  Introducing Ultima Residences Condotel investment for real estate investors. A type of investment where you don't work for your money; but your money works for you instead. Ultima Residences Condotel operates on a 50/50 percent income sharing from Condotel sales. And whether your Condotel unit is rented or not, you will still receive income since your Condotel unit is enrolled in the income pooling system with a pro-rata sharing based on the type of Condotel unit you have acquired. The Condotel projects below give you the option to enroll your condo unit to a Condotel operation or have it as your residential condo.
PROPOSAL
  Frequently Asked Questions: How Does the Lease-Back Program Work (Rental Pooling)? Percentage sharing of 50% for the unit owners and 50% for the hotel / condotel operator. Condotel Unit owners will receive monthly income based on the type of unit regardless of whether the unit was leased or not. This is because City Loft Mango will pool together its entire total income from rental operations and distribute this to unit owners according to the percentage sharing based on gross income. How does City Loft Mango differ from other real estate investments? Other condominiums grow in value over time but only the property value. The City Loft Mango grows in value faster than other condominiums because you can stay at City Loft Mango whenever you desire for 30 days and while you are not using it, your condominium unit earns for you. City Loft Mango not only grows in value but will also improve your lifestyle! As a condotel unit owner, you have the option to become a Club Ultima member which entitles you to free room nights every year which you can use at any Crown Regency Hotel or at more than 2,900 hotels & resorts in the world affiliated with Interval International. When you own a condotel unit in City Loft Mango, you possess ownership of a prime and actively earning piece of real estate investment whose ownership is evidenced by a CONDOMINIUM CERTIFICATE OF TITLE (CCT). Who will operate the City Loft Mango upon commercialization? City Loft Mango shall be managed by the CROWN REGENCY HOTEL GROUP, an established and experienced hotel chain owned by the JKing & Sons Co.,Inc.whose existing hotels are: • Club Ultima in Tower 2, Fuente Towers, Cebu Crown Regency Suites & Residences in Mactan • Crown Regency Residences in Guadalupe, Cebu City • Crown Regency Residences in Davao City • Crown Regency Hotel & Towers in Fuente Osmeña, Cebu • Crown Regency Hotel in Makati • Crown Regency Resort Hotel in Station 3, Boracay Island • Crown Regency Prince Resort in Station 1, Boracay Island • Crown Regency Resort & Convention Center in Station 2, Boracay Island (SOON) What is the Minimum Period of the Leaseback Program? Upon turnover of City Loft Mango condotel unit, the unit owner may immediately lease back their unit under the condotel operation. The minimum period you can have your condotel unit enrolled in rental pooling is Ten (10) Years. How many days in a year can a unit owner use his condotel unit for free? Unit owners may use their condotel units for THIRTY (30) DAYS A YEAR. Condotel Unit owners who exceed their 30 days use will have to pay 70% of the regular rental rates. However, your payment will be included in the computation for rental revenue share and will be deducted on your monthly rental income. What if the unit owner was not able to use his annual Free 30 days stay privilege? If their condotel unit was rented out during their thirty (30) day free use allotment, they will receive their corresponding rental share during those days their unit was rented out. Are there association dues to be paid once the Condotel unit is enrolled under the Lease-Back Program? There are NO Association Dues or Maintenance Fees to be paid once a condotel unit is enrolled under rental pooling by the unit owner. The condotel/ hotel operator shall take care of the association dues, maintenance and security of their investment. If the unit owner decides not to enroll his unit under the Leaseback Program, will the unit owner be charged of Association Dues? Yes, if a unit owner decides not to enroll his condotel unit under rental pooling, the owner will be charged with monthly association dues and maintenance fees which wil be determined later on by the condotel/ hotel operator. Are repairs shouldered by the condotel operator? Only minor repairs shall be shouldered by the condotel / hotel operator. A fee of Fifteen Thousand Pesos(P15,000) per sq.m. is required to be paid by the condotel unit owners upon enrollment to rental pooling to completely furnish the unit with furniture, fixtures and other regular hotel amenities. A one-time joining fee of Thirty Thousand Pesos (P30,000) is required to cover contribution for housekeeping, maintenance, uniforms, linens, etc... For residential unit owners, they have the option to completely furnish their units at Twelve to Fifteen thousand pesos (P 12,000 to P15,000) per sq.m. |
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