| PROJECT OVERVIEW
The Balaihara
is a 267-room Villatel that is spread over nine (9) buildings. The room
sizes are 54.9 square meters and 70 square meters. It has a total land
area of 22,500 square meters and is along the 9th fairway of the only Golf
Course in Boracay Island. Owner/Developer MC Newcoast Resort Villatel Corporation
(a Joint Venture between Newcoast Properties Inc. and MC Home Depot)
1) Where
is the BALAIHARA Villatel located?
The
Balaihara is located at Newcoast, Boracay Island. This is where Fairways
& Bluewater and the Mulligan's Golf Hotel are located as well.
2) Aren't
Fairways & Bluewater and Newcoast Boracay one and the same?
No,
Fairways & Bluewater is at_Newcoast, Boracay and was the first project
we developed during the 1990's. Fil-Estate Properties, Inc. has 120 hectares
which they called Newcoast, Boracay and Fairways & Bluewater became
their Flagship Project. This does not make the two, one and the same.
3) What
are we actually selling?
We are
selling a fully furnished Condominium property at a very prime tourist
destination that is covered by a Condominium Certificate of Title (CCT).
4) How
does this work?
First,
one has to choose between the two types of units that we have (the 54.9
sq.m. which we call the SUPERIOR DE LUXE room or the 70 sq.m. which we
call the PRESIDENTIAL SUITE) and buy the unit. He/she now becomes a Unit
Owner. We now ask the Unit Owner to sign the Leaseback Agreement and this
will allow MC Newcoast Resort Villatel Corp. to run the pool of units as
a Hotel.
5) What
is this Leaseback Agreement?
The
Leaseback Agreement is valid for 15 years from the time a unit owner fully
pays the required down payment or upon start of Hotel Operations, whichever
comes later. During the Leaseback period, the unit owner is entitled use
of his/her unit or any equal unit in the Hotel pool for a total of 30 days
per year. The rest of the year, we shall operate the said unit as part
of the Hotel pool thereby earning them revenues year after year for the
duration of the Leaseback Agreement. After the 15-year period, the unit
owner may or may not renew the Leaseback Agreement and just take full control
of his/her unit.
.
.
.
.
6) What
if my unit is not rented out as much as the other rooms? Do I get smaller
revenues? How do I compute my revenues as a unit owner?
How
often one's unit is used isn't the determining factor for computing one's
earnings. We have a POOL of ROOMS and the TOTAL occupancy rate of these
rooms will be the basis of revenue sharing. The Gross Revenues of the hotel
operations minus the operating cost will give us the Net Revenue. From
the net revenue, we shall deduct only 10% as management fee and the rest
of it goes to the unit owners already after all taxes have been paid. (see
Acknowledgment of Representations for details)
7) Can
the unit owner sell/transfer his/her unit anytime?
Yes,
however, the transferee will be bound to honor and respect the Leaseback
Agreement signed by the previous unit owner.
8) Since
Fil-Estate owns Fairways & Bluewater, can unit owners of Balaihara
play at the Golf Course for FREE?
No,
Fairways & Bluewater and Balaihara are two different projects. The
golf course is OWNED by Fairways & Bluewater Resort Golf & Country
Club. If a unit owner of Balaihara wishes to play golf, he/she has to be
accompanied by a member of me Club and has to pay green fees.
9) When
do unit owners start receiving their rental earnings?
A unit
owner starts getting revenues within six months upon start of hotel operations
or upon payment of the required downpayment, whichever comes in later.
10) What
is the timetable of completion?
The
timetable to finish the construction and turn over is one (1) year from
the start of construction.
11) How
many of the 267 units will be opened for sale and for how much?
All
will be for open for sale by phases.....Phase-1 for Building 4, 5 &
6. then Phase-2 for Building 1, 2 &3 and the last will be Phase-3 for
Building 7, 8 & 9.
NOTE:
Todate, The price per square meter is already set at P 90,000 per sqm.
So HURRY! before they all run-out and get sold-out.
12) What
is the projected ROI for the unit owners?
Based
on the current occupancy rate of Boracay and current tourist arrivals on
the island, an average of 17% per year return on investment is PROJECTED.
This projection may also vary depending on the actual rates and occupancy
of the hotel. |
