Investing in Real Estate in the Philippines [Archive] - Page 17

Retro

November 2nd, 2009, 03:53 AM

Real estate: Shifting preferences, but growth continues
Written by Manny Villar / The Entrepreneur
Sunday, 01 November 2009
Business Mirror Philippines

ONE sector immediately affected by the recent destructive typhoons, which flooded at least two-thirds of Metro Manila, was the real-estate industry.

As soon as the floodwaters receded, “For Sale” signs suddenly cropped up in many places that were inundated, the occupants apparently driven by panic. Some properties, originally acquired for P15 million, were being offered for P5 million, but there were no takers.

It’s understandable. Many of the middle-income and even high-end subdivisions were never touched by floodwaters, until the typhoons, particularly Ondoy, dumped in nine hours the equivalent of more than 30 days of average rainfall in the Philippines.

Seeing your home where you have lived for many years disappear under water, forcing you to climb to the roof, cold and helpless for several hours, was surely an unforgettable, traumatic experience. Suddenly, what used to be a dream home became an unwanted asset that had to be disposed as soon as possible.

But Filipinos are a resilient people. In many places, where the ground has dried, life is back to normal. Homes are again sanctuaries for parents back from a tiring workday, and for children spent from school and play.

One of the factors behind our resilience is the fact that calamities are not new to us. Ondoy was new only because it brought an excessive amount of rain, aggravated by the release of water from dams. We are, generally, used to calamities. Typhoons are expected every year, volcanic eruptions and earthquakes are not totally unexpected.

Based on my own experience as a long-time player in the real-estate industry, I believe the decline in property prices is a temporary consequence of the calamities, and that values in many places that were affected by Ondoy and Pepeng will recover in time.

While I don’t expect a long-term decline in prices, I see a shifting in preferences: Some areas will be preferred more than others. “Flood-free” may become part of the marketing promotions for housing projects.

There will also be changes in structures, as part of the lessons drawn from the disasters. For example, a prospective homeowner in a low-lying area may prefer a two-story or even a multi-story building rather than a bungalow.

We may see new homes having access stairs to the roof, and homeowners preferring to have flatter roofs—where people can sit or even lay down—than the steep designs that we see in many development projects.

Even now, many people in areas affected by the floods are modifying their homes to allow easy access to roofs.

The recent disasters also became a positive factor for condominium projects, particularly those with aboveground parking lots and access to the urban essentials like hospitals, supermarkets and even malls.

For the real-estate industry, I am optimistic that 2009 will continue to show growth. The floods may have suspended construction work, but development projects will continue because the demand remains.

For office spaces, the property industry continues to benefit from the growth of the business-process outsourcing (BPO) industry. According to the Business Processing Association of the Philippines, the BPO industry is expected to grow by 23 percent this year in terms of revenues and number of people employed.

Revenues are projected to reach $7.2 billion to $7.5 billion in 2009 compared to $6 billion last year. With 380,000 to 400,000 BPO employees as of end-2008, the industry may breach the half-million mark this year, with the entry of new players and the expansion of existing BPO companies.

For residential projects, overseas Filipino workers (OFW) continue to be an important driver. Remittances are projected to increase by at least 4 percent this year to breach the $17-billion mark.

Even the World Bank and the International Monetary Fund, which earlier projected a decline in OFW remittances as a result of the global recession, are now upbeat because Filipino workers who are hard-working, skillful and English-proficient continue to find jobs in many countries.

The low-inflation environment will also keep real-estate prices stable. The Bangko Sentral ng Pilipinas expects inflation to fall within or below the official targets this year (between 2.5 and 4.5 percent) and in 2010 (between 3.5 and 5.5 percent).

Annual inflation settled at 0.7 percent in September, slightly higher than the 0.1 percent in August, which was a 22-year low.

The positive performance of the real-estate industry, a traditional driver for the construction industry, is also benefiting some export-oriented companies that have suffered from the slump in the foreign markets.

I am referring in particular to exporters of furniture and furnishings, which are now focusing on the domestic market, condominiums, hotels, resorts and other real-estate projects, which have defied the slowdown in the major economies.

Ondoy and Pepeng may have disrupted the daily routine of many people and many businesses for a while, but for all of us and our economy, life goes on, and the real-estate industry will remain on the growth track, at least for the foreseeable future.

Retro

November 2nd, 2009, 04:01 AM

GMA sets national land-valuation system
Written by Mia Gonzalez / Reporter
Sunday, 01 November 2009 21:22
Business Mirror Philippines

PRESIDENT Arroyo has institutionalized a national land-valuation system to sustain and institute real-property valuation reforms in the country pending the passage of the proposed Valuation Reform Act (VRA) which seeks to create a National Valuation Authority.

Executive Order (EO) 833, which the President signed upon the recommendation of the Department of Finance (DOF), creates the Property Valuation Office (PVO).

In explaining the rationale for EO 833, the President said the government embarked on a Land Administration and Management (LAM) Reform Program which, among others, includes instituting reforms in the real-property valuation sector through the adoption of single real-property valuation system.

“A single national property valuation system is desired to stimulate the land market for capital mobilization which has tremendous impact on the national and local economies, particularly on the country’s gross domestic product,” she said.

The DOF entered into an agreement under the Second Land Administration and Management Project (LAMP2) with the World Bank and the Australian Agency for International Development, to institute real-property valuation reform and to establish a national valuation authority, among others.

In partial compliance with an international commitment, the DOF created the ad hoc Property Valuation Staff (PVS) through Department of Finance Order 34-07 on August 30, 2007, while the proposed VRA bill is being deliberated  in Congress.

“To effectively institutionalize the reforms being undertaken by the PVS and to sustain the benefits from capacity development interventions being provided under LAMP2, an Executive Order is necessary for the creation of permanent positions and the allocation of necessary funds therefore to provide assurance of continuity,” EO 833 stated.

The PVO will be headed by a director and composed of six divisions for policy, planning, monitoring and evaluation; valuation database and information system; valuation standards; valuation education and training; and finance and administration.

The PVO will continue to exist under the DOF and funded under the General Appropriations Act until the national valuation authority is created by law.

In the event that the proposed measure is not approved by Congress, the PVO shall be under the supervision of the DOF or its assigned agency.

EO 833 also creates the Property Valuation Advisory Committee (PVAC) headed by the executive director of the Bureau of Local Government Finance and as members, the PVO director and representatives from the Bureau of Internal Revenue, National Tax Research Center, Land Registration Authority, national local governments assessors’ association, national local governments treasurers’ association, private appraisal sector, civil society and others as may be deemed necessary.

The PVAC will exist until another advisory body, as may be required by the VRA, is constituted.

The LAMP2 Management Committee or subsequent projects under LAM reform program shall provide policy guidance to the PVO and the PVAC, until the VRA is passed.

In the event that the LAMP2 and subsequent projects under the government’s LAM reform agenda are discontinued, the PVO will continue to operate, and be funded under the national government budget.

The maintenance and other operating expenses and capital outlay of the PVO shall be derived from LAMP projects as long as LAMP projects exist.

If the VRA is enacted, the PVO shall be transformed into the national valuation authority and its budget would be as defined in the VRA.

The DOF, in consultation with relevant authorities, will prepare the implementing rules and regulations of EO 833 though a comprehensive usage manual, subject to the approval of the Office of the President.

raf

November 2nd, 2009, 07:43 AM

^^
thanks @ruralvillage.

and i agree, reittrader's florida property looks really nice considering the price.

if there's anything nice about this recession, any hardworking joe in america(or even juan delacruz in the philippines) could literally pony up some savings to pay cash for a house in usa. It used to be that people saved money to come up with a downpayment for the mortgage---but nowadays, hardworking americans don't need a mortgage and pay up in full straightaway:cheers:

if one's house is paid off in usa, there's not much expenses to worry about: food, electricity, gas, water, car payments don't inflict much of a dent on one's salary, even if just earning minimum wage. It is people with mortgage who get enslaved and bogged down having to pay monthly interest for several years, and most of them for decades..

bustero

November 4th, 2009, 11:48 AM

Thank you very much People, you're examples are indeed quite eye opening.

