WITH prices of real property in Tagaytay City so stiff that only the richest could afford, a local company devised a timesharing scheme where a unit of a fully furnished condominium it builds could be owned by 10 owners who would work out their schedule of use of the unit.
Garry Norman, My Jinga Juice chief executive officer, has partnered with Megabuild 101 and Innovaland Realty and Development Inc. to develop the Jinga Tower Leisure and Spa Residences in Tagaytay City.
Jinga, a leading networking company, plans to convert its prime property in the “City in the Sky” into five clusters of 8-storey Balinese-inspired condo towers with fully furnished rooms. The towers will have water spa and massive quarters, clubhouse and a fitness center.
“It’s easily accessible to all points and a short drive from Metro Manila. This is the perfect place where you can live, work and play,” he said. Jinga Director Mauro Rivera said that the timesharing idea, though an old concept, will enable even ordinary people to own a property and enjoy the lifestyle comforts of the wealthy without worrying about the high cost of building and owning such facilities.
It makes ownership very affordable by making owners pay only a fraction of the unit’s price.
“You can own a vacation spa in Tagaytay with only a fraction of the cost. The timesharing scheme is like a partnership,” he added.
Under the scheme, a unit can have 10 owners, each chipping in P375,000. The unit owners may use it personally or rent it for a period, say a weekend or a month, to another party thereby generating earnings for all the partners of the unit.
“It benefits potential buyers by having a portion of their 30-day allocation rented to other parties, thereby making their investment earn,” he added. Using this scheme would enable the shareholder double earnings in five years, Norman said.
“They will also enjoy perpetual ownership which they can pass on to their children and future generations,” he added. Herbert Pionilla, Innovaland Realty chief operations officer, said that the scheme is the easiest and cheapest way of owning a property in Tagaytay, as the company designed a payment scheme affordable even to ordinary people.