Delayed turnover of condo unit

[dx8976]

"can we have a list of developers to watch over in delaying turnovers. We get penalized if we delay our payments but how do we get even with they if they delay our expectations."

exactly, nag deposit pa lang tayo sa pre selling parang pinautang na natin sila, delay of 1 year turnover pa, e di interest free loan of milllions of pesos. there must be some recourse for the consumer here; in my case i had to renegotiate a lease at a higher rate because it expired before the place i was supposed to be living in was completed ( i already gave it 6 months allowance) =(

thanks for the heads up re serendra, i was thinking of dumping this one and looking at other projects.

the developer of the project i am having a problem with is megaworld. far cry from ayala, but i thought they would have improved by now. live and learn i guess. what makes it even more annoying is that they seem to have 100x more salesmen than people involved in taking care of the client and the product they're supposed to be delivering. benta ng benta wala naman maibigay pagtapos.

hopefully we can get some options on what we as consumers can do.

[uls]

developers who try to grow too big too fast usually commit themselves to more than they can handle.

mas madami ang benta kesa sa kaya itayo.

[Galactus]

"can we have a list of developers to watch over in delaying turnovers. We get penalized if we delay our payments but how do we get even with they if they delay our expectations."

exactly, nag deposit pa lang tayo sa pre selling parang pinautang na natin sila, delay of 1 year turnover pa, e di interest free loan of milllions of pesos. there must be some recourse for the consumer here; in my case i had to renegotiate a lease at a higher rate because it expired before the place i was supposed to be living in was completed ( i already gave it 6 months allowance) =(

thanks for the heads up re serendra, i was thinking of dumping this one and looking at other projects.

the developer of the project i am having a problem with is megaworld. far cry from ayala, but i thought they would have improved by now. live and learn i guess. what makes it even more annoying is that they seem to have 100x more salesmen than people involved in taking care of the client and the product they're supposed to be delivering. benta ng benta wala naman maibigay pagtapos.

hopefully we can get some options on what we as consumers can do.

Bro, ano naging bad experience mo with Megaworld? Kasi, kumuha din kami ni misis ng unit sa kanila through pre-selling. Manhattan Parkway Tower 3, No DP kasi, tapos yung 50% balance, zero interest for 5 years, kaya medyo affordable.

Medyo kinabahan ako sa post mo kasi.

[_Qwerty_]

check your contracts.. they usually have a grace period of 6 to 8 months.. so kung 5 to 6 months delayed eh cover pa yan sa contract.. some even have up to 1 year grace period..

Serendra now is I think 120T per sqm... so a 60 sqm unit is around 7.2M na..

[dx8976]

first experience with Megaworld was olympic heights, delayed yun turnover but i didnt mind that much kasi investment.

the problem now is with the grand eastwood palazzo because i plan to live there.

similar payment scheme, no dp, graduated monthly amortization that ended last year, balance (30%) upon turnover. pricey, but tolerable, except now the additional expenses racked up while waiting for it has made it quite expensive.

it was supposed to be done feb 07, with grace period of 8 months. i actually leased where i am living in now up to feb 08. i thought that would have been more than enough of an allowance.

of course now they're trying to give us the run around on who we can talk to about the situation. since the grace period lapsed (oct 07) the sales agent was of no help, and no one in eastwood property holdings has been able to offer any assistance. no one in megaworld has been decent enough to give us any update either.

good luck to you galactus, hopefully they would be more conscientious by the time your unit is supposed to be done.


"a case for specific performance with damages can be filed but you'll need to consult a lawyer."

i'd like to save this as a last resort, but just in case, can we have more details on how to do this?

[Galactus]

^^^ Thanks for sharing bro.

Never expected that of Megaworld. After all, they were rated among the best property developers locally last year. And publicly listed companies generally have to protect their image, lest their share price suffers. Actually, the primary reason we bought a unit at Manhattan Garden is because Megaworld is the developer (aside from the location, hehehe).