With values like those it is indeed interesting to invest over there. (overlooking dollar risk)

bustero

November 4th, 2009, 11:52 AM

Capital gains is a tax computed on the gross sale amount or the zonal valuation of the property which ever is higher. If you purchased a property lost money on it because you had to sell it for a lower amount than what you purchased it for , not only do you still need to pay taxes you may need to ante up to meet the zonal value which may be higher than your actual selling transacted price.

bustero

November 4th, 2009, 11:57 AM

yes its true
in face even if you lose money on the property ( selling price is less than acquiring price) , if it's less than the zonal value you will have to pay the higher of zonal or transacted price so abonado ka pa

raf

November 4th, 2009, 05:39 PM

Give me some of that. :lol:
Great investment property - Very low risk.

$500-$900/monthly rental for a $40,000 investment - Cash Money!
Imagine P24k - P42k rental for a P2M investment...

Plus, the potential of the property value going up in the future (Big upside)

I guess some people are just haters - Just can't be happy for other people's good fortune... :ohno:

one more thing beneficial about the housing crisis here is that: had the price of this property remained at 250k$(the price paid for by the poor fellow who bought it in 2006, according to the official clark county recorder website), rental rates would thus remain just as inflated, and that fellow with an enormous mortgage couldn't have afforded to rent his property out for less than 1200$ a month.. In turn, had i bought it at 250k, i couldn't possibly afford to rent it out for 600$/mo..
since the price has gone down so much that people could easily do away with mortgages(houses now cost less than a toyota suv, :lol:), investors nowadays are quite ok to lower rental rates and still be happy with the returns. In turn, many would-be tenants will likewise benefit due to the glut of reasonable rent rates.

i am happy, my tenants are happy(and extremely grateful at that), so everybody is happy:banana:

Retro

November 5th, 2009, 04:14 AM

Asset prices in RP exceed pre-crisis levels: World Bank
By Michelle Orosa, ABS-CBN News | 11/05/2009 11:00 AM

MANILA - The World Bank warned that asset prices in the Philippines are already rising, particularly those in the stock market.

While the multilateral lender upgraded its growth forecasts for the country--from -0.5% in July to 1.4% for 2009, and from 2.4% to 3.1% in 2010--World Bank Senior Economist for the Philippines Eric Le Borgne said share prices at the Philippine Stock Exchange (PSE), the local bourse, are already rising beyond pre-crisis levels.

"Prices at the PSE shot up to levels higher than before the Lehman collapse. Some asset prices already exceeded pre-crisis levels. This is a challenge for monetary policy," he said during a press briefing for the launch of its East Asia and Pacific Update report on Wednesday.

Le Borgne, however, stressed that the outlook improved as stimulus kicked in during the second quarter, leading to a 1.5% growth. Among the growth drivers he mentioned were the continued strength in overseas Filipino remittances, a strong performance in the services sector, particularly the BPO industry, and the slow recovery of exports and corporate sectors.

Monetary policy

World Bank Regional Chief Economist Vikram Nehru noted that while fiscal stimulus remains crucial to the economic recovery of the region, central banks in East Asia and the Pacific may now have to review monetary policy, particulalry loose monetary stances and curency flexibility.

"We're beginning to see formation of asset bubbles in some countries, particularly in the equities market and in the rise in property prices. This is a cause for concern. The issue is now how countries will slowly withdraw from loose monetary policy," he said. By Michelle Orosa, ABS-CBN News

prisma328

November 7th, 2009, 06:03 PM

Hi guys,

Just a question...if you are living overseas, would you still buy property in the Philippines for "just in case" or investment purposes? or you feel money is put to better used investing where you are currently settled in?

thank yous in advance.:)

terman1718

November 9th, 2009, 06:32 AM

Im not an expert at Pagibig loans, but here are some tips na makakatulong...

For those Who Plan to Avail a Pag Ibig Housing Loan…

To those of you who are planning to avail of a Pag Ibig Housing Loan and are first-timers at it, kindly take note that the maximum loanable amount for a Pag Ibig House Loan is P3 million pesos. Also, most of the applicants of Pag-Ibig are usually borrowing P400,000 to P700,000, and you will get the lowest interest rates of these amounts. Hence, Pag ibig housing loans are actually more ideal for middle-income earners.

Below is the Interest Rate table for the corresponding Pag-ibig Loan Amount (30 year maximum loan term):
Up to P400,000 6%
Over P400,000 upto P750,000 7%
Over P750,000 upto P1,000,000 8.5%
Over P1,000,000 upto P1,250,000 9.5%
Over P1,250,000 upto P2,000,000 10.5%
Over P2,000,000 upto P3,000,000 11.5%

In addition, take note of these guidelines when applying for a Pag ibig housing loans...

Continued at http://www.realestatephilippinesblog.com/pag-ibig-housing-loan/

Retro

November 11th, 2009, 10:59 AM

Asia risks overheating
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_452982.html

SINGAPORE - ASIA'S rapid recovery from the economic crisis carries new risks of overheating, and governments must carefully unwind their huge stimulus injections, the head of the World Bank warned on Wednesday.

Robert Zoellick said there were signs in some markets of a 'substantial' rise in equity and property prices that could lead to asset bubbles - the very ingredients that triggered the global crisis in the first place.

'In East Asia, if you start to get a strong rebound in growth, and you've got a lot of liquidity, there is the question of whether one could start to face asset bubbles in particular markets,' he told the Foreign Correspondents Association of Singapore.

He said this was one reason why Australia had become the first industrialised nation to raise interest rates since the crisis erupted, but the response could differ among countries.

'I think one of the questions here will be the timing of how they manage the interest rates and the risk that they could get some inflation and even asset bubbles which obviously, if they become a serious issue, could undermine confidence going forward,' he said. 'It's a fine balance so I'm not suggesting there's an easy answer to this.'

Asia has rebounded faster than the rest of the world from the global slump, and there are fears the multi-billion-dollar government spending packages could be terminated prematurely as confidence returns. Mr Zoellick said Asian governments must take care in winding down the packages, which were implemented to soften the impact of the downturn that was triggered in part by problems in the US property market. -- AFP

Retro

November 19th, 2009, 07:48 AM

Death and taxes: BIR to make sure heirs pay up
http://www.bworldonline.com/main/content.php?id=1765

HOLIDAY flea markets first and now the dead; there appears to be little the Bureau of Internal Revenue (BIR) will not look into to ensure that the proper taxes are paid.

After unveiling its "SanTAX Claus" program -- focused on the numerous tiangges that flourish during the holiday season -- the BIR will next year implement the "Rest in Peace" scheme in a bid to increase estate tax collections.

The program, said acting BIR commissioner Joel L. Tan-Torres, "will ensure that the relatives of the people who died will comply with estate tax [requirements]."

"This would require coordination with hospitals, cemeteries and memorial parks," he added.

Mr. Tan-Torres, who took over the bureau just this month after Sixto S. Esquivias IV abruptly quit due to lackluster collections, said the program was conceptualized following the realization that very little estate tax was being collected.

"You will be surprised. [The contribution of estate tax to overall revenues is] minuscule," he told reporters.

An estate tax is a levy imposed on right to transfer a deceased’s estate to his or her lawful heirs and beneficiaries. The amount depends on the net value of the property or assets to be inherited.

