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South of Market

Frequently Asked Questions

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SOUTH OF MARKET - Frequently Asked Questions Sheet (FAQ)

Mabuhay!

Thank you for your interest in South Of Market. For your easy reference, please find hereunder a Project Brief that answers the most Frequently Asked Questions.

SOUTH OF MARKET PRINCIPLE

You don't have to be rich to live at the Fort. Just very smart.

STRATEGIC LOCATION

South of Market (SoMa), a 37-storey twin-tower first-class residential development that is strategically located within the new commercial hub of the Fort Bonifacio Global City. Situated at the corner of thee 26 th and 11 th streets, SoMa is about a block away from the newly-opened Market! Market!, the country's newest shopping mall.

SMART LIVING

From the developers of Essensa East Forbes, judged by Asiaweek as the best residential building in the Philippines, SoMa is considered the exceptional, logical choice in condominium living.

SoMa has been carefully planned with condominium users in mind. All units are corner units with balconies, allowing for unobstructed, spectacular views from all bedrooms and living areas.

Additionally, with all units coming in fully-fitted and completely furnished, living starts with units are turned over. No messy outfittings. No time wasted buying appliances and fixtures.

It's the new way of owning a condo.

EXCEPTIONAL VALUE

SoMa's unit prices start at P2.9 Million and come with very attractive payment terms. Luxury suites are offered in 1 to 4 Bedroom configurations ranging from 39 to 230 sq.m., using a low density floor plan.

Under SoMa's unique co-development approach, residents become co-investors, instead of merely buyers. This approach allows residents to save approximately 12% on VAT, Doc Stamps and transfer taxes, versus any other condominium in the country. Availing of a SoMa luxury residence allows you to get the most value out of your hard earned money. Please refer to the section below for more details on the co-development concept.

Please see our summary of units form for an indication of the sizes and prices of typical units.

In addition, you may click on our sample computation form to see various payment options and their corresponding discount rates.

FULLY FITTED & COMPLETELY FURNISHED

Each SoMa unit is delivered with the following:

  • Air-conditioning in each bedroom
  • Kitchen cabinetry
  • Refrigerator
  • Cooktop, Rangehood, and Microwave
  • Washing machine
  • Sony flatscreen TV
  • DVD player
  • Entertainment Sound System
  • Dining room set
  • Living Room set
  • Bedframes for each bedroom

SoMa residents shall enjoy the comforts of condominium living with well-planned amenities such as:

  • A THX theater movie room
  • Function rooms and owner's lounge
  • A Swimming pool, locker rooms and a fully-equipped gym with personal trainer
  • Concierge and Doorman-assisted entry
  • Automatic membership with the SOHO Club. The Soho Club is a private membership club open to residents of select Century developed condominiums. Member benefits include various perks, privileges and discounts to select merchants around the area.

NEARBY ATTRACTIONS

Over and above the comforts of well-planned amenities within the building, SoMA provides you with accessibility to the following:

Shopping

Market! Market!, PriceSmart, Glorietta, Rockwell, MC Home Depot, San Antonio Arcade, Rustan's Supermarket,

Schools

International School, Japanese School, British School, Victory Learning Institute, Makati Gospel Church, Assumption, Collegio de San Agustin, Summit School

Leisure

Manila Polo Club, Manila Golf, Sports Kamp, Fitness First

Restaurants

Le Souffle, Minggoy's, Good Earth, Trio, Zong, Pasto, McDonald's, Jollibee, Pancake House, Gourmand, Go Nuts Donuts, UCC, Starbucks, Trio, over a dozen more restaurants at the Fort and Bonifacio Stopover.

Hospital

St. Luke's Medical Center (soon to rise), Mercury Drugstore at the San Antonio Forbes Plaza

Church

Santuario de San Antonio

ESTIMATED PROJECT COMPLETION DATE

December 2007

NOTE: The present laws of co-development do not require co-owners to pay VAT, Documentary Stamp and transfer taxes. However, if the laws are amended by the government in the future, the project proponents will not be liable for said taxes.

WHAT IS THE CO-DEVELOPMENT CONCEPT

  • A cooperative (COOP) approach
  • Proven concept in the United States and Europe
  • Clients become co-developers instead of buyers
  • Clients become investors in the corporation that will develop the project
  • Units are VAT, documentary stamps and transfer taxes free. This equates to 12% savings vs. any other condominium in the country.
  • Funds go into a collective depository and disbursing account for better financial management

A BALIKBAYAN'S GUIDE TO BUYING REAL ESTATE IN THE PHILIPPINES

Filipinos away from home who want to invest their money in real estate would do well in familiarizing themselves with the laws that govern land acquisition in the Philippines as stated in the Constitution. There is no better way to secure a brighter future than to have a place of your own here at home.