Anyway, 2011 pa naman ang completion/turn-over date. By that time, all kinks would have been ironed out.

[Cult Zero]

it's Ayala's contractors.

and the contractor's subcontractors.

Baka fully paid na sila.

Ayaw na gumastos sa back job.

or may ibang kontrata na, busy na...

mahirap na tawagin para mag back job

tama. usually if not fully paid almost fully paid na ang general contractor's. nakaline up na ang mga projects ng mga yan so pagkabayad sa kanila, lipat ang most of the workforce sa new project.

[wildthing]

why don't you try the legal way... get hold of a good lawyer and sue them

[fortuner13]

mga sir,

ok ba bumili ng pre-selling na condo unit? assuming sikat ang developer like megaworld / eton / empire east or ayala, what are the pros and cons on investing on a condo? ,may nakita kasi ako sa newspaper ads BELTON PLACE under eton properties as low as 1.4M daw, mga ilan kaya ROI niya after turnover sa 2010 or 2011, mga how much monthly dues nito? and diba may yearly tax na babayaran ka pa nito?

[xircom]

mga sir,

ok ba bumili ng pre-selling na condo unit? assuming sikat ang developer like megaworld / eton / empire east or ayala, what are the pros and cons on investing on a condo? ,may nakita kasi ako sa newspaper ads BELTON PLACE under eton properties as low as 1.4M daw, mga ilan kaya ROI niya after turnover sa 2010 or 2011, mga how much monthly dues nito? and diba may yearly tax na babayaran ka pa nito?

this is just me. it's really enticing to buy a condo these days given andaming choices. but with so many factors, i guess there will be a slow down in uptake and baka matulad sa 1997, meaning unfinished buildings.

if you ask around, karamihan turnover 2011 or 2012. too many offerings by the same developers pa like eton and megaworld. you can see it in your sunday newspapers. and may possibility na magkaoversupply.

Major customers include executives, OFWs, koreans, and investors. right now, OFWs who wanted to buy 3BR are now downgrading to 1BR or 2BR, because $ kept on falling. Ngayon naman, inflation ang kalaban. Will they still invest in a condo given high prices of goods that are bent to rise pa?

In a few years, developers may still maintain the prices of condo, pero with lots of freebies and discounts. I'll just wait for that time.

meanwhile, these guys from eton, f1 and megaworld keep on calling me. lastly, when you visit the actual lot kung san itatayo yung condo, wala pang progress. and to think turnover in 2011 and 2012 na ito.

[dx8976]

Bili na lang kayo condo pag kita niyong tapos na building. Sa dami ng ginagawang condo ngayon, in few years time bargain lahat yan.

mga sir,

ok ba bumili ng pre-selling na condo unit? assuming sikat ang developer like megaworld / eton / empire east or ayala, what are the pros and cons on investing on a condo? ,may nakita kasi ako sa newspaper ads BELTON PLACE under eton properties as low as 1.4M daw, mga ilan kaya ROI niya after turnover sa 2010 or 2011, mga how much monthly dues nito? and diba may yearly tax na babayaran ka pa nito?

i would be very careful if i would ever consider buying a pre selling project in the philippines again. also, as other people have noticed, there are a lot of projects going on right now so it might be a good idea to wait until they're completed. unless something happens that suddenly makes real estate values go through the roof, any potential savings from buying a pre selling unit will just evaporate from inflation anyway. besides, iba pa rin yung makita mo ang actual building and unit before buying, than just their prospectus.

my problem has been semi resolved, the developer has agreed to pay for the delay in turnover and the unit is almost ready (madami pa rin minor problems in the unit; but they've been getting fixed). it's still a nice place, but in the end, i don't think it should have caused so much trouble. the developer definitely should and could have done a better job. (that's one of the problem's sa pre selling, nagbayad ka na... you'll notice that their sales effort is 100x better than their after sales)

[docchris]

Mag DMCI na lang kayo...magagand pa projects and on time or advance are turnover date...let me know if interesado kayo sa project...im an agent for them...