BIR Deputy Commissioner Nelson M. Aspe, in a telephone interview, claimed that some people evade the payment of estate taxes by not submitting the required returns.

"There are those who do not file the required returns. We have to ensure that they pay the right taxes," he said yesterday.

The BIR, said Mr. Tan-Torres, still has to estimate how much will be generated from the new program.

"We still have to quantify that," he said.

Finance department data show that revenues from transfer taxes, which include the estate tax, totalled just P1 billion as of September. But as this also includes commercial transfers, the actual estate tax take is lower.

Asked to comment, Finance Undersecretary Gil S. Beltran said they would be supporting the program as it "would mean an improvement of tax administration."

"They (the BIR) should consider anything that would boost revenues," he told BusinessWorld.

Mr. Tan-Torres said the "Rest in Peace" program would be implemented through a revenue regulation (RR) to be released next year.

"Essentially, we will be on top of everything. Once we secure the records of memorial parks and local governments, we can monitor [estate transfers]. The relatives will be given time to file their tax returns," he said in Filipino.

"We can require them (hospitals and memorial parks) to provide us records through an RR ... We will issue it next year.

"Rest in Peace" is one of the initiatives being planned by BIR to meet its P875.1-billion target for next year.

Other measures include the boosting of cooperation with the Justice department to strengthen cases against tax evaders, regulations to minimize losses from revenue-eroding measures like the Tourism Act and the Personal Equity Retirement Account Law, electronic sharing of third party tax information with state agencies, training programs, continuation of programs such as Oplan Kandado (involving the padlocking of erring establishments), and the imposition of 5% withholding tax on campaign paraphernalia suppliers.

The BIR, which accounts for more than 75% of state tax revenues, is mandated to collect P798.5 billion this year.

Its take as of October was P612 billion, and officials have said the 2009 target would not be met due to legislated tax cuts, the economic downturn and the impact of recent storms. -- Alexis Douglas B. Romero

luckyeight

November 20th, 2009, 06:43 AM

Société Générale tells clients how to prepare for potential 'global collapse'

In a report entitled "Worst-case debt scenario", the bank's asset team said state rescue packages over the last year have merely transferred private liabilities onto sagging sovereign shoulders, creating a fresh set of problems.

Overall debt is still far too high in almost all rich economies as a share of GDP (350pc in the US), whether public or private. It must be reduced by the hard slog of "deleveraging", for years.

'Debt levels risk another crisis' "As yet, nobody can say with any certainty whether we have in fact escaped the prospect of a global economic collapse," said the 68-page report, headed by asset chief Daniel Fermon. It is an exploration of the dangers, not a forecast.

Under the French bank's "Bear Case" scenario (the gloomiest of three possible outcomes), the dollar would slide further and global equities would retest the March lows. Property prices would tumble again. Oil would fall back to $50 in 2010.

Governments have already shot their fiscal bolts. Even without fresh spending, public debt would explode within two years to 105pc of GDP in the UK, 125pc in the US and the eurozone, and 270pc in Japan. Worldwide state debt would reach $45 trillion, up two-and-a-half times in a decade.

(UK figures look low because debt started from a low base. Mr Ferman said the UK would converge with Europe at 130pc of GDP by 2015 under the bear case).

The underlying debt burden is greater than it was after the Second World War, when nominal levels looked similar. Ageing populations will make it harder to erode debt through growth. "High public debt looks entirely unsustainable in the long run. We have almost reached a point of no return for government debt," it said.

Inflating debt away might be seen by some governments as a lesser of evils.

If so, gold would go "up, and up, and up" as the only safe haven from fiat paper money. Private debt is also crippling. Even if the US savings rate stabilises at 7pc, and all of it is used to pay down debt, it will still take nine years for households to reduce debt/income ratios to the safe levels of the 1980s.

The bank said the current crisis displays "compelling similarities" with Japan during its Lost Decade (or two), with a big difference: Japan was able to stay afloat by exporting into a robust global economy and by letting the yen fall. It is not possible for half the world to pursue this strategy at the same time.

SocGen advises bears to sell the dollar and to "short" cyclical equities such as technology, auto, and travel to avoid being caught in the "inherent deflationary spiral". Emerging markets would not be spared. Paradoxically, they are more leveraged to the US growth than Wall Street itself. Farm commodities would hold up well, led by sugar.

Mr Fermon said junk bonds would lose 31pc of their value in 2010 alone. However, sovereign bonds would "generate turbo-charged returns" mimicking the secular slide in yields seen in Japan as the slump ground on. At one point Japan's 10-year yield dropped to 0.40pc. The Fed would hold down yields by purchasing more bonds. The European Central Bank would do less, for political reasons.

SocGen's case for buying sovereign bonds is controversial. A number of funds doubt whether the Japan scenario will be repeated, not least because Tokyo itself may be on the cusp of a debt compound crisis.

Mr Fermon said his report had electrified clients on both sides of the Atlantic. "Everybody wants to know what the impact will be. A lot of hedge funds and bankers are worried," he said.

http://www.telegraph.co.uk/finance/economics/6599281/Societe-Generale-tells-clients-how-to-prepare-for-global-collapse.html

Retro

November 28th, 2009, 02:57 PM

India Studying Impact of Dubai’s Debt Delay Plan :ohno:
By Anil Varma and Cherian Thomas

Nov. 28 (Bloomberg) -- India, the world’s top recipient of migrant remittances, is examining the effect Dubai’s attempt to delay debt repayments may have on Asia’s third-largest economy, central bank Governor Duvvuri Subbarao said.

About 4.5 million Indians live and work in the Gulf region and remit more than $10 billion annually, according to government data. The turmoil may affect remittances, said Thomas Issac, finance minister of the southern state of Kerala, which accounted for about a quarter India’s migrant labor in 2005.

Dubai World, the emirate’s investment company, roiled markets as it sought a “standstill” agreement to delay repayment on much of its $59 billion of debt. Dubai suffered the world’s steepest property slump in the global recession, with home prices dropping 50 percent from their 2008 peak, according to Deutsche Bank AG. Most Indian migrant workers are employed in the Gulf’s construction industry, according to the government.

“It’s quite likely that Dubai will face a severe downturn in the real estate and financial sectors and that will affect remittances and jobs,” Issac said in an interview at his office in Thiruvananthapuram yesterday.

Remittances from the Middle East account for about 25 percent of Kerala’s economy, Issac said. India received $52 billion of remittances last year, according to the World Bank, making it the world’s largest recipient of money from migrant workers. China got $49 billion.

‘Excesses’

“We’re bound to see a rise in risk aversion,” Arnab Das, the London-based head of market research and strategy at Roubini Global Economics said in an interview. “The Dubai situation signifies that although the major central banks around the world have stabilized the financial system, they can’t make all the excesses simply disappear.”

India’s stocks, currency and bonds fell on concern investors may shy away from riskier emerging market assets over losses stemming from the turmoil in Dubai. India’s benchmark stock index dropped 1.3 percent yesterday, while the rupee lost 0.5 percent.

There’s no need to panic over the potential adverse impact on India’s economy, the Times of India cited Finance Minister Pranab Mukherjee as saying. Remittances from Indians working overseas may not be severely affected, he said.

Larsen & Toubro Ltd., India’s biggest engineering company, has receivables of as much as $25 million from three companies in Dubai, Executive Vice President R. Shankar Raman said in a telephone interview. DLF Ltd., India’s biggest property company, software-services providers Wipro Ltd. and Infosys Technologies Ltd. said the crisis in Dubai won’t affect them.

Emaar MGF Land Ltd., the Indian joint venture of Emaar Properties PJSC, said the Dubai crisis has no impact on its local operations and its funding plans for property development in India are on track.

