Saturday, January 12, 2013

Gramercy Condo, High Living with Hidden Costs?

Last May 05, 2011, I wrote about the tallest building in the Philippines, the Gramercy Residences in Makati City and developed by Century Properties. It was still under construction then, the structure was something like 90 percent finished. See my article here,  Gramercy Condo, Tallest Building in the Philippines

The structure is finished, it can be seen from afar as it is simply very tall, 70+ storeys high.While the interiors are still being completed, several unit owners have already moved in. At night, the building is well lighted, it's like Sofitel Hotel at the CCP Complex where each room has a light outside.

I have read from a condo unit buyer though, that the developer will not give the key to unit owners, even if fully paid, if they will not purchase the cable and internet services being offered or pushed by Century Properties, P5,000 per month and should be paid one year advance.

The unit owner said Century asserted that this is a mandatory arrangement even though it is not stated in the contract. So all unit owners must pay this extra cost to the developer. I think this is unfair. If it is not stipulated in the contract, it should not be forced upon them.

I think this is one of those examples where some developers have some hidden costs to pass to condo unit owners later on. I doubt if unit owners will backtrack especially if they have fully paid the unit already. They will be forced to bow to the additional costs passed on to them by the developers, or go to the court, and spend much higher cost plus time consuming litigation procedures, not exactly a good alternative. Oh well.

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