Here are some facts that you will need to know before you proceed with any transaction and buy your dream residence in the Philippines :

  • Only Filipino citizens and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.
  • Foreigners and balikbayans may purchase condominiums provided the distribution of ownership of the whole project is maintained at 60% Filipino and 40% Foreigner
  • Children born to a Filipino parent, whether legitimate or illegitimate, may inherit the property of the Filipino parent, even if the child is not a Filipino citizen.

HOW TO AVAIL OF A UNIT VIA THE CO-DEVELOPMENT CONCEPT:

For Clients based in the Philippines:

  1. Your servicing Solicitations Manager shall assist you in project viewing, selection, and closing of Unit, collection and documentation of purchase, and after-sales requirements.
  2. Once you have chosen a Unit, a Pro-forma covering Unit details, Total Contribution Cost for the specific unit, and Contribution Terms shall be prepared by your Solicitations Manager. This Pro-forma, in triplicate, shall then be sent to you for confirmation together with a Co-Developer's Information Sheet for your completion.
  3. Upon signing the Pro-forma, kindly retain a copy for your file and return the remaining two (2) copies to us together with a P 50,000 check payable to MERIDIEN EAST REALTY & DEVELOPMENT CORP. as initial reservation contribution and the completed Co-Developer's Information Sheet. (For provincial clients, all documents must be sent to us via courier service (Aboitiz, FEDEX, UPS, DHL)
  4. Once we receive your signed Pro-forma, completed Co-Developer's Information Sheet and Reservation fee, the Unit shall be reserved under your name. We shall then send you a Reservation Commitment for your signature together with the Acknowledgement Receipt for your signature.
  5. Upon signing the Reservation Commitment, please return the same to us for our Officers to sign and for notarization, together with your complete post-dated checks to cover your monthly contributions. Once this is done, we shall send you a copy of said document and an Acknowledgement Receipt.
  6. Upon full completion of the Initial Contribution and submission of complete post-dated checks, a Construction Management and Coordination Contract shall be prepared and sent to you for your signature. Upon signing, please return all copies to us for us to sign and notarize. We shall send you a copy as soon as this is notarized.

For Clients based abroad:

  1. Your servicing Solicitations Manager shall assist you in project viewing, selection, and closing of Unit, collection and documentation of purchase, and after-sales requirements.
  2. Once you have chosen a Unit, a Pro-forma covering Unit details, Total Contribution Cost for the specific unit, and Contribution Terms shall be prepared by your Solicitations Manager. This Pro-forma, in triplicate, shall then be sent to you for confirmation together with a Co-Developer's Information Sheet for your completion.
  3. Upon signing the Pro-forma, kindly retain a copy for your file and return the remaining two (2) copies to us together with a P 50,000 check payable to CENTURY PROPERTIES, INC. as initial reservation contribution and the completed Co-Developer's Information Sheet. (For provincial clients, all documents must be sent to us via courier service (FEDEX, UPS, DHL)
  4. Once we receive your signed Pro-forma, completed Co-Developer's Information Sheet and Reservation fee, the Unit shall be reserved under your name. We shall then send you a Reservation Commitment for your signature together with the Acknowledgement Receipt for your signature.
  5. Upon signing the Reservation Commitment, please return the same to us for our Officers to sign and for notarization. Using the schedule of payments stipulated in the Reservation Commitment, you may now remit your monthly amortizations as per the guidelines on bank remittances. (Please refer to instructions below for procedures on bank remittances.) We would appreciate receiving an email from you regarding details of each remittance for proper booking of payments.
  6. Upon full completion of the Initial Contribution and submission of complete post-dated checks, a Construction Management and Coordination Contract shall be prepared and sent to you for your signature. Upon signing, please return all copies to us for us to sign and notarize. We shall send you a copy as soon as this is notarized.

WHERE TO SEND DOCUMENTS:

CENTURY PROPERTIES, INC.

