The Century Buyer’s Guide
We’ve made the process easier. Read on to learn more about how you can wisely invest your savings by choosing a reliable developer and a quality home in the Philippines.

Overview

Century Properties has been in the real estate business for more than two decades, one of the longest-running and the largest privately-owned in the industry. Through the years, we have remained focused in our core services of real estate development, real estate marketing and real estate management. This assures you of continued exemplary service even after your purchase and move-in, for we can also take care of your home whenever you are abroad.

Our experience spans through four Philippine economic cycles. We started with only 6 employees in the turbulent times of 1986. And we remain as resilient as ever today as we continue to deliver our commitment of improving your quality of life by delivering projects that give the best value for every Filipino’s hard-earned savings.

To date, we have developed over 20 projects in the Philippines, including:

• Essensa East Forbes in Fort Bonifacio, awarded by Asiaweek as the country’s best residential building
• One Magnificent Mile, Ortigas
• Pacific Place, Ortigas
• West of Ayala, Makati
• Medical Plaza Makati and Ortigas

Through our property management arm, Century Properties Management Inc., we are currently responsible for the property management of over 40 buildings, including:

• The Asian Development Bank, Ortigas Center
• BPI Buendia Center, Makati
• The PNB headquarters in Macapagal Avenue
• United Coconut Planters Bank Head (UCPB) Office, Makati
• The Pacific Star Building, Makati
• One San Miguel Avenue, Ortigas

In 2008, we delivered our 710-unit development, South of Market, in Fort Bonifacio seven months ahead of schedule.

We are also preparing for the highly-anticipated turnover of Soho Central, our 886-unit project in Ortigas that we are slated to deliver several months ahead of schedule. Grand Soho Makati, our condominium development in the heart of the Makati Golden Triangle, will follow suit as we have already topped off the building last November 2008.

We are committed to do the same in our forthcoming residential projects The Gramercy Residences, which is now under construction, and The Knightsbridge Residences, which will both rise in our mixed-use Makati development—Century City.

In all of our projects, you can trust that we will deliver the Century distinction:

• Innovative features. We have launched to the Philippine market the Fully-fitted, Fully-furnished condominium concept. And to this, Fully-serviced was later added in two of our projects, The Casitas at Canyon Ranch and The Gramercy Residences at Century City.
• Interior design options. We understand that you may not have the luxury of time to spruce up your space. So we have offered this choice in some of our latest developments. Casitas has two interior themes, Grand Soho Makati has three, The Knightsbridge Residences has four and Gramercy has five.
• Practical use of space. We ensure sensible space layouts in our unit plans. We also offer the option of enlarging your space based on your needs at The Knightsbridge Residences, where our Pod Concept allows clients to purchase up to four studio units that are combinable into one living space.
• Superior amenities. We know that the modern Filipino has changed. We realize that you need more than a convenience store, a gym and a café. That is why The Gramercy Residences was designed to have more than the usual amenities. We are building it with a SkyPark halfway up the building, with three swimming pools, three kinds of gym, a yoga/Pilates studio, a meditation garden, and a café and designer restaurant.
• Timeless architecture. We consult with the experts in the development of our projects. World-class urban planner Jon Adams Jerde is our foreign consultant for the masterplan of Century City, while the award-winning I.M. Pei is behind the timeless design of our landmark development, the ultra-luxurious Essensa East Forbes and our Manhattan project, The Centurion.

The Facts

• Why should I choose real estate among other investments?
  Because real estate is a hard asset, it will always maintain its value. It is one of the safer investments and it is a hedge against inflation. Real estate is also a good addition to your portfolio of assets and investments. For us Filipinos who dream of owning a home real estate gives pride of ownership-a testament to years of hard work and achievements, and a possession that can be passed on for generations.
  
  
• Why should I buy real estate in the Philippines?
  Where else can we all relive happy childhood moments, good old family traditions and savor the beauty of 7,107 islands than in the Philippines? While the rest of the world is experiencing negative temperature and slower economic growth, the rich tropical archipelago that is the Philippines continues to enjoy a warm, sunny climate that is ideal for any type of activity—for work, traveling, or even starting a family. Philippine real estate as well as cost of living here are still more affordable than properties overseas. There is indeed no place like home.
  
  
• Why should I choose a pre-sold property?
  Buying a property during its pre-selling stage gives you the best deal in terms of pricing, because its value will naturally increase upon completion. Additionally, you will be given many options for your unit or house and lot, in terms of location, floor, layout and inclusions. However, buyers must only purchase a pre-sold property from a reliable developer—one that has a track record, exemplary projects and industry experience.
  
  
• Why should I choose Century Properties?
  Our projects are planned and developed according to the growing needs of the modern Filipino, using our expertise and more than two decades of experience in the real estate industry. Our goal goes beyond providing you with a mere shelter as we aim to continuously add practical innovations to the Filipino home and deliver it with quality, affordability, utmost value, an enhanced lifestyle, and ultimately, an improved quality of life.

The buying process

1. 1 > Identify your needs
   
   Are you buying a house and lot, or a condominium unit for your use or for your family? Are you looking into an investment that will give you rental income in the future? Do you want a vacation home in the Philippines, or a place to retire? Or do you want to diversify your portfolio of assets and hedge against inflationary pressures by putting your savings in hard assets, like real estate?
   