“We must measure the extent of the problem there and how it might impact India,” India’s central bank Governor Subbarao said in Hyderabad, India, today. “On Dubai alone, I want to say, that we should not react to instant news like this.”

Dubai is one of seven sheikhdoms in the U.A.E. The Gulf state had borrowed $80 billion in a four-year construction boom to transform its economy into a regional tourism and financial hub.

ninenine

November 30th, 2009, 02:32 PM

Hello! 'newbie here. Hoping that some kind souls would help me.

Are there any condo units (studio/1 bedroom) left located within Manila (Taft/Malate) that has a price range of not more than 2M with MA + extra charges of less than 20k?--With good amenities such as fitness hub/gym...etc..

Here's what I'm looking for:

Condo Type: Preselling / RFO (much better if fully furnished.)
Turnover: Late 2010 or Early-late of 2011
Location: Manila--Taft--Malate--University Belt
Condo Unit: Studio Type/1 Bedroom (a room that could fit 3 people at least.)
Size: 22or24sqm -- up
Price: Not more than 2M php with MA + extra charges of less than 20k. (through bank financing)
Amenities: Basic to Good amenities including a fitness gym etc..

*I've looked into One Archers Place but the prices have already increased to 2.2M+:ohno:. SM Residences and Avida Towers are good candidates but I'd like to explore other possibilities. I'm on a tight budget. However, I'm also looking for a dwelling place that is simple yet elegant or in other words; fancy but cheap.XD

**pardon the emphasis on fitness gym, the people that will occupy it are fittards & gymnerds. (word fail = yes.)

-----
Thank you and Bless you for taking the time to do this.:)

Climax777

December 1st, 2009, 08:10 AM

^^If somebody is interested in Alabang area (FCC):

Furnished West Parc Studio Unit for SaleFloor area: 38 square meters with air conditioner,refrigerator,bed,sofa,
diningroom set,microwave,stove and wardrobe closet.
Sale asking Price: 3.1M cash or for rent 25,000 per month.
for inquiries/interested PM me.

Or if any agents here in SSC pwede niyo rin i deal ito

Retro

December 10th, 2009, 08:51 AM

Glut in office space may last until 2010 :ohno:
by Elaine R. Alanguilan
Manila Standard Today - Dec. 10, 2009

OFFICE space is likely to remain in surplus next year with rents remaining steady as the global credit crisis trims demand and builders boost supply, the multinational real estate services company CB Richard Ellis said Wednesday.

“There’s a huge oversupply,” said Joey Radovan, vice chairman of CB Richard Ellis Philippines.

This surplus was likely to keep rents stable next year and allow occupants to expand their businesses, he said.

New office take-up reached 158,319 square meters in the first nine months compared with 225,000 square meters for all of 2008.

New supply was expected to rise to 700,000 square meters this year from 300,000 in 2008, and more than 500,000 square meters would likely be completed in 2010, the world’s biggest commercial property broker said.

Weaker demand had caused rental rates to fall from between 40 percent and 46 percent to between P650 and P850 a square meter so far this year, levels last seen in 2006, Radovan said.

Despite the drop in rents, major property developers were able to post year-on-year growth in revenues in the first nine months, said Rick Santos, chairman of CB Richard Ellis Philippines.

“Real estate products will continue to sell given market demand, but must be in the right location and responsive to buyers expectations as to price, quality and timely delivery,” he said.

The SM group, with SM Prime Holdings and SM Development Corp., leads the industry with its affiliate Anchor Land Holdings. The group focuses on retail malls, residential condominiums and hotel developments across the country.

SM Development, the SM Group’s middle-income residential condominium development arm, posted a P1.3-billion net income for the first nine months.

Santos said skeptics continued to discourage developers from building residential condominiums, but SM Development had found a niche and captured buyer interest. To sustain this momentum, SM Developent had lined up four new projects for 2010 and scheduled their financing.

Analysts say there is no let-up in retail mall development across the country. New markets with pent-up demand for modern retail facilities are being pursued by the major retail developers such as Ayala Land Inc., SM Prime and Robinsons Land Corp.

And developers such as Ortigas & Co, Greenfield Development Corp., DMCI Homes, Phinma Properties Inc., and Rockwell Land Corp. are venturing into projects tapping the growing demand for affordable residential housing and condominiums.

Santos said these developers had significant landholdings and strong balance sheets, allowing them to launch and complete well-planned real estate projects.

“This trend is expected to continue into 2010 and onwards as the Philippine economy slowly but surely regains its growth momentum,’’ Santos said.

planetjester

December 16th, 2009, 03:52 AM

Anyone still out looking for a studio unit for One Central?

Retro

December 24th, 2009, 12:57 PM

BIR to intensify collection of estate taxes
abs-cbnNEWS.com | 12/24/2009 6:57 PM

MANILA, Philippines - The country's main revenue agency vowed to intensify collection of estate taxes on inheritance following dismal compliance among families of deceased individuals.

"We feel there is a large amount of non-compliance on estate tax," Bureau of Internal Revenue (BIR) Commissioner Joel Tan-Torres said.

An estate tax is a tax on the right of a deceased person to transmit his/her estate to heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition.

Essentially, it is not a tax on property but a tax imposed on the privilege of transmitting property upon the death of the owner. It should be filed within 6 months from decedent's death.

Only 30,000 filed for estate taxes in 2008, data from the BIR showed. Tan-Torres said the number should have been much higher considering that the National Statistics Office has been recording about 400,000 deaths annually in the country.

Tan-Torres vowed they would launch stricter monitoring of the transfer of properties to heirs under the BIR's "Rest in Peace" program.

Under the law, a net estate amounting to P200,000 or less is exempted from estate tax while a 5% estate tax is collected from net estate amounting to P200,000 to P500,000.

The estate tax rate is P15,000 on estates valued between P500,000 and P2 million, plus 8% on amount in excess of P500,000; P135,000 on between P2 million and 5 million, plus 11% in excess of P2 million; P465,000 on between P5 million and P10 million, plus 15% in excess of P5 million; and P1.215 million on over P10 million, plus 20% in excess of P10 million.

On large transfers of inheritance in excess of P10 million, the BIR noted that some families have been trying to evade proper tax payment by transfering the properties to the names of the heirs even before the death of the owner of the properties so that the tax to be paid is just the donor's tax, which represents only 15% of the value of the property.

Retro

December 29th, 2009, 09:55 AM

HK economy may fall :ohno:
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_471518.html

HONG KONG - HONG KONG's Chief Executive Donald Tsang on Tuesday sounded a pessimistic note on the city's economic recovery, warning it may experience a 'double dip in the middle of next year.' Mr Tsang said from Beijing that Hong Kong's economic recovery 'would not proceed smoothly, and I am prepared,' according to Dow Jones.

'I am a bit pessimistic about the pace of recovery and we may experience a double dip in the middle of next year,' said Mr Tsang, who travelled to Beijing on Sunday to meet with Chinese leaders.

However, he said the city's government had a reserve of 500 billion Hong Kong dollars (S$90 billion), which was 'enough for two years worth of expenses,' RTHK reported.

The city's GDP grew 0.4 per cent in the three months ending September 30 compared to the second quarter, according to government statistics.

However, year-on-year, GDP fell 2.4 per cent for the third quarter, narrowing from the 3.6 per cent decline in the second quarter, the data showed. -- AFP

Retro

January 4th, 2010, 03:20 AM

No real estate bubbles foreseen despite low-interest regime
BusinessWorld Onlne - January 4, 2010

The Bangko Sentral ng Pilipinas (BSP) said asset price bubbles have not yet manifested in the Philippines as seen in the stable property values in prime areas in Metro Manila.

