Financials Details
Including furniture the price is Peso 65,650sqm ( £732.00 per m2 )
So prices range from US$49,000 ( only £26,700.00 GBPs ). .. up to US$68,000 ( only £37,060.00 GBPs )NB All contracts are in Peso but a fixed exchange rate of P50.00 : US$1.00, is applied up to completion and handover. Payments can therefore be made in US$ or Peso.The units to be sold are fully furnished units, but for anyone seeking not to put their units into the Condotel rental pool (and therefore not requiring the furniture package) the prices will reflect a £4240.00 discount.
Payment Terms for offshore investors only:
- US$2,000 (£1116.00) Reservation Fee and Registration of unit.
- 20% on signing of Contract of Sale.
- 25% 6 months after signing Contract.
- 25% 12 months after signing Contract.
- 30% balance on completion less US$2,000 (£1116) reservation fee.
Guaranteed Banking
PCPI is the developer of the project and are the only developers in the Philippines that has set up ESCROW Managed facilities to protect buyers payments. Funds are NOT managed by PCPI but managed under the Escrow facility through one of the countries strongest banks, EQUITABLE BANK in Manila .(The Equitable Bank in Manila is affiliated with Chase Manhattan, New York).
Planned increases in prices
The Board has agreed to review prices on a regular basis as policy and for your information I can advise that the standard studio units will be earmarked for increases up by approx 25% within a few months.
By comparison PCPI successfully increased prices in their Lancaster Suites development in Manila from P38,888sqm when it was launched in 2003 to P64,888sqm today over a 24 month period.
timescale
Lancaster Cebu Resort Suites will be open and running under the condotel management plan by October 2006.
management
Lancaster Suites in Manila and Lancaster Cebu Resort Suites in Cebu will be managed by Lancaster Hotel Suites, which is owned by PCPI. With over 600 rooms under management and 15 years experience in management of 'condotel's' I project investors will gain healthy returns from this project.
Lancaster Cebu is projected to return approx. 9-12% net based on an average minimum occupancy of 60% a year. Room rates and occupancy levels in Cebu have been growing and most hotels on Cebu are reporting average annual occupancy of over 70% and higher. Within 18 months you can expect the market demand to increase and therefore demand for affordable resort style accommodation close to the airport and the beach in Cebu will grow by 15% a year.
Lancaster Cebu was designed as a residential project in 1994, not a resort hotel, and therefore offers larger size units and rooms than any other hotel in Cebu . A major advantage for maintaining a high occupancy rate. Rooms will also be stylish and modern and reflect the quality of a 4 start resort.
lowest risk developing
Lancaster Cebu Resort Suites is a redevelopment, rather than an 'off-plan' development. Below is a photo of the building as it was before renovation/redevelopment work began. Don't be put off as the finished construction will be of 4 star hotel quality - inside and out.
Lancaster Cebu will offer guests 2 resort pools, a sundeck area, pool and games room, restaurant/coffee shop, business centre and sports gym room.
