Elevators, a mark of decline of Soho Central

Elevators, a mark of decline of Soho Central

ONLY ONE (1) ELEVATOR WORKING on January 8, 2017 at 11:15 PM. What happens when no elevator works?

Elevator status on January 9, 2017:

As usual the building condo units' values continue to drop as well as rental charges. Last night was the worst I had seen in just having ONE AND ONLY ONE ELEVATOR WORKING. The entities involved with the elevators since they WERE NEVER ACCEPTED BY THE CONDO CORP have gotten two more working today.

Now there are two passenger (PE4 & PE5) and the service elevator (SE) working at this time. Of course, history has proven time and time again that the elevators will continue to fail.

This is just one of many problems of Soho Central where property values are dropping and tenants are leaving for better bldgs. BUY at your own risk.

Vandalized posting

Vandalized posting

This is the BPI statement for the account controlled by the Residential Areas Committee (RAC) of the Soho Central Condominium Corporation placed in an elevator. You will notice that is has been defaced. I wonder who the deranged culprit supports?

Acknowledgment a violation

DEMAND A PROVISIONAL RECEIPT WHEN PAYING DUES FOR DEPOSIT TO BPI ACCOUNT !!!

For all those given acknowledgements, file official complaints with the BIR. Let them know the condominium corporation management is accepting payments and not giving Provisional or Official Receipts.

Revenue District Office No. 41 - Mandaluyong

Office Address: Boni Avenue, Brgy. Malamig Beside Metrobank and infront of Caltex Station and Rizal Technical University (RTU)

Revenue District Officer: ARMANDO F. TRIA
e-mail: 
direct no.: 531-5199

Assistant Revenue District Officer:e-mail: 
direct no.: 531-06-63 / 532-5317 / 531-0337

Area of Jurisdiction:

Comprised of the whole area of Mandaluyong City

!!! CAUTION !!! DISCOUNTS ARE ONLY FOR PAYMENTS MADE TO BPI ACCOUNT

!!! CAUTION !!!  DISCOUNTS ARE ONLY FOR PAYMENTS MADE TO the BPI ACCOUNT

Do not deposit any checks to RCBC. That bank account from what I have been told is being controlled by GDC (Greenfield). They have no right to control the Residential Areas of the building according to the Master Deed. Further, only deposit checks to the BPI account. The BPI account has the discount !!! Make sure you make out the check to that account and make sure you get a receipt to that fact from those managing in the 4th Floor administration office. The Union Bank account is frozen and a part of the legal complaint now in court.

SOSAJB from my understanding is now aligned with and taking orders from Greenfield (GDC). There are those in the 4th Floor administration office, I have been told, are saying to deposit to RCBC. Please do not do that and make sure that your payments are deposited to the BPI account. See the details once again in the memo below. Make sure you have this confirmed in writing and perhaps bring a witness with you when talking to those in the admin office. YES, it is getting quite serious here.

Banks from my understanding
RCBC (Greenfield controls) - Union Bank (Frozen but will accept payments and not pay interest and will not allow withdrawals by Greenfield or SCCC or RAC. This bank account and the action of Union Bank are now a part of a court action.) - BPI (RAC controlled under the name of Buenhijo Diaz of the RAC to keep others from gaining access to its funds.)

OK, OK - IF YOU DO NOT WANT TO DEPOSIT TO BPI and wisely do not want Greenfield (GDC) to have access and control of your money via the RCBC account, then deposit to the Union Bank account. It is frozen to all parties. That account will NOT pay interest during this time to Soho Central Condominium Corporation (SCCC) and there is NO discount for advanced yearly payments. But remember, that account cannot pay the bills such as electric for the common areas, garbage collection, water via the main meter, etc.  Spread the word.

Frozen Union Bank account
All Unit Owners: Write to the Central Bank and ask them to investigate why Union Bank froze the account. Everyone call and write asking the Central Bank to fully investigate all matters in the handling of the account by Union Bank and if they followed the law & regulations.

BANKS
http://www.bsp.gov.ph/about/advocacies_fin_cam.asp 
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: consumeraffairs@bsp.gov.ph

***

Additional information for wiring. I do not know why this was not put on the memo.

Swift Code: BOPIPHMM
Bank Name: BPI FAMILY SAVINGS BANK
Bank Address: UNIT 6 LEVEL 1, SOHO CENTRAL, 748 SHAW BLVD., MANDALUYONG CITY 1550 PHILIPPINES

Remember to put your name and unit number in the bank form in "other information" or whatever the form calls it so your payment is identified.

Philippine 50-year condominium clause

POTENTIAL & FORMER BUYERS & CURRENT OWNERS READ THIS!!!

Philippine 50-year condominium clause

Please see these past posts on the topic:

http://sohocentralcondominium.blogspot.com/2013/04/50-year-clause-or-old-age-decision.html

http://sohocentralcondominium.blogspot.com/2015/11/buyers-warning-warning-warning.html

Now this new article: http://www.manilatimes.net/owners-can-profit-end-condos-lifespan/297912/

Owners can profit from end of condo’s lifespan

BY BEN KRITZ, TMT on NOVEMBER 23, 2016 - REAL ESTATE AND PROPERTY
    
"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 MyProperty.ph.

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.

MyProperty.ph 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, MyProperty.ph 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,” MyProperty.ph 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, MyProperty.ph 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."

Government contact information

Government contact information

 
BANKS

http://www.bsp.gov.ph/about/advocacies_fin_cam.asp

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: consumeraffairs@bsp.gov.ph

SEC

Republic of the Philippines
Security and Exchange Commission
SEC Building, EDSA Greenhills
Mandaluyong, Metro Manila
632-584-0923
632-584-5293 (fax)

HLURB

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
E-mail: ebarrameda@hlurb.gov.ph
Other ENCR E-mails:
Technical: technical@hlurb.gov.ph
Monitoring: monitoring-adjudication@hlurb.gov.ph
Homeowners Association: ncrhoa@hlurb.gov.ph

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.

http://sohocentralcondominium.blogspot.com/2015/12/legal-advice-needed.html?showComment=1451296773858&m=1#c1455972625247906248