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Grand Cenia Hotel and Residences is a 25-storey Cebu condotel and residential tower that will rise along Archbishop Reyes, corner Solon Street, Banilad, Cebu City. It will be situated on a 4,211-sqm property strategically located within the Cebu Central Business District. It is conceptualized in response to the flourishing hotel industry in Cebu. From year 2006 performance alone, all the major hotels (three star class and up) in Cebu experienced a very high, year-round occupancy rate. Conventions, both national and international, are being held in Cebu regularly. Together with the increasing tourism patronage from locals, OFWs, and foreigners, there will be a big shortage of supply for the hotel industry in Cebu as it plays catch up to address the growing demand for hotel rooms in the next 3 to 5 years.
True to the essence of its name, Cebu Condotel Grand Cenia seeks to attract people who have gone places and are going places. The condotel product mostly hopes to attract the market segment that have needs for temporary living spaces whenever they visit Cebu, whether for business or pleasure, and an investment tool that earns for them when not in use. The residential condominium products mostly hopes to attract the end-user market segment who may have longer term living space requirements, whether they have chosen to make Cebu their home or they need to set up base in the economic and academic hub that is Cebu. Whether for investment or retirement living, Grand Cenia is the best choice. Grand Cenia is developed by Filivest Cebu
Related Keywords: Cebu condotel, cebu hotel, grand cenia cebu, filinvest cebu
Building composition of Cebu condotel Grand Cenia
The Grand Cenia Hotel and Residences building will be a 25-storey tower with a single basement.
Basement: The dual basement level will house parking slots, hotel back of the house, sewage treatment facilities and water tank.
Office/Commercial Floors: There will be 3 floors of commercial spaces
(portions of the Ground floor, the 2nd floor, and the 3rd floor). The hotel lobby, front desk area, business center, reception area of the residential condominium, restaurants, as well as the generator set will be situated on the ground floor. The 2nd and 3rd floors are allotted for offices and a possible call center or casino area.
Podium Parking: There will be 3 floors of designated parking spaces (the 4th, 5th and 6th levels). These floors will service the hotel guest parking requirements together with the residential condominium units’ individual parking allotment, Portions of the 6th floor are also allocated for function rooms, hotel back of the house, generator set and transformer.
Condotel Floors: There will be 11 floors initially allocated as condotel floors, later to be used for hotel operations (from the 7th to the 18th floor). These floors will feature the studio type condotel units. The 7th floor will serve as the main amenity floor, where the swimming pool, kiddie pool, swimming pool deck, landscaped area, and function rooms / hotel coffee shop are located. These facilities will be for the use of both the hotel guests and the residential condominium unit owners. There will also be condotel units on the 7th floor - codotel units with bigger saleable area as they are provided with open patios to better appreciate the pool deck and landscaped area.
Residential Condominium: There will be 7 floors initially allocated for residential condominium units - from the 19th to the 25th floor. These floors will feature 1BR, 2BR and 3BR units.
Condotel Units
Typical condotel units will have a standard size of 24.54 sqm. There are special condotel units on the 7th and 8th floors which will feature open patios to take advantage of their view of the city, the surrounding mountains and the swimming pool deck and landscaped area. There are also a number of condotel suite units which feature a hotel bedroom separate from the room receiving area. These units are sold and delivered bare of finishing and furnishing.
Residential Condominium Units
All types of units are configured in a way that will give the living and receiving area and all the bedrooms full advantage of the view that their unit windows offer. Depending on the location of their unit on the floor layout, their views would range from a panoramic view of the Cebu Business Park, the surrounding mountains and the amenity area. Residential condominium units are delivered with these finishes: painted plain cement plaster walls, painted smooth rubbed concrete ceilings, high quality vinyl floor tiles with simulated wood design, painted steel windows and frames, standard bathroom fixtures, solid wood panel doors for the main entrance, flush wood doors for the bedrooms, rigid PVC doors for the toilet and bath, pre-fabricated kitchen counters and cabinets, hot water provision, grease trap, provision for window type air-conditioning units, exhaust fans, exhaust ducts, intercom system, independent telephone lines, fire protection and fire alarm system. All the residential condominium units are also sold with specific pre-identified parking units located either on the 4th, 5th or 6th floor of the building.
How to Buy
1.Buying a Condotel Unit and its Difference from Buying a Condominium Unit
At the pre-selling stage, there is not much difference in the procedure for buying a residential condominium unit from a condotel unit. In buying a condominium or condotel unit, the buyer should first provide the Developer with a letter stating that he/she is offering to buy the said property. Afterwards, the buyer must then furnish the Developer with all the needed documents, including the Rental Pool Agreement and pay the reservation fee of Php50,000.00, the 20% of the TCP as down payment or 90% of the TCP depending on the financing plan that he chooses.
12 months before turnover, condotel unit buyers must also pay the Rental Pool Joining Fee amounting to Php280,000-300,000. The fee includes all the furnishing costs for the unit to make it hotel room standard and the Rental Pool membership fee. The rental pool membership fee would also advance 3 months’ operating expenses to jumpstart hotel operations, and also cover initial hotel capital expenditure.
However, the condotel unit buyer must be aware of the conditions for buying a condotel unit enumerated in the Rental Pool Agreement. Any prospective buyer must be willing to subject their units to the provisions outline in the Agreement.
2.Payment Schemes
| |
|
Residential Condo
|
| Condotel |
1 Bedroom |
2 Bedrooms |
3 Bedrooms |
| Area (sq. m.) |
24.54 |
50.52 |
76.14 |
107.37 |
| A. SPOT CASH (10% discount) |
|
|
|
|
| Reservation Fee |
50,000 |
50,000 |
50,000 |
50,000 |
| Total Contract Price (TCP) |
2,381,900 |
5,885,500 |
8,496,200 |
12,061,700 |
| Payable within 7 days after reservation |
1,950,750 |
4,820,220 |
6,958,350 |
9,878,580 |
| Retention (payable upon unit turnover) |
216,750 |
535,580 |
773,150 |
1,097,620 |
· 36 Months Deferred
| |
|
Residential Condo
|
| Condotel |
1 Bedroom |
2 Bedrooms |
3 Bedrooms |
| Area (sq. m.) |
24.54 |
50.52 |
76.14 |
107.37 |
| B. 36 MONTHS DEFERRED |
|
|
|
|
| Reservation fee |
50,000 |
50,000 |
50,000 |
50,000 |
| Total Contract Price |
2,381,900 |
5,885,500 |
8,496,200 |
12,061,700 |
| Monthly Amortization |
66,312 |
165,944 |
240,184 |
341,576 |
· 20-30-50 Scheme
| |
|
Residential Condo
|
|
Condotel
|
1 Bedroom
|
2 Bedrooms
|
3 Bedrooms
|
| Area (sq. m.) |
24.54 |
50.52 |
76.14 |
107.37 |
| C. 20-30-50 Scheme |
|
|
|
|
| Reservation fee |
50,000 |
50,000 |
50,000 |
50,000 |
| Total Contract Price |
2,524,814 |
6,238,630 |
9,005,972 |
12,785,402 |
| 20% of TCP |
454,963 |
1,197,726 |
1,751,194 |
2,507,080 |
| 30% payable in 36 equal monthly installment |
21,040 |
51,989 |
75,050 |
106,545 |
| 50% payable in full upon unit turnover |
1,262,407 |
3,119,315 |
|
Cash Payment For cash payment, a 10% discount is offered, with 90% of the contract price payable in 7 days from reservation. The remaining 10% of the contract price will be payable upon turnover. The total contract price includes 12% EVAT and miscellaneous and registration fees. |
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