   Do you have a large family? Perhaps a house and lot will suit you. But that is if you want to be in a suburban community. If you prefer to be in the city, you might want to consider getting a three-bedroom condo unit, which might be more expensive at the onset but convenient and cost-effective in the long run.
   
   Try answering all the questions below:
   • Do you prefer a house and lot, or a condo unit?
   • If it is for your own use, which location or part of the city would you prefer? What facilities do you require (This could be schools, hospitals, banks, and so on)?
   • What for you is a convenient size of living space in terms of area?
   • Do you want your home/unit bare or furnished?
   • What kind of amenities do you like in a community/condo?
   • What is the affordable price range and monthly amortization for you?
   Answering these questions will help you determine the purpose of your search and eventual purchase. This will also help you narrow down your choices in terms of location and pricing.

2 > Know your requirements

There are standard requirements and documents that you need to submit if you are to push through with your Century property purchase:

Reservation Fee

• This is payable through cash, credit card, check, or wire transfer
• For vertical projects (condominiums) the reservation fee ranges from P25,000 to P100,000.

Reservation Agreement or Signed Reservation Commitment

• The RA/RC is the initial agreement between the seller and the buyer/co-developer. It stipulates the details of the purchase, conditions of the sale and the terms of payment.
• The Reservation Commitment is only for projects using the “Co-Development Concept.”
• You will submit this together with a Buyer’s Information Sheet that you will have to fill up, and a payment schedule subject to your approval

Photocopy of Valid IDs

• Driver’s License, Company ID, Passport, SSS/BIR, Postal Id, Voter’s ID will be accepted.

Income Documents for Client Evaluation

• Example: Certificate of Employment, Remittance Slips, Payslips, or Income Tax Return (ITR).

Complete Post Dated Checks

• All post-dated checks should be submitted within the specific timeline from each respective location:
• Philippines : 1 to 35 days upon RF
• USA / Australia : 1 to 45 days upon RF
• Europe & Middle East : 1-60
• Canada / Asia : 1 to 40 days upon RF

Tax Identification Number

• For local residents

Additional Documentation Requirements
These may be required on a case to case basis:

• Certificate of Finality from the court: Legally separated; Annulled marriage; Separation of properties
• Special Power of Attorney (duly notarized and signed by the buyer)
• Certified true copy of the SEC Certificate of Registration and the Articles of Incorporation and By-Laws (for corporate buyers)
• Original copy of the Board Resolution / Secretary’s Certificate (for corporate buyers)

3 > Know your payment options

Post-dated Checks Bank-to-Bank Wire Transfer (For International Buyers)

1. Buyer will remit the reservation fee (RF) through their bank abroad.
2. Address the RF to the project’s corresponding developer/account name.
3. Pay the RF to be transferred including the corresponding bank charges.
4. Get a copy of the duly accomplished fund transfer form from the bank.
5. Send a copy of the transfer form to Century via fax or scanned email.
6. Attention the form to the servicing Century Sales Officer (CSO)
7. Confirm with the CSO the receipt of the transfer form.
8. To officially book the unit, the CSO will send back the following documents to the buyer for signature.
• Reservation Agreement
• Pro Forma Sheet / Payment Schedule
• Buyer’s Information Sheet
9. Upon receiving the documents, the buyer will sign the documents and provide photocopies of 2 valid IDs.
10. For faster processing, buyers can send back the signed documents (scanned) via email to the CSO.
11. Buyers will now issue post-dated checks for Down Payment, Monthly Amortization, and Turnover payments

Bank and in-house financing

Financing is allowed to clients whose gross income is equal to or less than 30% of the computed monthly amortization.

Here are the additional requirements:

1. For locally-employed buyers, Filipinos working overseas or foreigners
• Certificate of employment valid for 6 months
• Pay slips for the last 3 months
• Income Tax Return (2 of the most recent)
• Bank Statements for 3 months
2. For foreigners: An Alien Certificate of Registration (ACR)
3. For self-employed clients:
• Business Registration
• ITR / Audited Financial Statement for 2 years
• List of major suppliers/customers
• Bank statements for 3 months
  *Note: Additional proof of income may be required.
4. Standard Documents
• Birth / Marriage Certificate
• Cedula / Residence Certificate / Community tax Certificate
• Two (2) valid IDs
• Proof of billing address
• Photocopy of passport with dates of entries
• For those locally employed, 2 of the most recent ITR forms
• For OFWs, proof of remittance for the past 3 months

For In-house Financing:

• Client should be of legal age, not more than 65 years old at the time of loan maturity
• Filipino or Foreign citizen (Foreign clients for condominium purchase only)
• Clients should either be:
1. Employed (Locally or abroad) –at least 1 year on a permanent basis
2. Self-Employed/Practicing Profession – At least 2 years profitable

4 > Know the available payment terms

Century Properties offers several payment terms for each of its projects. Here are the top payment terms we have for The Gramercy Residences and The Knightsbridge Residences.

