Firm offers rent-to-own program to speed up sales in Bayswater-A A +A
By Mia A. Aznar
Saturday, February 15, 2014
BEFORE they start work on their development in Talisay City, the developers of Bayswater Subdivision would rather complete their project in Lapu-Lapu City. To hasten the sale of remaining units, they hope their rent-to-own scheme will do the trick.
Lyn Cutanda-Veits, marketing manager of Bayswater, which is being developed by MSY Holdings, said there are about 110 of the 800 units in the 10.5-hectare subdivision that are available for the rent-to-own scheme.
Although the monthly payments for the scheme are about the same with the monthly amortization for units acquired through bank loans, Veits said ready-to-own units will be made available faster.
She explained that if done through bank financing, units are constructed once the equity payments are completed. Under the rent-to-own scheme, they ask for 30 days to prepare the unit and the homeowner can move in.
Veits said they want to complete the sale of Bayswater Mactan within the year so that their next project in Talisay can begin, which is why they are pushing for the rent-to-own scheme as an alternative to attract buyers who want to move in earlier.
She added that they are waiving the bank pre-approval requirements to hasten the process as long as reservation fees have been paid, the buyers pass the capacity-to-pay requirements and have given two months’ deposit and postdated checks for the monthly rental.
Bayswater Mactan was started in 2007. They have turned over 50 percent of the units while 45 percent have been occupied. Veits said the rest are undergoing improvements by their homeowners.
Veits believes their development is “the best in Lapu-Lapu City” because many foreigners, who she said are more picky, have chosen to settle in Bayswater. She said about 30 percent of their clients are foreigners, who can avail themselves of their long-term lease agreement, which lasts 25 years and is renewable for another 25.
Veits also said the company is offering investors property management services via the MSY Leasing Property Management to make it easier for them to maintain their properties between leases.
Bayswater offers nine house models ranging from P2 million to P7 million. Apart from regular amenities expected of gated subdivisions, Veits said residents enjoy the conveniences of a mini-mall inside the premises with 10 areas for retail that will complement their needs. Currently, there is a convenience store and fitness gym. They are expecting a spa, restaurant and café to operate soon.
Veits said that homeowners are prioritized as concessionaires but they will not allow other businesses to be in direct competition with the others.
Published in the Sun.Star Cebu newspaper on February 16, 2014.