park Square and One Madison Place. Call us to fulfill your desire for a great lifestyle call us at 330-3462-65, 0928-353589451 and 0917-3524888. Visit our showroom at the ground level of Richmonde Tower, Iloilo Business Park, Mandurriao, Iloilo City or check us online at www.iloilobusinesspark.ph. 

Shop, Dine, Live, Work in Limitless Passion at Iloilo Business Park

There’s a brand new lifestyle that gives you the rush, the feeling to be at the top and the sight of luxury that goes beyond your expectations. Just shop, dine, work, make business and live a relaxing life in this upscale urban township – the Iloilo Business Park located in the 72 hectare old airport property in Mandurriao, Iloilo City.

Find a highly-competitive corporate job in the township’s multinational Business Processing Outsourcing (BPO) companies that operates in the township’s modern BPO buildings. Secure a rewarding employment opportunity that harnesses your world-class potential in communication and other professional skills, elevates your confidence and gives your the visionary perspective of a real corporate life. Finding a great job is easy as visiting the township, looking around and finding out what fits your personal skills to be in touch with the world, and reward yourself with a great career. BPO buildings One Global Center and Two Global Center are the new homes of call center companies Transcom and StarTek. Reed Elsevier operates at the third floor of Richmonde Tower. One Techno Place and Two Techno Place are being constructed and will soon open with more job opportunities for highly-competitive Ilonggo professionals.

Live exclusively and experience pure condominium luxury with high-end residential towers offered by One Madison Place, an upcoming 3-tower condo with a more upscale-chic lifestyle perspective; Lafayette Park Square is classic-vintage-style tower that gives you a glimpse of French and Spanish architectural design and equally offers elegant amenities, and The Palladium envisaged as the tallest tower in the region attractive for its 4 multi-level sky gardens, penthouse-level ultra-classy loft units, infinity pool and amenities that expresses incomparable luxury. Dreaming to own a condo unit in a high-end township that gives you access to an excellent lifestyle? Now’s your chance to choose and invest something great.

On a lazy day or after work, shop in limitless pleasure with Megaworld’s very own lifestyle leisure center – the Festive Walk Mall. This first-class landmark shopping center is just a few steps away from the township’s residential towers and BPO buildings where residents can spend their day relaxing. Fulfill your shopaholic-craving, your eye for fashion, entertainment and cuisine trek in the mall’s high-end boutiques, retails shops, international brands and bistros. Are you a movie lover? the mall has 8 high-tech cinemas to entertain you and your loved one with passionate cinematic experience.

Go classy and pamper your palate, rediscover the township’s Street of Festive Walk, a one kilometer dining and culinary strip, the longest in the country to showcase high-end restaurants, bistros and pubs covered in flickering lights. It is a pleasurable destination where food lovers fill their hearts with some of the world’s most expensive cuisines and classy dining experience all in one unforgetable visit.

Pleasure, leisure and business converge perfectly with two of the most-anticipated international hotels in the township – Richmonde Hotel Iloilo and Courtyard by Marriot. Meet up with your clients and guests while being pampered in a classy ambiance where first-class hospitality, comfort and gracious service gives you the best time of your life.

Whatever you aspire and look forward to experience, Iloilo Business Park is more than just a lifestyle business township, it is where the best of life mixed with the passion of Iloilo’s cultural past, a vibrant perspective of leisure and tourism that creates a new story to tell – the heartfelt experience for classy, grandeur and memorable often starts to define the Ilonggo lifestyle most of us are dreaming to see and explore. Iloilo City have what it takes to bring leisure and pleasure to a higher level with Iloilo Business Park.

Explore the brightest and most promising township in Western Visayas now. For exciting information, call us at (033) 330-3462, check us onlinehttp://www.iloilobusinesspark.ph or visit our Showroom at the upper ground floor of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City.

Iloilo Business Park: Best Retirement Option

When the Philippine Retirement Authority was established in 1985, it aimed to make the global market recognize the Philippines as the retirement haven of choice. But this plan was designed specifically to target foreign investors, overseas Filipino workers (OFW) and balikbayans (Filipinos who acquired citizenship in their host countries and are planning to go back to the Philippines for vacation or long-term stay), and expatriates already living in the country for the love of immersing with local culture and lifestyle.  

Since real estate is a booming business and assurance for long-term return of investment (ROI), retirees who are usually taking permanent career halt between the ages of 60 and 70, envisioning the Philippines as a retirement destination because of its tourism potential, low-cost of living, economic rise and flourishing real estate industry is a wise lifetime plan. Professionals either OFWs, foreigners or even local employees are saving money and resources for years or even decades to prepare for their retirement plan.  In fact, for grandparents who are coming to the Philippines after retiring from their career abroad can rekindle memories and reunite with their family and their grandchildren for a new life ahead.  Condominium buying is one of the best choices to make their retirement plan moving. It is also the first step in ensuring to find and own a space within high-life, stress-free conducive location. There are two choices for retirees in pursuing their retirement plan through real estate: cash sale or term sale. For those who already saved enough money, it’s better to choose cash sale to avail hefty discount and benefits upon paying cash on a certain property or residential unit. For retirees planning to retire in the future, long term payment or term sale is a wise option. Both way, it all comes down to budget and what suits them better.  

