About the Company
1. Who is the developer of the Grand Hyatt Hotel and Grand Hyatt Manila Residences?
Bonifacio Landmark Realty and Development Corporation.
The Grand Hyatt Hotel and Grand Hyatt Manila Residences, the centerpieces of the Veritown Fort, are the luxury developments of Bonifacio Landmark Realty and Development Corporation, a joint venture of the Philippine property developer Federal Land, Inc. and ORIX Corporation of Japan.
2. What makes Federal Land, Inc. different from other real estate companies?
Federal Land, Inc., a member of the GT Capital Holdings Company and proud partner of the Metrobank Group, is known for its reputation of trust and dependability. It prides itself in 40 years of experience in property development. The Company is proud of its more than 50 towers that dot Metro Manila’s property scene. With a solid track record and industry admiration for completing its projects on time, Federal Land’s properties make a sound investment of choice.
3. What type of developments does Federal Land offer?
It offers a variety of projects which include master-planned condominium communities both residential and office buildings, an events venue, retail and entertainment centers in Metro Manila and a Marco Polo hotel in Cebu.
Reservation & Documentary Requirements
1. How can I reserve a unit?
You may own a condominium unit in any of our projects by paying the required reservation fee and submission of the required documents. Your preferred unit will be reserved for thirty days from date of payment of the reservation fee. Our reservation fees vary per project ranging from P15,000 to P50,000 payable to the owner/developer. Name of developer also varies depending on the project purchased.
Required documents to be submitted simultaneously with the payment of the reservation fee:
- Reservation Application signed by the buyer
- Buyer’s Information Sheet
- BIR 1904 (Individual) or BIR 1903 (Company) to be provided by the sales agent and to be filled-out completely by buyer
- Photocopy of two (2) valid IDs bearing a photo and the signature (e.g. passport, driver’s license, SSS, TIN or company ID)
- Tax Identification Number
- Proof of billing address such as billings from utility, phone or credit card companies.
2. What are the contents of a Reservation Application?
A Reservation Application is a document which formally expresses the interest of the buyer in purchasing a unit stating the project, unit, total amount, payment schedule and policy for forfeiture and cancellation among other provisions.
3. Is my Reservation fee refundable?
No, the reservation fee is non-refundable. This will be forfeited once there are no succeeding payments after the reservation fee as provided for in the Reservation Application
4. Are there any other documents that I am required to sign?
Yes. You will be required to sign the following documents:
- Contract to Sell (CTS) – this will be executed upon payment of the required full downpayment which is equivalent to payment of 25% to 30% of the total contract price.
- Deed of Absolute Sale (DOAS) – To be executed in favor of the unit owner once he has fully paid the unit. The issuance of a DOAS marks the start of the processing for the transfer of ownership of the unit from the developer to the buyer upon the payment of advance registration charges estimated at 5% of the total contract price (TCP).
- If above documents are signed outside of the Philippines, it must be authenticated at the Philippine Embassy of the country of your residence or stay.
5. I am a foreigner, can I purchase a condominium unit in the Philippines?
Yes. Republic Act 4726, otherwise known as the Condominium Act, expressly allows foreigners to acquire condominium units and shares in condominium corporations not more than 40% of the total and outstanding capital stock of a Filipino owned or controlled corporation.
Payment Terms & Payment Schedule
1.What terms of payment and financing schemes are available for me?
We offer four (4) types of payment term per project so buyers can have the flexibility in choosing the payment schemes suitable to their budget.
1.1 Types of payment:
- Cash term – Full payment within 30 days from reservation with applicable discounts.
- Bank Financing term – Where the required equity or down payment is 30% and the balance to be paid thru any of our accredited banks (i.e. Metrobank, PSBank, China Bank or Union Bank)
- Deferred Cash or Installment terms – Where the required down payment is from 10% to 30% of the total contract price while the balance may be paid in 24 months up to maximum of 36 months for specific pre-selling projects.
- No Downpayment term – Where the downpayment of 10% to 30% is paid over a number of months without interest and the balance payable either thru lumpsum or bank financing.
1.2 Post-dated checks are required for all terms of payment
1.3 Some terms of payment are available only on certain projects and may be changed without prior notice.
1.4 Please request a price computation from our professional agents for further information.
2.What if I want to change my financing scheme?
Change of payment term or re-structuring may be allowed but subject to management approval and will be charged a Php 5,000 processing fee.
3.Can I pay in foreign currency or remit payment?
Yes, you may pay in US dollars but it will be converted to Philippine peso. The exchange rate to be used will be based on the date/time that the bank credits the amount to Federal Land’s account and not during the time when it was remitted or debited from the buyer’s account. Metrobank has seven (7) overseas branches, thirty (30) remittance subsidiaries worldwide and two (2) representative offices in China which can assist you in sending your payments. For branch details, please visit their website at: www.metrobank.com.ph
4.If I want to pull-out my issued post-dated checks or request to hold the checks for deposit, how will I go about it?