The Gramercy Residences

• No Downpayment (Equal Payments)
  50%, 75% or 100% payable over the construction period. Remaining balance is paid upon turnover.
• Stretched Downpayment
  Downpayment of 20% to 35% payable in 6 or 24 months. 45% to 60% is paid over the construction period. Balance of 25% is paid upon turnover.
• Balloon Payment
  Downpayment of 20% payable over 3 months, 25% or 30% is equally spread over the construction period. Balloon payments of 7.5% is paid on the 13th, 23rd, 33rd and 43rd months. Balance of 20% or 25% is paid upon turnover.
• Spot Downpayment
  Spot 20, Spot 30 or Spot 40 Downpayment is paid 30 days after reservation date. 60% to 80% is paid over the construction period. Balance of 10% to 20% is paid upon turnover.

The Knightsbridge Residences

• No Downpayment (Equal Payments)
  75% to 100% payable in 5 years. Remaining balance is paid upon turnover.
• No Downpayment (Incremental Payments) - 75% payable in 5 years with monthly payments increasing annually at assigned “Step-up” Rates. Remaining Balance is paid upon turnover
• Spot Downpayment
  Spot 10, Spot 20 or Spot 30 Downpayment is paid 30 days after reservation date. 45% to 65% is paid over 59 months. Balance of 25% is paid upon turnover.
• Balloon Payment
  Downpayment of 20% payable over 6 months, 25% is equally spread over 50 months. Balloon payments of 7.5% is paid on the 12th, 24th, 36th and 48th months. Balance of 25% is paid upon turnover.

	Project A	Project B	Project C
Developer
Location
Price
Size of Unit
Amenities

6 > Make the purchase


• Inform your century Sales Officer about your intent to purchase a property. If you don’t have an agent yet, you may call our customer hotlines:
  
  CENTURY GROUP USA
  2550 E. AMAR ROAD STE A-1F
  WEST COVINA, CA 91792
  OFFICE: 626.475.7463
  MOBILE: 626.487.3939
  
  
• Coordinate with the assisting agent to check the availability of your preferred unit. You should be able to identify:
  1. The specific Century project you want to buy from
  2. Your unit choice and interior design option
  3. Your preferred payment option
     
     
• Settle the reservation fee via cash, card, bank transfer, dated check, and sign the booking slip. Your Century agent will assisting you in booking the sale.
  
  
• Sign the Reservation Agreement, Payment Schedule and complete the data needed in the Buyers’ Information Sheet.
  
  
• Submit all the required documents for the sale to the assisting agent for further processing.
  
  
• A representative from Century Properties will contact you shortly after for credit verification and assessment. You will be notified in case there are additional documents required for the approval of the payment term. Otherwise, Century will endorse/suggest an approved payment term based on your income records.
  
  
• You will receive a welcome letter and a personal copy of your processed Reservation Agreement with its annexes once validated.
  
  
• You shall receive your Contract to Sell once the 10% of the Total Contract Price is paid/cleared. Client should sign in all the pages of the CTS. If the client is based abroad, sending of the documents will be via courier.
  
  
• Once the CTS is processed and notarized, a copy will be sent to the address you have provided.

7 > Post-purchase: The turnover process

The official turnover of your property will be made after you have undergone these steps:


Step 1: Settlement of fees. This may cover the turnover or any other outstanding balances, plus deposits for utilities, association dues, deposits of utilities and title transfer charges.

Step 2: Unit inspection scheduling. This will be done by appointment and coordinated via Century’s Owner Relations Manager, including the succeeding visits.

Step 3: Unit inspection and punch-listing. This includes a briefing on the turnover process, a tour of the development’s amenities, listing down items for rectification, and scheduling subsequent visits.

Step 4: Unit Turnover. This will include the issued Certificate of Acceptance, Authority to Occupy and, your very first new pair of keys for the unit! This will also comprise a briefing on unit renovation, move-in and other procures.

Step 5: Leasing and/or Management. Our property management group arm, Century Properties Management Inc. may assist you in getting your unit leased out in case you plan to work abroad.

Commonly used terms:

The official turnover of your property will be made after you have undergone these steps:


Real Estate refers to the land and improvements, inclusive of the rights and interest.

Reservation Agreement expresses the buyer’s consent to reserve the property and fulfill obligations and requirements, including payments with the corresponding agreed submission dates.

Contract to Sell is the formal and legal agreement between the buyer and the developer. The buyer binds himself to fulfill his obligations in terms of paying his monthly amortization religiously to the developer. The developer in turn binds himself to deliver what he promised to the buyer in terms of the quality of development, amenities, management etc. If the buyer signed a Contract to Sell, the seller will not initiate the title to the buyer’s name unless fully paid.

Deed of Absolute Sale signifies that the buyer has fulfilled all his financial obligations to the developer.

Transfer Certificate of Title / Condominium Certificate of Title is the principal proof of ownership that a person owns the house and lot he purchased (Transfer Certificate of Title/ TCT) or the condominium (Condominium Certificate of Title / CCT). Such property therefore is registered under the new owner’s name.

Transfer of Rights is an agreement between a former buyer and the new buyer, who assumes the rights and obligations of the former buyer.