21/F Pacific Star Building

Sen. Gil Puyat corner Makati Avenue

Makati City 1200

Attention:

Rolland Aquino
Sales Manager

WHERE TO REMIT PAYMENTS:

FOR CLIENTS BASED IN THE UNITED STATES :

OPTION 1: We strongly recommend that our US-based clients send their payments to Century Communities via remit home, a web-based remittance service that offers a secure, reliable and affordable way to send money from the US to the Philippines . With remit home, you can make your payments from your home or office – or from any computer with internet access.  You can even schedule your payments to be made automatically every month, so you will never have to worry about forgetting monthly amortizations – and fees are even lower when you schedule your payments as recurring transfers!

For a detailed step-by-step guide on how to use remit home to send payments to Century Communities,
click here. You will need Adobe Acrobat reader 6 to view this file.

After viewing above instructions, log on to www.remithome.com


OPTION 2 : Use official bank-to-bank wire transfer methods. Please follow the steps below:

1) Go to your local bank
2) Apply for a telegraphic fund transfer to be sent to any one of our banks below
3) Pay the amount to be transferred plus bank charges
4) Get a copy of the duly accomplished fund transfer form from the bank
5) Send a copy of this telegraphic transfer form to Century Communities Corp. via fax or an e-mail scanned copy
6) Advise CCC agent/coordinator of the remittance made

Accredited Banks:

- 1 -

Bank:

Philippine National Bank

Branch:

Gil Puyat

Address:

G/F Petron Plaza Sen. Gil Puyat Avenue, Makati City, Phils.

Account Name:

Century Communities Corp.

Account No.:

Phil. Pesos SA No. 265-601298-9

Swifft Code:

PNBMTHMM

Telephone No.:

(632) 886-3377

Attention:

Ms. Marie Dimaano

Incoming Charges:

US$ 5.50

- 2 -

Bank:

Equitable PCI Bank

Branch:

Pacific Star

Address:

G/F Pacific Star Bldg. Sen. Gil Puyat corner Makati Avenues, Makati City , Phils .

Account Name:

Century Communities Corp.

Account No.:

2279-01077-1

Swifft Code:

PCIB PHMM

Telephone No.:

(632) 811-5939 / (632) 811-5225

Attention:

Tony Fortunato

Incoming Charges:

$10 bank correspondence, 1/8 of 1% (.00125) of amount over $10,000

- 3 -

Bank:

RIZAL COMMERCIAL BANKING CORP.

Branch:

Ayala Ave.

Address:

Ground Floor Yuchengco Tower 1, RCBC Plaza Ayala Ave. Makati City

Account Name:

Century Communities Corp.

Account No.:

3-001-01290-7

Swifft Code:

RCBC PHMM

Telephone No.:

(632) 894-9082 / (632) 878-3307

Attention:

Ms. Maj T. Dellosa
Senior Personal Banker

Incoming Charges:

A fixed charge of $5.00 for remittance $8,000 and below, 1/16 of 1% incoming charge for remittance over $8,000

Additional information for bank remittances:

  • Monthly dollar payments should be remitted to our accredited banks, which shall then be converted to pesos at the exchange rate of the day the amounts are received by the bank.
  • The amount credited towards the purchase of the unit shall be the net amount received by our company, after bank charges for remittances.
  • To make sure that Century receives the proper amount, pls add $5.50 for Philippine telegraphic transfer charges and any other amount that your bank may charge you (ranges from $5-$15 depending on your bank).
  • Kindly send us a confirmation receipt once bank transfers monies already, so that we may monitor the incoming transfer. You can fax us the confirmation receipt at 632-811-5588.
  • Should there are any differences in the dollar-peso exchange rate, any over or under payment will be reconciled at the last payment (for example, month 60 in the case of Soho Central).

OPTION 3 : If you are unable to utilize any of the above options, the option of last resort will be to use other Fund Couriers like PNB Remittance Centers, OFW Remittance Services, LBC Mundial Corp., Rapid Remittance Services, Samba Speed Cash and Phil . Remittance Ltd. When utilizing courier services, please follow the instructions below:

  1. Send payment direct (door-to-door) to the following address:

    Century Communities Corporation
    21/F Pacific Star Bldg, Sen. Gil Puyat Avenue,
    Makati City , Philippines
    Attention: MR. LITO GAMBOA
  2. Quote your name as Sender
  3. Get a written proof of remittance from fund courier and fax it to us
  4. If using courier services above, fund transfers should be made on a door-to-door basis to the address above, NOT to our bank accounts. Banks do not notify us of the sender's details if monies are sent via courier. If funds are sent to our bank accounts using the above courier services, there is a strong chance that your payments will go unidentified for several weeks. If payments are unidentified, then your unit will not be credited for the amount you sent.

