FAQs

1. HOW DOES ONE BECOME A CONDOMINIUM HOTEL UNIT OWNER AT UMA RESIDENCES?

You will officially become an UMA Residences unit owner once you have completed the purchase of the unit and signed the following documents: Request for Reservation and Offer to Purchase, the Fit-out Agreement, the Contract to Buy and Sell and the Lease Agreement.

2. WHAT IS THE LEASE AGREEMENT?

This is an agreement between you and the Condominium Corporation, allowing the latter to include your unit in a pool of condominium hotel units to be made available to paying guests for use as hotel rooms.

3. HOW LONG IS THE LEASE AGREEMENT

  The lease shall be for a period of twenty (20) years, commencing on the date on which paying guests are first admitted to the Hotel by the hotel operator, and ending twenty (20) years thereafter (the “Initial Lease Term”). The lease shall be automatically renewed for another twenty (20) years, unless the Lessee serves notice to BUYER not later one (1) year prior to the expiration of the twentieth (20th) year of the Initial Lease Term that the Lessee does not wish to renew the lease.

4. WILL THE UNIT OWNER STILL NEED TO PAY FOR THE CONDOMINIUM DUES?

  Condominium association dues shall be deducted from the Gross Room Revenue.

5. CAN THE UNIT OWNER LIVE IN THE PROPERTY FULL TIME?

  As part of the Lease Agreement, the Unit Owner will be entitled to enjoy personal use privilege for a total of 45 room nights per year for free. Beyond that, the rooms included in the pool will be considered as hotel rooms for paying guests. The room you may avail for your free stay privilege may not be the exact unit you purchased.

6. HOW WILL THE UNIT OWNER EARN FROM THE CONDOTEL PROJECT?

  You will earn a share of the hotel room operation’s net room revenue on a per square meter basis. Let’s say that the 25 sqm unit is part of a 1,000 sqm condotel. Assuming that the hotel room operations bring in an average Ph1 million a month:

PhP1 million / 1,000 sqm = PhP1,000 / sqm

PhP1,000 / sqm x 25 sqm = average of PhP25,000 per month

Rental income will be received by unit owners net of applicable taxes.

7. WHEN CAN THE UNIT OWNER START GETTING RENTAL INCOME AND FREE 45 NIGHTS?

  Unit owners can start enjoying rental income and can avail of the free 45 nights privilege upon the following conditions:

Bank Financing:
Investor is fully paid with the required down payment and Naga Queenstown Realty & Development Inc.
has received bank guarantee from the bank for the balance.
In-House Financing:
Investor is fully paid with the required down payment and has provided Post-Dated Checks (PDC) for the balance. Moreover, investor is religiously paying Monthly Amortization and not delinquent.

8. HOW DOES THE UNIT OWNER AVAIL HIS 45 FREE ROOM NIGHTS?

The 45 Free Room Nights Privilege can be availed of by the condominium hotel unit owner throughout the operating year in the same room category he owns. He or she will just have to contact the hotel for advance booking and confirmation will be subject to availability. As a matter of policy, a condominium hotel unit owner must stay for a minimum of seven (7) free room nights or multiple rooms totaling 7 nights per visit. Unused nights per visit will be forfeited.

If a unit is turned over and included in the pooled units after the start of an operating year, the unit owner shall be entitled only to a pro-rata number of room nights corresponding to the remaining period of the operating year.

Further policy mandates that the condominium hotel unit owner has the option to book a reservation either during the Fluvial Festival OR the Traslacion Festival, not on both dates. Reservations during other peak periods or close-out days will not be allowed. Traditionally, Christmas and New Year, Chinese New Year and convention periods are peak periods. This policy is created so that the hotel may accommodate as many hotel guests as possible during the peak periods in order to maximize returns for the investors.

9. CAN THE UNIT OWNER STILL BOOK A ROOM BEYOND THE 45 FREE ROOM NIGHTS?

  Yes, he may still book a room beyond the 45 Free Room Nights Privilege, this time as a regular paying hotel guest and following the usual advance booking process.

10. CAN THE UNIT OWNER TRANSFER THE RIGHTS OF USE OF HIS 45 FREE ROOM NIGHTS?

  Yes, the 45 Free Room Nights privilege may be transferred to a condominium hotel unit owner’s guest. The unit owner simply has to fill up an endorsement form, which will be subject to room availability and booking confirmation.

11. DOES THE UNIT OWNER HAVE THE OPTION TO SELL HIS UNIT?

  Yes. However, the unit shall be offered first to the Hotel Management Company at a price certain. Should the Hotel Management Company waive its right of first refusal over the unit, it can be offered to the open market at the same terms and conditions offered to the Hotel Management Company. The transferee will still be bound to honor and respect the Lease Agreement signed by the previous unit owner.

NAGA QUEENSTOWN REALTY & DEVELOPMENT, INC.

3/F DECA CORPORATE CENTER

Panganiban Drive, Brgy. Tinago, Naga City | Contact No: 0919-0674691/ 054-8730024
Email: salesanddocumentation@umaresidences.com
Maximum Selling Price: Open Market
Date of Completion: September 30, 2023
License to Sell No.:
Commercial Condominium: 030629
Residential Condominium: 030628