Pull-out of checks is strongly discouraged because all checks are deposited to the bank for safekeeping. In extreme cases with valid reason, a written request should be submitted to Federal Land in seven (7) working days prior to the date on the check. A Php 2,500 processing fee will be collected for every request. No holding of check will be entertained if there is no written request and payment.
5.What will happen if I am delayed in my payments?
5.1 A penalty interest of 24% p.a. will be charged to your unpaid amount until fully settled as provided for in the Reservation Application.
5.2 You will receive a reminder letter and demand notices from the Credit and Collection Department of Federal Land.
5.3 A notarial cancellation will be sent to you if it remains unpaid for more than 90 days.
Upgrading or Downgrading of Unit
1. What will I do if I want to transfer to another condominium unit?
1.1 Upgrade of a unit (e.g. transfer from 1BR to 2BR) is allowed provided there is a written request, the unit is available and the selling price for the new unit will be based on the current selling price. A processing fee of Php 15,000 will be collected.
1.2 Downgrade of unit is not allowed.
Power of Attorney
1. I am out of the country and will not be able to personally transact with Federal Land, what should I do?
A duly notarized Special Power of Attorney (SPA) is needed in appointing a person to represent you in all your dealings with Federal Land.
In case you are outside the Philippines, an SPA authenticated at the Philippine Embassy of the country of your residence is a legal document that is recognized by the Philippines and the country that you are at. This allows the appointed person to represent, act and transact on behalf of the unit owner to the extent stipulated in the SPA.
In the event that a foreign client will pay his balance thru bank financing, a separate SPA is required for loan purposes using the bank’s form.
Transfer of Title
1. How long does it take to Transfer the Condominium Certificate of Title to my name?
The processing time for the complete Transfer of Ownership and the issuance of a new title is within an average of 3 to 4 months from full payment of the unit, transfer fees and the immediate return of the Deed of Absolute Sale after the client has signed it, and subject to issuance of individual CCT and tax declaration by concerned government agencies.
2. Do I have to pay Real Property Tax? If yes, when do I start paying it?
Yes. Following are the circumstances when client will start paying the applicable real estate taxes –
- In the event that unit is delivered even if the buyer has not moved in to the unit, the real estate taxes shall be pro-rated between Federal Land and the buyer. The buyer shall only be liable for his pro-rata share of the taxes corresponding to the period from five (5) days from the notice of delivery up to the end of the year.
- In case of any increase in taxes or any other tax, as imposed by the government, the tax shall be for the account of the buyer.
3. Am I allowed to change name in the title?
Yes. If written request for the transfer of right is made within thirty (30) days from reservation date, no cost will be collected from the buyer. Transfer of right is defined as (a) change in unit owner’s name, (b) addition of name and/or (c) removal of name in the original signatories of unit owners. All parties involved must sign the Deed of Transfer of Rights.
However, if request will be made after the 30-day grace period, payment of Php 15,000 processing fee will be collected.
Turnover of Unit
1. What are the steps taken in the turnover of my unit?
Upon qualifying for the turnover of unit, our Customer Relations personnel will coordinate with you for the inspection/ turnover of unit. During the turnover of unit, any defect/s will be noted down on a complaint form to be signed by the owner. Punch listing of unit will be performed only after the turnover of unit to owner based on complaints. Only unit owners or their authorized representatives with written authorization are allowed to accept the units.
2. Can I have my unit rented out?
Yes, you may have your unit rented out. You may opt to personally find a lessee for your unit or you may get in touch with our accredited management company who may assist you in looking for a lessee. You also have to give a copy of the lease contract to the Building Administrator for their file and reference.
3. Can I renovate or introduce improvements on my unit?
Yes. You may renovate or improve the unit to your liking subject to the submission of a detailed plan and specifications for approval of the building management. If it entails major work, then a security bond and other necessary fees will be required prior to the start of the renovation works. Important reminder: No relocation of plumbing system is allowed.
4. How much is the average monthly Association Dues and what does it cover?
Monthly Association Dues vary in every project, depending on the operating expenses of the building. Association Dues are being used to defray on cost to maintain and operate the common areas and facilities of the building based on budgetary cost for administration/management fees, janitorial, security, taxes and licenses, insurances, real estate tax, maintenance of equipment and other miscellaneous expenses.
5. When do I start paying the Association Dues?
Once the unit has been turned-over, the owner will be obliged to pay the association or condominium dues, whether the unit is occupied or not (i.e. even if the buyer has not moved in into the unit. For example, if a unit has been turned-over in January but the tenant does not move-in until February, the tenant is still obliged to pay the Association Dues for January.)
A unit buyer automatically becomes a member of the Association (a) upon receipt of notice of turnover of the unit by registered mail or personal delivery, or (b) from the date the buyer has actually taken possession and occupied the unit, or (c) upon the signing of the Deed of Absolute Sale, or (d) upon transfer of title of the unit in the name of the buyer, whichever comes first.
6. What will happen if I fail to pay the Association Dues?
The following will be implemented by the Condominium Corporation or Association:
- Cut the water line
- Charge interest penalty which is equivalent to 3% per month based on outstanding amount
- In extreme cases, the accumulated association dues will be annotated as an encumbrance and lien on the condominium title.