 

 

FOR CLIENTS OUTSIDE THE UNITED STATES :

OPTION 1 : Use official bank-to-bank wire transfer methods. Please follow the steps below:

1) Go to your local bank
2) Apply for a telegraphic fund transfer to be sent to any one of our banks below
3) Pay the amount to be transferred plus bank charges
4) Get a copy of the duly accomplished fund transfer form from the bank
5) Send a copy of this telegraphic transfer form to Century Communities Corp. via fax or an e-mail scanned copy
6) Advise CCC agent/coordinator of the remittance made


Accredited Banks:

- 1 -

Bank:

Philippine National Bank

Branch:

Gil Puyat

Address:

G/F Petron Plaza Sen. Gil Puyat Avenue, Makati City, Phils.

Account Name:

Century Communities Corp.

Account No.:

Phil. Pesos SA No. 265-601298-9

Swifft Code:

PNBMTHMM

Telephone No.:

(632) 886-3377

Attention:

Ms. Marie Dimaano

Incoming Charges:

US$ 5.50

- 2 -

Bank:

Equitable PCI Bank

Branch:

Pacific Star

Address:

G/F Pacific Star Bldg. Sen. Gil Puyat corner Makati Avenues, Makati City , Phils .

Account Name:

Century Communities Corp.

Account No.:

2279-01077-1

Swifft Code:

PCIB PHMM

Telephone No.:

(632) 811-5939 / (632) 811-5225

Attention:

Tony Fortunato

Incoming Charges:

$10 bank correspondence, 1/8 of 1% (.00125) of amount over $10,000

- 3 -

Bank:

RIZAL COMMERCIAL BANKING CORP.

Branch:

Ayala Ave.

Address:

Ground Floor Yuchengco Tower 1, RCBC Plaza Ayala Ave. Makati City

Account Name:

Century Communities Corp.

Account No.:

3-001-01290-7

Swifft Code:

RCBC PHMM

Telephone No.:

(632) 894-9082 / (632) 878-3307

Attention:

Ms. Maj T. Dellosa
Senior Personal Banker

Incoming Charges:

A fixed charge of $5.00 for remittance $8,000 and below, 1/16 of 1% incoming charge for remittance over $8,000

 

Additional information for bank remittances:

  • Monthly dollar payments should be remitted to our accredited banks, which shall then be converted to pesos at the exchange rate of the day the amounts are received by the bank.
  • The amount credited towards the purchase of the unit shall be the net amount received by our company, after bank charges for remittances.
  • To make sure that Century receives the proper amount, pls add $5.50 for Philippine telegraphic transfer charges and any other amount that your bank may charge you (ranges from $5-$15 depending on your bank).
  • Kindly send us a confirmation receipt once bank transfers monies already, so that we may monitor the incoming transfer. You can fax us the confirmation receipt at 632-811-5588.
  • Should there are any differences in the dollar-peso exchange rate, any over or under payment will be reconciled at the last payment (for example, month 60 in the case of Soho Central).

OPTION 2 : If you are unable to utilize any of the above options, the option of last resort will be to use other Fund Couriers like PNB Remittance Centers, OFW Remittance Services, LBC Mundial Corp., Rapid Remittance Services, Samba Speed Cash and Phil . Remittance Ltd. When utilizing courier services, please follow the instructions below:

  1. Send payment direct (door-to-door) to the following address:

    Century Communities Corporation
    21/F Pacific Star Bldg, Sen. Gil Puyat Avenue,
    Makati City , Philippines
    Attention: MR. LITO GAMBOA
  2. Quote your name as Sender
  3. Get a written proof of remittance from fund courier and fax it to us
  4. If using courier services above, fund transfers should be made on a door-to-door basis to the address above, NOT to our bank accounts. Banks do not notify us of the sender's details if monies are sent via courier. If funds are sent to our bank accounts using the above courier services, there is a strong chance that your payments will go unidentified for several weeks. If payments are unidentified, then your unit will not be credited for the amount you sent.

SITE TRIPPING:

If you have friends or relatives based in the Philippines, you may want them to see South of Market on your behalf, we may be reached via telephone nos. (632) 893-2372, (632) 921-8007633,  (632) 6700-7680 to 81 local 7835 or 7848 and/or fax no. (632) 6700-7686 for viewing appointments. Pls look for Mr. Rolland Aquino.

Again, thank you for your continued interest in South of Market. Please do let us know how we can better serve you.