Time sharing: A new scheme in condo ownership
MANILA, Philippines - Time sharing, an innovative ownership scheme in the real estate industry, has hit the market.
To capitalize on this opportunity, My Jinga Juice Inc.(MJJI), Megabuild 101 and Innovaland Realty and Development Inc. have banded together to launch the Jinga Tower Leisure and Spa Residences in Tagaytay City.
The new concept involves owning a property at an affordable cost, wherein a buyer pays only a fraction of a condominium unit price and shares ownership with nine other buyers.
“One unit is owned by 10 buyers who will rent out or simply use it as a vacation pad one month in a year,†said MJJI CEO Garry Norman.
There is an allocated month for each buyer to own the hotel-condo unit. If an owner does not want to use it for his or his family’s vacation, he can simply rent out the unit and earn something,†he explained.
The scheme is one way of earning from his investment. On the other hand, if he opts to take a vacation in the condo, he saves money from hotel accommodations,†Norman added.
The Jinga Tower Leisure and Spa Residences will soon rise on the rolling landscapes of Magallanes Drive in Tagaytay and will have five clusters of eight-story Balinese-inspired building with fully furnished condominium units.
Amenities include water spa with massive quarters, clubhouse and fitness center. It is easily accessible to all points of Luzon and only a short drive from Metro Manila -- a perfect place where one can live, work and play.
“We are able to offer an affordable lifestyle that one deserves with the guarantee of doubling investment in five years and enjoying perpetual ownership which one could pass on to his/their children and their children’s children,†Norman said.
For only P25,000 downpayment, with the remaining balance payable in 28 months at P12,500 a month, one can now own a condominium.
“That makes it affordable to the middle-income group. It’s an innovative way of owning property, and at the same time, making people’s dream come true,†Norman said.
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