Let’s say you heard about the booming economy and flourishing tourism, business and investment potentials of Iloilo City, the biggest metropolis in Western Visayas in the Philippines, the next thing that comes in your mind is visit the place, look for a chance to settle in or experience the city’s charming culture, or simply to retire for permanently. Megaworld, the Philippines’ most visionary and dynamic condominium developer launched Iloilo Business Park (IBP) in 2013. By far it is the biggest mixed-use development township in the country boasting with 72-hectare property set to become a commercial, tourism and business central hub in the future at Mandurriao, Iloilo City. Offering a home that exudes extraordinary comfort, convenience and lifestyle, IBP’s luxurious condominium Lafayette Park Square and the 3-tower One Madison Place are capturing the affinity and interest of retirees. Various choices such as executive studio, one bedroom and two bedroom residential units with attractive amenities for a classy lifestyle continue to allure condo buyers. Of course, residential units are available for two buying options: cash sale and term sale that comes with flexible payment terms.  But what’s priceless about IBP’s condominium tower is: once a retiree own a residential unit, it feels like he or she can own the whole highly-urbane prime location, and exclusively live and experience the stress-free, vibrant lifestyle within the country’s most promising township – close to Iloilo City and its cultural-tourism charm.

So, are you excited for your life-changing, life-in-style retirement plan by owning a space at Megaworld’s Iloilo Business Park? Make it happen soon!

For more information, call us at (033) 330-3462, visit us online at www.iloilobusinesspark.ph or see our showroom located at the upper ground floor of Richmonde Tower, 8 Enterprise Road, Iloilo Business Park, Mandurriao, Iloilo City.    

The Palladium’s Mega-Luxurious Loft Units

The finest experience of luxury redefines the concept of condominium living with The Palladium’s Loft Units located at the Penthouse, the topmost 22nd floor of the tower. Visually mesmerizing, each of these posh condominium unit exudes spacious vision suited for interior design flair with a second floor for extended space and comfort. The Palladium’s Loft Units comes in various style which include Executive One Bedroom Loft with Balcony, Executive Two Bedroom Loft with Balcony and Executive Three Bedroom loft with Balcony. These ultra deluxe condominium unit provides a breathtaking view of the spectacular city sights that eventually gives you the power to be on-top of everything, a priceless lifestyle elevation and in control of your passion for a great life. The Palladium is Iloilo Business Park’s newest residential tower, the tallest in the region with 22 floors.

Stunningly beautiful, it is also the first residential tower in the region to feature a third level amenity where residents can experience ultimate leisure with a grand infinity pool, outdoor spa, kiddie pool, fitness gym, open dining area, daycare and function business room. But the most exciting of all, it is the first tower to have 4 multi-level sky gardens that replicates a rain forest where residents can meditate and get close to nature.

The Palladium’s Loft Units are exclusively limited for deserving clients and residents with true passion for a high-end lifestyle. The tower recently opened their South Wing area where visionary clients can choose amongst themselves the best unit, location and view of their most-desired lifestyle.

Be one the chosen few and the most deserving resident to live-in-style at The Palladium’s Loft Units. It is located right in the very heart of Iloilo Business Park, Megaworld Corporation’s most expansive and high-end business township in the old airport in Mandurriao, Iloilo City. For inquiries, call us at (033) 330-3465 or check out our showroom for our pre-selling condominiums located at upper ground floor of Richmonde Tower, Iloilo Business Park, Mandurriao, Iloilo City.

Richmonde Hotel Iloilo's First-Class Hospitality

An extraordinary fusion of heartfelt hospitality and modern business trend will come together in a classy 12-storey building with RICHMONDE HOTEL ILOILO located within Megaworld's Iloilo Business Park, the future business district and lifestyle destination in Western Visayas. This four-star international brand of hotel chain highlights incomparable luxury, high-end pampering and top-notch amenities with 151 posh hotel rooms. Visitors and guests will experience high-end lifestyle, exclusive hospitality and something to look forward to when visiting Iloilo. It will house a first-class restaurant and deli, function rooms, business center, fitness gym as well as a lap pool with its own pool bar. Likewise, Richmonde Tower features great spaces for company firms in variety of industries. 

Megaworld has commissioned world-renowned architectural firm Gettys to design the hotel’s façade, grand lobby, restaurant and guest rooms. Gettys took inspiration from the city’s rich cultural roots for the hotel’s design concept. 
The same firm has designed some of the world’s prestigious hotels such as The Peninsula Hong Kong; Hyatt Regency in Cancun, Mexico; Jumeirah Beach Hotel in Dubai; The Ritz-Carlton in Miami, Florida; Four Seasons Hotel in Chicago; Westin Golf & Spa Resort in Abu Dhabi; Shangri-La Hotel in Beihai, China; and Hard Rock Hotel in Macau, among others. 

Richmonde Hotel Iloilo is now open at Iloilo Business Park.

Be a part of the rising first-class business and residential center of Iloilo City. For more info, call us at (033) 330-3462 or visit us online at www.iloilobusinesspark.ph for something that would change your life.