BSP Governor Amando M. Tetangco, Jr. told reporters after a briefing late in December that the hike in property prices in Makati, Ortigas and Mandaluyong have been moderate.

“We don’t see an asset bubble right now. Both rentals and property prices have been relatively stable or have eased somewhat. Vacancy rates have also been declining which means there is demand,” he said.

Mr. Tetangco earlier said that while asset bubbles could cause inflationary pressures if not checked, the low-interest regime is not stoking such developments yet. The BSP has kept the overnight borrowing rate at a record low of 4% since July to help the economy against the global downturn
Claro G. Cordero, Jr., head of research and consultancy at Jones Lang LaSalle Leechiu, agreed that the Philippines does not have to worry about asset bubbles, based on the trend in prime property values.

“With regards to prices and rentals and capital values, the developers and owners have been quite realistic. As we have mentioned in our property briefing rentals have gone down from peak levels in second quarter 2008,” he said.

Mr. Cordero said the price of prime office space in Metro Manila has now gone down to P800 per square meter (sq. m.) from its peak of P1,200 per sq. m. in 2008, while rentals are at P600 to P700, lower by up to 40% from last year.

“The market knows the realistic prices. The reason there are no bubbles here is that most investors have been quite conservative in the Philippines. Even during the peak period, it was the local investors driving the market,” he said.

Victor J. Asuncion, research director at CB Richard Ellis Philippines, Inc., concurred, saying that development of other business districts also help moderate the upward movement of property prices.

“Alternative business districts temper any sudden surge in demand in traditional districts like Makati, Ortigas and Fort Bonifacio,” he said.

Mr. Cordero also noted that the Philippine real estate market is not as developed as in neighboring countries.

“In other countries there are instruments in real estate that allow for easier pullout of investments. That benefited us. The foreign investors going to other markets are speculators who want to drive prices up,” he said. -- Don Gil K. Carreon

raf

January 4th, 2010, 03:27 AM

Give me some of that. :lol:
Great investment property - Very low risk.

$500-$900/monthly rental for a $40,000 investment - Cash Money!
Imagine P24k - P42k rental for a P2M investment...

Plus, the potential of the property value going up in the future (Big upside)

I guess some people are just haters - Just can't be happy for other people's good fortune... :ohno:

kind of funny cause i was browsing through the pages and saw the dude's condo he(she?) recently bought. I bought a house and lot for just half the price he paid for his condo, and still it didn't seem to pass his standards? Dude is like staring at the sun in an attempt to document a couple of sunspot blemishes.. I could always replace my airconditioner and gas-range with the best ac's and stoves available, and the package is all complete. But with a condo, and even with limitless funding, i doubt if his homeowners' association(yep, that association he pays monthly dues for and forever!) will allow him to have his own garage built and attached to his condo unit. No yard to have one's private pool built, no private place to barbecue, raise flowers and vegetables, and no place to play pingpong, basketball, etc. Incidentally, he posts comments like a rockstar, but i seriously doubt his homeowners association and next door neighbor will allow him playing his electric guitar, even if the power cord is unplugged. :lol:

not the 'expert' he portrays himself/herself to be, i just realized...

todjikid

January 15th, 2010, 03:31 PM

If I remember correctly, the Maceda Law is advantageous to holders of CTS, when the property is not yet titled in your name like that of pre-sold condos.

I also note here that payments for interests due to failure to pay on time are not part of the refund. In addition, the Maceda law has a 30 day grace period on payments for every year that you have paid which you can use once every 5 years. The Maceda law also affords you the right to prepay your loan's principal ahead of schedule (Acceleration of payment), the right to transfer your rights and right to be informed 30 days ahead of the cancellation of contract.

When paid less than two years, I believe you are not entitled to any refunds but are still afforded the 60 day grace period to pay the installment which began when the last installment became due. When still unable to pay, the developer has the right to cancel after 30 days of receipt by the buyer of a notarial notice cancelling the contract.

Based on what I experienced back in 2003 before I became a broker, the CTS for a condo from my developer had a clause which waives the right of refund negating the Law or some of the rights above, so be very vigilant when signing THAT contract to sell. Learn from my mistake. :bash:

I believe in the case of the Jesus from Cavite, given the few details, the HGC may already have a lien on the title through a mortgage and this could be why HGC is already planning to foreclose.

From what I can remember, due to the title and nature of a mortgage, the owner will not be able to apply the benefits of the Maceda Law. He has however, an ace left up his sleeves. He has the right to redeem the property one year from date of foreclosure.

in contracts, even if it says you waive your right (say Maceda Law), and you signed gleefully, the developer still cannot invoke it. The clause becomes unenforceable simply because it is unjust.

Retro

February 1st, 2010, 03:58 PM

January 13, 2010

Homeowners, Homeowners Associations' Rights Protected
in Magna Carta - Zubiri

"The rights of homeowners and homeowners associations are well-protected and will cut conflicts now experienced in many communities with the enactment of the Magna Carta for Homeowners and Homeowners Associations or Republic Act 9904," according to its main author Senate Majority Leader Juan Miguel F. Zubiri.

"In very clear and specific language the law laid down the rights and responsibilities of homeowners and the guidelines on the operations of homeowners associations," said Zubiri, past chairman of the Committee on Housing, Urban Planning and Resettlement now chaired by Senator Rodolfo Biazon.

"From now on, homeowners and homeowners association members will be supported by the law's clear provisions and guidelines ensuring their right to avail of basic community services and facilities due them. There will be less frustrations on both sectors."

"The Magna Carta will be the vehicle to bring peace and comfortable living conditions in many communities," he said.

"This law will benefit all homeowners from the different socio-economic classes. We made sure that the benefits will be encompassing. Homeowners are defined as 'not only those living in titled homes and lots in subdivisions but to lessees, awardees, beneficiaries, or occupants in government socialized or economic housing or relocation projects, and even underprivileged and homeless citizens while they are in the process of being accredited as beneficiaries or awardees of ownership rights under the CMP, LTA, and other similar programs.' "

Zubiri clarified that "contrary to earlier perceptions, this law was not made for rich residents of gated subdivisions only. Lessees in government socialized housing projects or urban estates and those in communities of underprivileged and homeless citizens are also considered as homeowners for the purpose of qualifying as a member of a homeowners' association without need of any written consent or authorization."

"We tried our best not to leave gray areas to prevent conflicts and confusion." Zubiri said the rights and benefits of homeowners, both members and non-members of homeowners associations, are enumerated in the law. The rights of a member are as follows: "(1) to avail of and enjoy all basic community services and the use of common areas and facilities; (2) to inspect association books and records during office hours and to be provided upon request with annual reports, including financial statements; (3) to participate, vote and be eligible for any elective or appointive office of the association subject to the qualifications as provided for in the bylaws; (4) to demand and promptly receive deposits required by the association as soon as the condition for the deposit has been complied with or the period has expired; (5) to participate in association meetings, elections and referenda, as long as his/her bonafide membership subsists."

On the other hand, members have the following duties: "(1) to pay membership fees, dues and special assessments; (2) to attend meetings of the association; and (3) to support and participate in projects and activities of the association." The bylaws shall contain the definition and procedure of determining who are delinquent and administrative sanctions even as it guarantees their right to due process.

