Plan, plan and plan some more

QUESTION: Is Stonewall Central a better name for the property?
UPDATE (click): 2012 Audited Financial Statements
UPDATE (click): 2013 Annual Meeting packet
UPDATE (click): 2013 Special Meeting packet

AUDITED FINANCIAL STATEMENTS ANALYSIS 2009-2012 (click): A CPA analysis of SOHO Central Condominium Corporation's Audited Financial Statements

The Fantasy Vision

Does everyone remember this among the wonderful ads and brochures and how about the salespeople and what they told us. I hear such fantasies continue. So after watching and remembering, cry and then laugh at the truth that is being exposed.

And, if the above is not enough and you need elevated blood pressure, here is the project's brochure.

Many posts are still issues and need to be read once again. At this main hub of postings watch for new posts and updates. Please get involved by spreading the word as to the issues here. We must document all that is taking place. Many documents need retrieval and assistance is needed in getting them scanned and posted.

Sunday, November 27, 2016

Philippine 50-year condominium clause


Philippine 50-year condominium clause

Please see these past posts on the topic:

Now this new article:

Owners can profit from end of condo’s lifespan

"ALTHOUGH the lifespan of a condominium unit is limited by law to only 50 years, there are a number of options that allow owners to profit from their investment at the end of a unit’s life, according to online listing service

The main law governing the purchase, ownership, maintenance, transfer, and conveyance of condominium units in the Philippines is Republic Act 4726, also known as “The Condominium Act.” Under Section 2 of the Act, a condominium development (which may consist of one or more buildings) is defined as a “corporation.”
Corporations in the Philippines are governed by the Corporation Code of the Philippines, and in Section 11 of that law, it is stipulated that a corporation cannot exist for more than 50 years. pointed out, however, that the 50-year lifespan of a condominium is as much a matter of practicality as it is legal restrictions. “Section 8c of RA 4726 actually notes that a condominium unit becomes ‘obsolete and uneconomical’ after an existence in excess of 50 years,” it said. “Experience would tell us that these are accurate descriptions of a condominium’s eventual outcome.” Wear and tear on the building and the units in it, as well as social, political, and economic changes that inevitably shift “prime areas” over time – reducing the condominium’s number one value driver, its location, said – all render a condominium unit obsolete after a long period of time.

“The limitation imposed by law is also the limitation imposed by reality,” said.

Options for owners

The property listing site said there are three main options for condominium owners once their project reaches the end of its corporate life.

The first option is for all the owners to share in the proceeds of the sale of the entire project, which must be done according to the provisions of Section 8 of RA 4726. Essentially, the share of the total sale price of each owner is proportional to his or her interest in the common areas of the project.

A second option, particularly if the building is in poor repair, is to demolish the building and sell the land where it stood. The proceeds of the sale would then be divided among the owners according to the value and number of units that they owned in the building.

Another option is to move for the construction of a new condominium building on the original property, either using the original developer or a new one. This would involve forming a new condominium corporation, which would then have a fresh 50-year legal life.

Despite the legal and practical oddities involved, stressed that purchasing a condominium is still a very good investment. “For a start, it tends to be less expensive than buying a house,” it pointed out. “And because condominiums are usually strategically located, they offer many conveniences like being near schools and malls, hospitals, and workplaces.” In addition, owners or the heirs can profit from the dissolution of the corporation and sale of the condominium property after 50 years, it added."

Wednesday, November 23, 2016

Government contact information

Government contact information


Financial Consumer Protection Department
Central Supervisory Support Subsector
Supervision and Examination Sector
Bangko Sentral ng Pilipinas
5th floor Multi-Storey Building
BSP Complex, Ermita
1800 Manila
Telephone Numbers:
Trunk Line: (632) 524-7011, extension nos. 2584
Direct Line: (632) 523-3631
E-mail Address:


Republic of the Philippines
Security and Exchange Commission
SEC Building, EDSA Greenhills
Mandaluyong, Metro Manila
632-584-5293 (fax)


Expanded National Capital Region
Regional Director
Housing and Land Use Regulatory Board
2nd Flr., HLURB Bldg., Kalayaan Ave., cor. Mayaman St.
Diliman, Quezon City
Tel. Nos. (632) 926-1061, 924-6658
Other ENCR E-mails:
Homeowners Association:

Tuesday, November 22, 2016

Answers needed regarding 2nd Amendment

Answers needed regarding 2nd Amendment

Was there an investigation of the points brought up in the "Comments" section of this post below?  Full and complete answers are needed to ALL points made.


UPDATE: We were told at the "Special Meeting" (11/18/16) no permission was given for the passages to Twin Oaks in the commercial areas. They went through the outer walls which are under the control of the Residential Areas without permission.


This began a spiraling down of the building to accelerate.

2011 Annual Meeting Illegal Voting Procedure

2011 Annual Meeting Illegal Voting Procedure

The election had an illegal voting procedure compounded by an acclamation allowing three directors to be seated.

For those that had attended that meeting, recall that votes were based upon ONE VOTE PER UNIT.  This was contrary to the Master Deed and national rule that mixed-use buildings such as Soho Central are to have votes by AREA (SQUARE METERS) OWNED.  In addition, that meeting compounded the illegal voting procedure having a vote by acclamation not allowing for a count to determine majority.  Therefore, the three seats which were the only ones voted on at the meeting were given based upon an illegal voting procedure.  Those seats, it is believed, are still being held. 

See the Corporation Code of the Philippines, TITLE III
BOARD OF DIRECTORS/TRUSTEES/OFFICERS, Sec. 24. Election of directors or trustees. -

Also see this scan of Official Ballots from 2011 and compare to 2016.  The 2011 election needs to declared null & void and reported to HLURB and the SEC.