Onsite Management
Each condominium owner is required to pay a monthly service charge. The service charge will provide for all common services e.g. insurances and common utilities, and for maintenance of the common areas of the property e.g. external walls and facades, elevator, pool, jetty, gardens and car park. The total cost of common services is to be allocated to unit holders computed on the proportionate square footage of their unit to the total square footage of all 17 units.
We estimate that, for the first year, the current service charge range from approximately US$500 to US$850 per month for all the 2 and 3 bedroom units, dependant on the unit size. These funds are to be paid by the unit owner, monthly in advance, into the Proprietor’s Unit Plan (PUP) which has retained IPL Management Inc. for an initial period of 3 years (renewable at the discretion of PUP thereafter) to maintain the property. IPL Management Inc. will be based in office facilities on site. A copy of the detailed budget for the service charge will be given to each owner on purchase.
In addition to managing the common services IPL Management Inc. will also offer to individual unit owners, the following discretionary services at a rate to be agreed directly between IPL Management Inc. and each unit owner:
Furthermore, IPL Management Inc. offers the services of marketing, reservations and rent collection, if unit owners do not wish to handle the rental of their apartments themselves. Any reservations generated by IPL Management Inc. under such an agreement will attract a commission of 20% of gross rent charged for short term rentals and one months rent for long-term rentals in excess of 6 months.
Current prevailing achievable market rents are estimated as follows:
Daily rates (VAT of 7.5% included)
High Season – December 15, 2008 to April 14, 2009
2 bed US$300
3 bed US$400
Low Season – April 15, 2009 to December 14, 2009
2 bed US$200
3 bed US$300
Long Term monthly rates (VAT not applicable)
2 bed US$3,500
3 bed US$4,000