CASA MIRA TOWER - Labangon Cebu City

10/07/2019

WHAT WILL HAPPEN TO A CONDOMINIUM INVESTMENT AFTER 50 YEARS?🤔

(RA 4726 or The Condominium Act of the Philippines)

This is one of the most common concerns raised by condominium buyers and it is a very relevant question to ask especially since we are talking about millions of money here.

✅In the Philippines, there is a law that protects the interest of the unit owners in a condominium project. This is the Republic Act 4726 or The Condominium Act of the Philippines which was mandated on June 18, 1966.🇵🇭

✅Perpetual ownership - It’s not like you will buy a condominium property and then after 50 years, your investment will be gone. When a condominium project is fully turned over to the unit owners, it becomes just like a corporation, and you are one of the owners of that corporation if you have a unit there.🏢

✅So it follows that you will have a “say” in the decision making as to what to do with the whole building and if it has been decided that the property is going to be sold or demolished so that a new property will be developed on the area, you will get your appropriate share of the proceeds of the sale.💵

Just like any other investment, your condominium property can last, can be profitable and can be passed on to your heir(s).😇

07/04/2017

A number of homebuyers are skeptical at first when deciding whether it would be beneficial to purchase a condominium unit over a house and lot. Condominium spaces are relatively cheaper and more attainable to own compare to dwellings which are built on land. Much of the concern is hinged on the idea that condominium buildings are only good for fifty years which will eventually be demolished. Another question is how the law on ownership works in a condominium set up between homeowners. Thus, many potential purchasers would be doubtful whether or not buying a condo unit would actually be a wise investment.

We gathered the usual concerns on this issue in order to guide you in deciding on your future property investment.

THE CLAIM: The lifespan of condominium buildings is only good for fifty years.
Fact or Fallacy: FALLACY

This is not true. The law does not provide that condominium units are strictly just good for fifty years. The law states that aside from being more than fifty years old, it must be obsolete and uneconomical plus the fact that majority of the unit owners are against its repair and restoration.

Many would claim that the Republic Act 4726 or the Condominium Act of the Philippines would imply that condominium towers are only good for fifty years since the law provides that several persons who own condominium units may bring an action for partition under Section 8-c when:

“That project has been in existence in excess of 50 years; that it is obsolete and uneconomical, and that condominium owners holding in aggregate more than 50 percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project.”

A careful and intelligent reading of the law would clearly state that the three factors or elements must coincide in order to declare a condominium building uninhabitable. That the building has been (1) in existence in excess of 50 years; (2) obsolete and uneconomical and that (3) owners holding in aggregate more than 50 percent interest in the common areas are opposed to repairing or restoration or remodeling or modernizing the project.

Therefore, although a condominium building has been in existence for over fifty years, it does not necessarily have to be obsolete and uneconomical. Most condominium buildings are now being developed through modern means in order to endure ordinary wear and tear compared to the kind of construction which were available decades ago. The standard of being “obsolete and uneconomical” can change over time because construction efforts and materials have been improved through advanced technology.

Moreover, the third factor must come into play as well. Assuming that a condominium tower has been built over fifty years ago, if the homeowners would actually decide (at least more than fifty percent) to modernize the structure of the building to be fit for living condition and safety, the structure will remain and demolition would not be necessary.

05/07/2016

Casa Mira South
* is develop by Cebu Landmaster, Inc.
* Located at the heart of barangay Langtad, Naga, Cebu
& Amenities
* Grand Entrance
* One main multi-level clubhouse
* Two mini-clubhouses
* Adult & kiddie pool
* Chapel
* Basketball court
* Perimeter fence
* Sewage treatment facility
* Material recovery facility
* 20 meter wide main road
* 24 hour security
* Property Management services..
FOR AS LOW AS P4,198.72/month
Pm me for details or feel free to text @ 09322220404

27/06/2016

01/05/2016

Good Morning

18/03/2016