The rights and powers of the association are provided for, such as:

"- regulate the use, maintenance, repair, replacement and modification and modification of common areas and cause additional improvements to be made part of the common areas: Provided, That the aforementioned do not contradict the provisions of the approved subdivision plan;

- regulate access to, or passage through the subdivision/village roads for purposes of preserving privacy, tranquility, internal security, safety and traffic order;

- ensure the availability of quality water services at a reasonable price and, at its option, administer and manage the waterworks system of the subdivision;

- impose or collect reasonable fees for the use of open spaces, facilities and services of the association to defray necessary operational expenses, subject to the limitations and conditions imposed under the law, the regulations of the board and the association's bylaws;

- subject to consultation and with the approval of a simple majority of the association members, allow the establishment of certain institutions such as, but not limited to, schools, hospitals, markets, grocery stores and other similar establishments that will necessarily affect the character of the subdivision/village in terms of traffic generation, and/or opening the area to outsiders � Provided, That such prior approval shall not be necessary for the establishment of sari-sari stores; and,

- suspend privileges of and services to and/or impose sanctions upon its members for violations and/or noncompliance with the association's bylaws, rules and regulations," among others.

Zubiri also stressed that the Magna Carta strengthens the accountability of association directors, trustees and Board. "Through a signed petition of a simple majority of the association members in good standing, subject to verification and validation of the HLURB, a director/trustee may be removed for causes provided in the bylaws of the association: Provided, That if a majority of the members of the board is removed, it shall be considered a dissolution of the entire board, in which case, Section 14 hereof shall govern. a signed petition of two-thirds (2/3) of the association members subject to verification and validation of the HLURB, the board of the association may be dissolved for causes provided in the bylaws of the association."

"Until the new board members shall have been elected and qualified, the HLURB shall designate an interim board: Provided, That, such board shall be composed of association members in good standing: Provided, further, That such interim board members shall not be eligible to run in the election called for the purpose of replacing the members of the dissolved board."

The Magna Carta also provided for the duties and responsibilities of the HLURB. Among which are as follows: "Regularly conduct free orientation for officers of homeowners' associations or deputize another competent agency to conduct the orientation; Formulate and publish a Code of Ethics and Ethical Standards for board members detailing prohibited conflicts of interest; Hear and decide intra and/or inter-association controversies and/or conflicts, without prejudice to filing civil and criminal cases by the parties concerned before the regular courts: Provided, That all decisions of the HLURB are appealable directly to the Court of Appeals."

The HLURB is also authorized to ask the assistance of the Philippine National Police and other law enforcement agencies and instrumentalities of the government if necessary to rightfully enforce its functions.

Zubiri stressed the Magna Carta would "hopefully put an end to the confusion on where to register homeowners' associations. All homeowners' association shall register with the Housing and Land Use Regulatory Board (HLURB), instead of listing with the Securities and Exchange Commission (SEC). This will immediately lessen future conflicts and unify fractured homeowners belonging to different associations in one community."

He explained that while existing associations previously registered with the Home Insurance Guarantee Corporation (HIGC) or SEC would still be recognized, the associations could opt to register anew to the HLURB without penalty after the law becomes effective.

As to the activities of local governments such as zone reclassification, the law mandates the LGU to first get the consent of the homeowners in the area targeted for reclassification before these are undertaken.

The Magna Carta also provided for prohibited acts, among them: To deprive any homeowner of his/her right to avail of or enjoy basic community services and facilities where he/she has paid the dues, charges and other fees for such services; To prevent any member in good standing from participating in association meetings, elections and referenda. Violations of the Magna Carta shall be punished with a fine of not less than P5,000 but not more than P50,000 and permanent disqualification from being elected or appointed as members of the board, officer or employee of the association.

Zubiri turned over a signed copy of the Magna Carta for Homeowners and Homeowners Associations in simple ceremony at the Senate of the Philippines. Homeowners and homeowners associations were in attendance, among them Danilo Mendoza representing Alliance of Quezon City Homeowners Association; Bonifacio Dazo, Federation of Las Piñas Village Associations; Atty. Mario Jalandoni, FORA; and Atty. Ed Magpantay, Parañaque Federation of Homeowners Associations.

The turn-over was witnessed by the Housing and Land Use Regulatory Board represented by Romulo Fabul, HLURB Commissioner. The Village Voice, a community paper in Makati City the Village Voice also sent their representative Sigmund Tesorero,Ms. Nelia Estrevencion of SSANGKAP and Marie Allanosa also of the Federation of Las Pinas Village Association, Mr. Anto Ocampo, and Ms. Andrea Rebustillo, Manolo Dayrit.

Retro

February 1st, 2010, 03:59 PM

Homeowners’ association given expanded powers
Manila Standard Today - Feb. 1, 2010

PRESIDENT Gloria Arroyo has signed into law a bill laying down the guidelines on how homeowners’ associations should operate and settle conflicts and ensuring they receive community services.

Republic Act 9904, the Magna Carta of Homeowners and Homeowners’ Associations, covers people who own lots, those who rent or lease housing units, and squatters being awarded the plots of land they have been occupying illegally.

“It is hereby declared the policy of the State to uphold the rights of the people to form unions, associations or societies and to recognize and promote the rights and the roles of homeowners as individuals and as members of the society and of homeowners’ associations,” says the law’s declaration of policy.

The law empowers the members of homeowners’ associations to enjoy basic community services and facilities and to have access to their associations’ records.

But the same law now requires them to pay their dues and and to participate in their associations’ activities. It also requires homeowners’ associations to register with the Housing and Land Use Regulatory Board, the government agency tasked to oversee them and to mediate conflicts between homeowners’ associations and any of their members.

Lawmakers say the law was created in light of mounting cases before the courts involving homeowners and homeowners’ associations, which are difficult to settle in the absence of a Magna Carta covering them. Joyce Pangco Pañares

bat21

February 16th, 2010, 03:32 AM

--------------------------------------------------------------------------------

Make it simple guys but what is the difference between an apartment and condominium? Please list all the differences.
Thank you and God bless . . .

Retro

February 18th, 2010, 07:52 AM

^^ To bat21 here's my input to your question

Apartment

* usually its a medium rise building
* multi-dwelling concrete structure
* multiple owner or individual owner
* individual water and electric meter (not sub-meter)
* No common ammenities like club house, swimming pool, gym, playground, playing court
* common laundry area if provision
* common parking space sometimes no provision for parking
* Maybe common security guard, common maintenance personnel
* If 4 storey below no provision for elevator
* Less density in terms of units per floor

Condominium

* typical comprises of several medium rise building or a high rise building
* multi-dwelling concrete structure
* govern by condominium corporation
* centralize water system, centralize electric meter (typically sub-meter per unit)
* parking space have seperate title
* centralize ammenities such as swimming pool, clunhouse, sport gym, playground, playing court, garden or small park
* some condominium have provision for individual laundry area while others have none.
* At least 5 storey high or more
* Has provision for elevator
* Centralize common area such as lobby
* Centralize security, janitorial, plumbing, etc.
* medium to high density units per floor
* individual multiple owner

b_two

February 20th, 2010, 08:37 AM

definitely a house and lot for me.

condo units are so expensive plus you need to pay dues and other fees for the use of ammenities.

condo-living has it advantages, as mentioned in previous posts, but imo for someone who wants to raise a family and has only one chance to purchase a property considering availability of funds and income it would be more practical to avail a house and lot.

studio-type condo units (~25 sqm) cost somewhere around 1.5 m - 2.5 m, and with the same amount you could actually purchase a decent house and lot (~100 sqm lot area).

if you already own a house and lot, and still has disposable income then i think that's the right time to consider investing in a condo unit.

tonyboy

February 20th, 2010, 08:43 AM

^^..i most definitely agree...:banana:

btw..my brother is a mapuan...viva :)

.

Gatas_ni_Maria

February 20th, 2010, 12:19 PM

I definitely prefer a house and lot. But I couldn't afford one here in the metro. For someone like me who doesn't own a vehicle, location is extremely important.

