Frequently Asked Questions (FAQs)
UNIVERISTY HOME FAQs
1.) How is the leasing program done?
A professional property management company shall handle the leasing program such as sourcing of unit tenants , signing lease contract with tenants, billing & collection of rental, utilities & other charges.
Remittance of monthly rental income to unit owners will be every 20th day of the following month, net of association dues and management fees.
2.) Is there a move-in & turnover fee upon handover? How much?
Yes. For closing fees/ transfer fees, doc stamps, registration fees, notarial fees, processing fees, real property tax.
For Turnover fees- Utility deposit
( Meralco, water, telephone, cable etc.)
Total amount for payment is more or less 6% of Total Contract Price (TCP).
3.) Can the unit owners use/enjoy the amenities even if their units are still in the lock-in period for 2 years?
Unit buyers are not allowed to use the amenities, if their units are being lease out to other tenants while they earn monthly income. However, unit owner may opt to rent 1 bed space under his own unit so that he/she can enjoy free use of all amenities alongside with other tenants.
Each registered tenant will receive an RFID card from admission office for their access to the whole building.
4.) Can buyers buy adjoining units?
Yes. Subject to VAT. Unless buyer will book sales under a different name or different year.
5.) When is the Turnover date?
Turnover of unit shall be last quarter of 2020.
6.) What if something fortuitous happens to the building, is the rental income guaranteed?
No. In case something fortuitous event happens to the building, developer cannot guarantee rental income except for what is stated in the building insurance.
7.) When shall unit owner start receiving their rental income?
Rental income shall be given to unit owners who have made complete payment and who's unit has been turned over by seller.
8.) How is the percentage of sharing, if the units are not fully occupied especially on lean months?
Lean months are manage well because property management usually sign a 1 yr. contract with complete PDC checks with tenants.
All unit owners shall have an equal share of rental income less association dues and management fees.
9.) When do I use my unit for my personal use?
Unit owner can use the unit after the 2 year lock in period. Condormitel setup of the unit shall remain unchanged.
10.) I have a child which is a minor , can I like declare the property under his name?
11.) I'm married but not legally separated, can I declare the property under my own name?
Yes. But the rule of conjugal property shall apply.
12.) How much is the monthly expenses charge to unit owner?
₱ 80/sqm for association dues and ₱ 70/sqm. for management fees.
Total of more or less ₱ 150/sqm. (₱ 3,292/month ) shall be deducted monthly on your rental income.
13.) How does self-liquidating work after buyer has completed the 20% Down Payment?
All unit owners shall have an equal share of rental income which shall be given every 20th day of the succeeding month.
Unit owners can use the monthly rental income to pay
for their monthly amortization in bank.
14.) When do property management start looking for unit tenants? How can buyer be sure that their units will be rented out?
We start looking for tenants once the unit is turned over
to Buyer. However, because of the proximity of UHome to Universities and with more or less 155,000 student population within the area, we are confident that we will be able to lease out the units immediately.
Our location is strategically situated right across UST medicine building, which has a population of 44,000 students.
15.) How often do we expect escalation in rental rates?
Market dictates, but we normally increase 5-10% every 2 years.
16.) Is there other projects near UHome? Will there be oversupply?
Yes, there are other project developments in the area, but few or no Condormitel concept such as UHome.
Due to huge student population and scarcity of available lots , we do not see any oversupply in the area.
17.) Will UHome really can get the occupancy rate
that is close to 100%?
Yes. We only need to lease out 2,784 beds from the total student population of 155,000 students within UHome.
18.) How is UHome different from other real estate development?
UHome is an affiliate of University Pad (UPad). Pioneer in redefining dormitory living at an affordable price.
UHome gives investors an option to put their money in a stable business that gives a good return of more or less 9 % rental yield by way of rental income.
19.) Are there any risk that UHome will not be completed? Does developer has enough funds to build UHome?
JNJ Summithill Inc is confident that UHome will be completed.
With our 2 successful finished condormitel projects, we are excited to complete our biggest condormitel project by 2020.
No. Philippine law does not allow minors to acquire properties.
Estimate Closing Fees / Turnover fees per unit for review:
Closing fees: (payable upon bank financing)
Turnover fees ( payable upon turnover)
Grand Total for closing & turnover fees ₱159,416.37 ( 5.3%) estimate only.