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Condominium Hotel project offered for purchase to be owned by individual owners who have an option of renting it out as a hotel suite when not in use, which will be managed by a professional condotel/hotel management operator. Mondavi Condotel offers fully-fitted, fully-furnished units with complete amenities, facilities and services similar to a 5-star resort hotel. Owners of Mondavi condotel unit may produce rental revenues, making the ownership of a unit an income-generating investment for them.
How does its Condotel Operate?
Mondavi, upon condotel operation and commercialization, will generally operate like a resort-hotel. Individual owners may use their condotel units, however, it is limited only to a certain number of days for an entire year if their unit is enrolled under the condotel program. Units that are enrolled will be managed by a professional condotel/hotel management operator that will handle bookings, reservations and other services. Unit owners need not worry about maintenance, housekeeping and other concerns or problems common in conventional leasing. On the other hand, owners who do not choose to enroll their units under the condotel program may use their units as a vacation home or as their first home.
Who will operate hotel operation and commercialization?
Mondavi shall be managed by a professional condotel/hotel management operator that will be determined later on. They will be in charged of bookings and reservations, maintenance of the property and operation of hotel services such as housekeeping, food and beverage and concierge.
How can my unit be qualified to enroll under the Condominium Hotel Program?
Upon turnover of the unit, owners may opt to enroll in the program immediately.
What is the maximum period of having condotel units enrolled in the program?
The minimum period you can have your unit enrolled is to be determined by a later date upon the signing of the MOA among Major Homes, Mondavi association and the hotel management.
How many days in a year can I use my condotel unit for personal use? Is it Free?
Unit owners may use their condotel units for fifteen (15) days a year. Unit owners will also have to pay 50% 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. THESE ARE ESTIMATES AND NUMBERS MAY VARY AT THE TIME OF SIGNING OF MOA.
If a unit owner uses his unit more than the allowed number of days in a year, how does this affect their share in the rental income?
The unit owner will have to pay the regular rental rates when they use their unit in excess of the allowed number of days. However, your payment will also be included in the computation for rental revenue share and will be deducted on your monthly rental income.
What will happen if the unit owner was not able to utilize his fifteen (15) day benefit in a year?
If their unit was rented out during their fifteen (15) day allotment, they will receive rental share if it was rented out during that period.
How does Condotel differ from Timeshares?
At a Timeshare Property, you are only a co-owner with a right to use the property for a certain period of time. When you own a unit at Mondavi, you posses absolute ownership of the condotel unit evidenced by a Condominium Certificate Title (CCT).
How does the Condominium Hotel Program work?
Mondavi will follow an estimated percentage sharing of 50% for the unit owners and 50% for the hotel/condotel operator. Unit owners may receive monthly income based on the size of their unit regardless of whether said unit was leased or not. This is because Mondavi 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.
Are there any Association Dues or Rental Management Fees to be paid once the condotel unit is enrolled under the Condominium Hotel Program?
To be determined at a later date based on agreement. However, as a matter of practice, association dues are already being shouldered by the program.
Are there additional expenses/fees a unit owner must pay upon enrollment in the Condominium Hotel Program?
A minimal joining fee is required to be paid by the unit owner upon enrollment to the program. The joining fee will be determined later on by the condotel/hotel operator.
If repairs are needed to be done in the unit of the owner, will it be shouldered by the condotel operator?
Only minor repairs shall be shouldered by the condotel/hotel operator. However, future arrangement can be included in the agreement so as the owners will not shoulder the expenses.
What are the other expenses to be paid by the unit owner upon purchase of a condotel unit?
Miscellaneous Fees (title transfer, documentary stamp tax etc.), Real Estate Property Tax and Insurance shall be on the account of the unit owner.
Can unit owners and guests cook inside their unit?
As prescribed by the association.
PRIVACY AND EXCLUSIVITY
Mondavi unit owners are privileged to enjoy the privacy of their homes and the
exclusivity of the grandest of amenities and retail shops, a truly luxurious experience.
100% OWNERSHIP
Mondavi condotel unit owners are given absolute ownership to their property through a
Condominium Certificate Title (CCT).
RETURN ON INVESTMENT
Mondavi condotel unit owners are given the option to join the Condominium-Hotel
program whereby owners may enjoy the opportunity to earn monthly rental
income of which sharing will be determined at a later date, estimated at about 50-50%
sharing.
FIRST HOME AND A VACATION HOME
Because of a very strategic location, we take pride in our market positioning that
Mondavi is not just a vacation home but a first home as well.
HYPER-AMENITIZED DEVELOPMENT
We will provide our owners the country's first observation tower and dancing fountain.
AFFORDABILITY REDEFINED
Priced at P1.7million that can be amortized in twenty years making our project, although upscale, affordable. Privileged buyers can already own a fully-fitted, fully-furnished 2-BR loft condotel unit in Mondavi at this price point. Unit owners can also avail of no interest payment scheme in two years.
GLOBAL MARKETABILITY
Because of a very comprehensive approach in terms of market needs, Mondavi is positioned to cater OFW's and retirees.
QUALITY WORKMANSHIP
With Major Homes' more than 25 years of development track record and past prestigious projects delivered with unquestionable craftmanship, quality of Mondavi is expected to be at par excellance.
TURNOVER DATE
Mondavi unit owners can enjoy their exclusive privileges in luxurious lifestyle between two and a half years (middle of 2011 or earlier).
Gated Community All characters (Towers) have their own state of the art security 20 � 25 storey Observation Tower has views of Tagaytay, Batangas, Laguna and Metro Manila Man-made lagoon Artificial beach with exciting waves Dancing Fountain with laser lights Promenade with branded retails shops Sports facilities and Sports academies Full service 24/365 clubhouse With pocket parks and playgrounds Free shuttle service to Tagaytay rotonda
copied from http://www.sulit.com.ph/index.php/view+classifieds/id/1045647/No+downpaymentStylishly+furnish+condo+Hotel
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