Yung mga bahay na nakikita ko eh Cavite or Lagun. Hindi naman yun practical for me.

bustero

February 20th, 2010, 04:41 PM

personal preference but there will be less choices for house within metromanila as land goes up in value due to scarcity

Retro

February 23rd, 2010, 03:49 AM

^^ Nowadays its not economical to get your own house & lot within M. Manila. Since most available units are extremely expensive and hard to find. The only good finds its either you go farther north (Bulacan), farther east (somewhere in Antipolo) or farther south (some where in Paranaque, Las Pinas).

This mean the only way to get a good dwelling inside the city is we go vertically up. By means of getting a medium rise or highrise condominium.

Another factor you should consider in choosing your future dwelling if you can withstand the travel time between your residence and your work place. Meaning spending many hours either in your car and public transport.

I have a friend who live in Cavite and Laguna and work in Makati/Ortigas. They need to be on the road around 4-5am in the morning and arrive home at around 9-10pm daily. Would you waste your time in traffic rather than spending quality time with your family?

Not to mention additional money you need to spend for gasoline, toll fee and incidental cost just to go home to your house & lot.

Just try to imagine that my friend? Would you??... :cheers:

b_two

February 23rd, 2010, 06:57 AM

^^^^

as i mentioned in my post, there are advantages in condo-living as well as in owning a house and lot.

With your own yard and generally more square-footage, houses tend to be more family friendly. A fenced-in backyard for children to play in can be a big benefit. Plus, a house allows the option of having pets that may not be permitted in a condo.

Not only do kids need space, so do most grown-ups. If you’re a couple, you have to determine how much time you will be spending together at home and whether or not you need quiet, private rooms. The same is true if you work from home or have a hobby that requires dedicated space.

Most condominiums have monthly maintenance fees. The money goes toward the collective upkeep and development of the property. Combine these fees with monthly mortgage payments, inusrance and taxes and you end up paying more for a condo than a house of equal value.

How your condo fees are spent is the purview of the condo board. You could find yourself subsidizing the salary of a concierge or the maintenance of a parking garage you don’t use. And what if you want to do some renovations? Yes, the condo board decides that, too.

usually, parking space is not provided in condos so you'll end up paying a couple of hundred thousand pesos more just to have a niche for your beloved automobile.

Of course, regardless of whether you buy a house or a condo, it’s important to do your homework and consider the future of the neighborhood you’re buying into. The old axiom of “location, location, location” remains true for both. Each is a significant investment, and you need to find a safe and vibrant neighborhood capable of nurturing your investment into the future.

TheEngineer

February 23rd, 2010, 11:22 AM

^^^^

as i mentioned in my post, there are advantages in condo-living as well as in owning a house and lot.

...... A fenced-in backyard for children to play in can be a big benefit.....

.... Most condominiums have monthly maintenance fees. The money goes toward the collective upkeep and development of the property. Combine these fees with monthly mortgage payments, inusrance and taxes and you end up paying more for a condo than a house of equal value. ....

Some condo developments offer dedicated space for children to play.

Almost all condo developments have gym facility, and swimming pools that we
seldom see in houses and lots due to financial constraint/s.

You forget to mention that a house and lot also requires maintenance that is, more often than not, costlier.

Don't they (house and lot owners) pay mortgage, insurance, and taxes? Everybody does! :bash:

b_two

February 23rd, 2010, 12:51 PM

^^^^

i read my post over and over again just to make sure if i mentioned anything about house and lot owners not paying mortgage payments, insurance, and taxes but i did not... i clearly stated, "you end up paying more for a condo than a house of equal value."

and the maintenance fee i was talking about has got nothing to do with repairs within the condo unit but with the upkeep of all facilities and amenities of the entire building.

yes, most homes do not have swimming pools and gym but these facilities are being paid for by condo unit owners through their dues. it is not for free. and there are also good subdivisions that have the same amenities as these and more. and like that in condos... it is not also free.

again, i will repeat, there are advantages in condo-living as well as in owning a house and lot.

prisma328

February 24th, 2010, 07:36 AM

--SuperB0y--

February 25th, 2010, 06:10 PM

Its so not worth it- wasting time & energy travelling to & from work.

an idea that is now being accepted by majority. there was a time that affordable House and Lot in far away places boomed. but time passes and many realized the the downside of owning H&L in remote places. sayang talaga sa oras and energy! imagine just having 6 hrs of rest/sleep/etc bacause you have to be on the road for 6-8 hrs! such a waste of time and energy!

no wonder affordable condo units (no matter how smallish they become) near places of work are starting to boom! it's a no brainer! you have to be near where you work!

BUT if you have enough money to buy a H&L within the metro, then by all means, buy one.

zandro888

March 6th, 2010, 08:28 AM

Aziza1121

March 6th, 2010, 06:26 PM

^^What project and who was the developer?

carrotcake

March 15th, 2010, 04:42 AM

lansv

March 15th, 2010, 02:42 PM

Hi!

I am in the stage of condo shopping. I checked out a lot of pre-selling condos in makati.

is there a condo in makati that is worth less than 4M and 40 sqm? Usually kasi its around 4.1 to 4.3M

thanks

Kung ok sa 'yo ang mid-market condo, you can combine two studio units in Beacon. One studio unit is 21 sqm and price is between P1.839M - P1.952M.
Please check also the prices of Eton Tower Makati, Lerato, Jazz and One Pacific Place

Retro

March 19th, 2010, 07:29 AM

GMA inks land titling, tax info sharing laws
BusinessWorld - March 19, 2010

TWO LANDMARK LAWS -- one allowing the sharing of taxpayer information with foreign entities and another making it easier for Filipinos to secure land titles -- have been signed into law by President Gloria Macapagal Arroyo.

Approval of Republic Act 10021, or the Exchange of Information on Tax Matters Act of 2009, was prompted by the Organization for Economic Cooperation and Development’s (OECD) blacklisting the country as a tax haven last year.

"It is the declared policy of the State to promote and pursue tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration to comply with its commitments under existing international conventions or agreements on tax matters," Section 2 of the new law, signed by Mrs. Arroyo last March 5, states.

It allows the Bureau of Internal Revenue chief to inquire into bank deposits and other related information held by financial institutions following a requests by a foreign tax authority.

The new law likewise allows a foreign tax authority to examine the income tax returns of taxpayers in the country.

Local authorities had previously said they could not comply with the international tax information standard given bank secrecy laws, among others.

While the Philippines was quickly put on by the OECD on a "grey" list last year after local officials committed to pass relevant laws complying with an international tax standard, France last month said the country was on its list of tax cheat-friendly states.

Mrs. Arroyo, meanwhile, also signed into law Republic Act 10023, otherwise known as the Act Authorizing the Issuance of Free Patents to Residential Lands, last March 9.
It amended Commonwealth Act 141 or the Public Land Act.

The new law states that Filipinos who occupy untitled residential lands for at least 10 years -- down from the previous requirement of 30 years -- may apply for titles.
It also makes it easier for landowners to apply for titles as they simply have to apply for one at the Department of Environment and Natural Resources without the need to hire the services of a lawyer.

Landowners, however, will only be given titles as long as the land will be used for commercial purposes.

Banks are expected to benefit from the new law as the land titles can be used as collateral to secure loans from banks.

"This will boost lending since the landowners will now have collateral for borrowing," Chamber of Thrift Banks Executive Director Suzanne I. Felix said in a text message yesterday. -- G. S. dela Peña

|

rubix_cube321

March 26th, 2010, 02:03 AM

Hi. i just what to know your opinion about megaworld as a developer. i heard so many horror stories about megaworld. like fully paid units being repossessed because of their unability to produce the cts. many contractors complaining about megaworld not paying them for their service. i even heard a rumor that resort world is complaining kasi mahirap daw silang kausap.

prisma328

March 27th, 2010, 04:46 PM

Here you go:

http://www.pinoyexchange.com/forums/showthread.php?t=261981&page=4

dunamis

March 28th, 2010, 01:45 PM

My unit in Bellagio turned out nice. Its developed by MW also.

lim803

March 30th, 2010, 12:11 PM

Studio unit and park for re-sale at Crown Tower, University Belt Manila.

