22/12/2015
So what’s significant about this? It’s the first of four major condominium projects in downtown Cagayan de Oro to be delivered, meaning it has fulfilled its promise to unit owners to be able to use and benefit from them. For a monthly down payment as low as PhP 11,000.00, zero interest for 18 months, unit owners can enjoy their own condo unit by September 2015, with the complete amenities of the very first mid-rise residential condominium project with resort-style community concept, located in the heart of downtown Cagayan de Oro.
Besides the locational, design and engineering benefits inherent in all One Oasis projects, the Cagayan de Oro project being centrally located and adjacent to schools, churches, hospitals and shopping malls would also be the first to generate a cash flow for owners who choose to lease out their units as a self-liquidating investment. ProExcel Property Managers, Inc., the exclusive property management company contracted by FLI to manage its properties all over the country, estimates that some 30-40 percent of all condominium units turned over to their owners have been leased out to generate additional income for their households. “The lease rate for a one bedroom unit similar to what we have in One Oasis Cebu can generate PhP 20-25,000 for its owners monthly,” said Elson R. Homez, Vis-Min Operations head for ProExcel. “That can make it self-liquidating for unit owners, depending on the furnishings they install and how much real estate taxes and association dues they are paying on their property.
Association dues are what condominium owners pay property managers like ProExcel for the monthly maintenance of the common areas and facilities like the corridors, building lighting, parking areas and amenities such as the clubhouse and swimming pool. However, Mr. Homez said it is also a common practice for lessees to pay the association dues on top of their monthly lease since they are the ones using and benefiting from such facilities. Since it usually takes a minimum of two months for property managers to find a suitable lessee for a unit owner, One Oasis Cagayan de Oro unit owners who elect to have a property manager like ProExcel market the lease for their property can start having cash inflow from their investment as early as December, 2015 in time for Christmas! If all condominium projects are completed as promised by their developers come 2018, there will be approximately 4,114 condo units available between the four major players. Given the industry average for leased units elsewhere in the country, this would mean from 1,234 to 1,646 units available to meet the demand for affordable, quality housing. The biggest number of units would be contributed by the 1,300 units of FLI’s One Oasis CDO project once its five buildings are completed, again expected to be ahead of all other projects in the vicinity. Again, given the industry average for leased units, there would be 390 to 520 unit owners who would enjoy cash flow from their leased units earlier than those who chose to invest elsewhere. Whether you are buying a condo unit for personal use or business, it does indeed pay to ask first before plunking down your hard earned money when it will be turned over to you and enjoy the earliest stay or earliest income from your investment.
