SMDC offers fully furnished units for 5% down payment
Property developers continue to offer discounts and promos in hopes of trimming their unsold inventory in Metro Manila, with the SM Group presenting the latest option.
SM Development Corp. (SMDC), the residential arm of SM Prime Holdings Inc., said on Wednesday that “qualified ” Filipino buyers have the option to move within 90 days into a fully furnished, ready-for-occupancy (RFO) condominium unit as long as they make a 5-percent down payment by April 30.
Under SMDC’s Move In Now program, unit buyers also need to pay another 5 percent of the total contract price within 12 months, while the remaining balance should be covered via bank financing or cash payment.
The company likewise offers structured bank loan assistance to facilitate financing for its property buyers.
Foreign buyers, meanwhile, have the option to avail themselves of the promo for a 10-percent down payment.
According to SMDC, the units sold until the end of the month through this scheme will also be furnished under SMDC’s in-house styling program, Good Stays.
“By integrating Move In Now with Good Stays, SMDC gives buyers the chance to start living or earning from their condo right away—no long waits, no guesswork, just a smart move,” SMDC executive vice president Grace Sta. Ana said in a statement.
In an email, SM Prime said that the furniture provided in these units do not come with additional costs; buyers will pay for a fully furnished unit at the price of a bare unit.
Developer promos
In its Manila Survey Flash Report released on Wednesday, property broker Colliers Philippines said 69 percent of prospective homebuyers may be enticed to purchase condominium units with extended and flexible payment terms.
However, 12 percent also prefer those without spot down payment.
Colliers research director Joey Bondoc told the Inquirer that some developers no longer required initial payments to be made before buyers could move in; some only asked for monthly payments.
“No cash out, and then you essentially rent [the unit],” Bondoc said in an interview. “Although you need to secure bank approval.”
He added that some developers also offered more favorable down payment terms, such as requiring only 2.5 percent of the total contract price.
