5. Legend has it that the word Tagaytay came from " taga " meaning to cut and " itay " which means father. A father and son were said to be on a wild boar hunt when the animal they were chasing turned and attacked them. As the boar charged towards the old man, the son cried "taga itay!". the boy's repeated shout reverberated in the alleys of the ridge. Heard by the residents, hunters and wood gatherers, the cries became subject of conversation for several days in the countryside. In time, the place where the shouts came from became known as TAGAYTAY . HISTORY
33. Question What is a condotel? Answer The condotel is an amalgamation of the features of a condominium and a hotel, as the derivation of the name suggests. The condotel units shall be pooled and operated as a hotel.
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37. DISCLAIMER: The estimated return on investment is computed based on assumptions believed to be reasonable and are being provided to the intended recipient for information purposes only. Sta. Lucia does not warrant and holds no responsibility for the accuracy of the assumptions. Sta. Lucia does not guaranty or make any representation that the estimated return on investment can be achieved. It is assumed that the recipient will make an independent verification and analysis of the estimated return on investment and its assumptions for his/her own exclusive investment decision. Note: These are only assumptions. Actual figures may vary based on Room Rental Rates & Occupancy. RETURN ON INVESTMENT
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39. Assume: 1). P5,000.00 Rental / Day 2). 35% Occupancy Rate 3). 50% Occupancy Rate COMPUTATION: ANNUAL ROOM RENTAL REVENUE @ 100% OCCUPANCY RATE 64 Rooms X P5,000.00 X 335 Days = P107,200,000.00 1 ST YEAR @ 35% OCCUPANCY RATE P107,200,000.00 x .35 = P37,520,000.00 2 ND YEAR @ 50% OCCUPANCY RATE P107,200,000.00 x .5 = P53,600,000.00 Note: These are only assumptions. Actual figures may vary based on Room Rental Rates & Occupancy.
40. Note: These are only assumptions. Actual figures may vary based on Room Rental Rates & Occupancy. P37,520,000.00 ANNUAL ROOM RENTAL REVENUE @ 35% OCCUPANCY RATE Less 60% Operating Expense P37,520,000.00 X .60 P22,512,000.00 Net Profit P37,520,000.00 – P22,512,000.00 P15,008,000.00 70% Condotel Owners’ Share P15,008,000.00 X .70 P10,505,600.00 Unit Income Per Share P10,505,600.00 / 3,017 Sq. M. P3,482.13 36 Sq. M. Unit’s Annual Income from Room Rental Revenue P3,482.13 X 36 Sq. M. P125,456.68 Add 30-Day Complimentary Room Usage Income P5,000.00 X 30 Days P150,000.00 Total Annual Income P125,456.68 + P150,000.00 P275,456.68 Monthly Income P275,456.68 / 12 P22,954.72 Quarterly Income P143,614.08 / 4 P68,864.17 Percentage of ROI P275,456.68/ P2,890,000.00 9.5%
41. Note: These are only assumptions. Actual figures may vary based on Room Rental Rates & Occupancy. P53,600,000.00 ANNUAL ROOM RENTAL REVENUE @ 50% OCCUPANCY RATE Less 60% Operating Expense P53,600,000.00 X .60 P32,160,000.00 Net Profit P53,600,000.00 - P32,160,000.00 P21,440,000.00 70% Condotel Owners’ Share P21,440,000.00 X .70 P15,008,000.00 Unit Income Per Share P15,008,000.00 / 3,017 Sq. M. P4,974.48 36 Sq. M. Unit’s Annual Income from Room Rental Revenue P4,974.48 X 36 Sq. M. P179,081.28 Add 30-Day Complimentary Room Usage Income P5,000.00 X 30 Days P150,000.00 Total Annual Income P107,448.84+ P90,000.00 P329,081.28 Monthly Income P329,081.28 / 12 P27,423.44 Quarterly Income P329,081.28 / 4 P82,270.32 Percentage of ROI P329,081.28 / P2,890,000.00 11.4%
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44. P 7,550.00 (June – Oct) Twin / King Deluxe Room P 8,700.00 (Nov – May) Twin / King Deluxe Room P 6,550.00 (June – Oct ) Twin Classic Room P 7,250.00 (Nov – May ) Twin Classic Room
47. Note: These are only assumptions. Actual figures may vary based on Room Rental Rates & Occupancy. COMPARATIVES ON ANNUAL RETURN ON INVESTMENT BANK INVESTMENT: Pass Book or Time Deposit Certificate TIME-SHARE: Membership Certificate CONDOMINIUM: Condominium Certificate of Title (CCT) Total Investment Annual ROI @ 35% Rate of Occupancy Annual ROI @ 50% Rate of Occupancy Regular Savings Account in Banks @ a Rate of 1% Annual Interest Time Deposit Account in Banks @ a Median Rate of 2.75% (2.5% - 3.5%) Annual Interest P2,890,000.00 P275,456.68 @ 9.5% P329,081. 28 @ 11.4%% P28,900.00 P79,975.00
48. Superior Rental Income The condotel operation ensures that the unit owners earn better rental income from their units compared to conventional leasing. The rental income can subsidize largely the monthly installment of the unit if the unit is not yet fully paid.
49. Fair Distribution of Rental Income All of the unit owners enrolled in the condotel receive the same income per square meter per month regardless of actual unit occupancy.
50. Total Property Management The professional hotel manager ensures the complete maintenance and upkeep of the units in the condotel. Every billing concern such as association dues, real estate taxes and other fees and charges are deducted from the rental income of the unit.
60. Question Is the condominium unit I purchased ready for condotel operation? Answer The condominium unit will be fully-fitted based on hotel quality standards as determined by the hotel management .
61. Question What are included in the condotel fit-out package and how much ? Answer The fit-out package includes hotel standard finishing upgrades, furniture, appliances, silverware, chinaware, linens, towels, etc. that are required to make the unit ready for condotel operation. Studio – P400,000.00 1-Br – P600,000.00 2-Br – P800,000.00
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63. QUESTION When and how will the rental income be distributed? Answer Release of the unit owner’s quarterly rental income, after deducting association dues, special assessments, real estate taxes, and fees and charges will be in the form of a check, in Philippine currency. Other modes of payment of the rental income preferred by the unit owner may be arranged with the hotel management .