Kindly PM me or email lim.803.biz@gmail.com if interested.

carrotcake

March 30th, 2010, 12:31 PM

carrotcake

March 30th, 2010, 12:32 PM

Kung ok sa 'yo ang mid-market condo, you can combine two studio units in Beacon. One studio unit is 21 sqm and price is between P1.839M - P1.952M.
Please check also the prices of Eton Tower Makati, Lerato, Jazz and One Pacific Place

Thanks lansv. I am fine with mid-market condo. I already checked Lerato, Jazz.. expensive sila. Mga 105k plus per sq m.

doownn

April 2nd, 2010, 04:14 AM

Payment Plan / Mode of Payment in your purchased units or for people who are also planning to purchase their future units?
Please share some thoughts, advices, comments, reactions, suggestions or anything related to payment schemes will be appreciated.. :)

1. Cash
- Reason why you choose this payment type
- Discounted price from the TCP

2. PAGIBIG Financing
- Name of Developer & Project
- Required documents
- Location and How to process the documents
- Processing period
- Interest Rate
- Date of purchased
- Reason why you choose this payment type

3. Bank Financing
- Name of Developer & Project
- Location and How to process the documents
- Required documents
- Processing period
- Interest Rate
- Date of purchased
- Name of Bank / Location
- Reason why you choose this payment type

4. In-House Financing
- Name of Developer & Project
- Location and How to process the documents
- Required documents
- Processing period
- Interest Rate
- Date of purchased
- Reason why you choose this payment type

Please provide Additional Tips or Guide for newbies in the real estate business. Thank you. :)

tobitab

April 2nd, 2010, 07:33 PM

richard24

April 3rd, 2010, 05:21 AM

tj_brewed

April 3rd, 2010, 05:26 AM

^^ mas mataas ang interest ng inhouse, pero less requirements.

tj_brewed

April 3rd, 2010, 05:28 AM

I invested a unit in La Breza Tower. Mine is 20% downpayment spread in 36 months with no interest then either Pagibig or bank financing upon turn over. Unionbank offers upto 15 years. BPI is 5 to 10 years, mas strict sa requirements compared to Unionbank.

RLC projects have good tie up with good banks too (BDO, BPI, and Unionbank).

richard24

April 3rd, 2010, 06:29 AM

^^ ano pang banks ang maganda apart from Unionbank? :)

btw, ganda ng 36 months for the 20% ah, ang gaan. :)

tj_brewed

April 3rd, 2010, 08:30 AM

^^ ano pang banks ang maganda apart from Unionbank? :)

btw, ganda ng 36 months for the 20% ah, ang gaan. :)

Yup...kaya amongst the projects that I sell and market (RLC, Avida and Sta Lucia), I invested towards La Breza kc its the project with the friendliest payment scheme - something which I can afford and pwede ko pang ipasok sa Pagibig after. And nakatayo na ang building, tinatapos na lang.

Re banks, BPI and BDO.

SCUD.

April 4th, 2010, 03:30 AM

Not sure if this correct thread for this but I'd like to know , especially from investors based abroad, on how they remit their payments.
What's the best option so you could maximize the highest conversion to peso?
Which remittance service do you use?
Is it better to remit in dollar then just convert to peso in the Philippines?
Thanks for any input.

In my case I opened a checquing account when I was in the Philippines and issued PDCs for my unit. Once every two months, or everytime Canadian dollar is of good value - like now CAD is at parity with USD - I send money to my Philippine account via remittance centres. I find them cheaper than sending money thru banks although it takes them 3 days to deposit the money (pinagkakakitaan din nila ang interes :D) . I'm not worried anyway coz I availed of remote statement from my bank so I monitor every transactions, deposits and withdrawals, by email.

There's nothing much you can do about maximizing the currency conversion. Kung talagang malapit na ang due date kahit pa mababa para sa'yo ang palitan mapipilitan ka pa rin magpadala. A few months ago, when the interest rate was an all time low, I refinanced my mortgage and consolidate all my debts. I had a fixed 5.05% 5 year term for my house here, then a good deal for me and was below average, when the housing crisis happened the interest rate dropped to 3.8% . With good bullying tactics plus excellent credit I convinced my bank to blend the rates kahit hindi pa tapos ang term ko. I didn't have to pay the penalty also, which is good dahil talagang lalayasan ko sila...hehehe. Of course you can only do these kung steady ang source of income at mataas ang credit scores mo. Canadian banking is the soundest and the best banking system in the world, mahigpit at kuripot sila magpautang..walang subprime mortgage dito. So the money that I saved from lowering the interest rate of my mortgage here covers the payment for my condo unit there, which is 0% interest for 5 yrs. by the way.

cool_78

April 4th, 2010, 04:29 AM

Ako naman I bought one unit in cash with cityland and another with smdc naman with 20% down 36 months @ 0% interest to pay and 80% balance upon turnover which I plan to pay in cash.

Ganda talaga ng 20% down 36 months to pay na 0% interest. Even if you can pay in cash, I suggest you don't yet even if the developer is giving cash discounts for paying the whole amount. You can earn equal or more than the discounted amount by placing it in various financial instruments and you also limit your risk in case of non delivery by the developer since you are only paying the small M.A but remember to stay liquid.

rubix_cube321

April 6th, 2010, 12:38 AM

we're still paying for the 20% down for GA skysuites. 0% interest spread for 2 years. we're still unsure if we're going to choose bank financing or inhouse after the 20%.

what are advantages of bank or in house? what would be more advisable (mode and length of payment)? thanks :)

interest rates of inhouse financing is always higher ... commercial banks are 9-12%. in house can go upto 20% interest annually. as for pag ibig, interest rates are comparable to commercial banks but they have tougher requirements but they allow longer financing. upto 25 years to pay.

almycha

April 6th, 2010, 03:18 AM

One advantage of getting a loan from Pag-ibig (based on my first loan) is that if you have extra cash say 50,000 or less Pag-ibig will accept your extra cash and credited this extra cash from the principal (provided you have no arrears)

While the bank like East West Bank If you have a loan with no arrears and wants to pay extra cash. East West Bank will penalize you 3% of the extra cash that you plan to pay and the remaing 97% will go to the principal.

It happened to us two months ago when we tried to pay P100,000 of the remaining P300,000 mortgage loan. The bank told us that 3% of P100,000 or P3,000 will be a sort of penalty and P97,000 will only be credited to the principal. We refused and will just wait on the anniversary date (July xx, 2010) and we will pay the remaining balance.

I would suggest that when dealing with banks make sure that you include as one of the
conditions that:
1. There should be no penalty for early full payment of the loan.
2. There should be no penalty if you want to pay any amount in excess of your monthly amortization.
3. Any amount paid in excess of your monthly amortization will be credited to the principal

skywalker2008

April 6th, 2010, 03:28 AM

BPI is currently offering very low interest rate, e.g. 8.75% fixed for up to 5yrs. Better check their website. :)

almycha

April 6th, 2010, 03:41 AM

carrotcake

April 6th, 2010, 04:08 AM

@SCUD: Very informative! thanks

cool_78

April 6th, 2010, 06:26 PM

almycha

April 6th, 2010, 10:44 PM

you could give psbank a try almycha, they have the prime rebate which actually encourage you to pay in advance and rewards you by giving rebates here's more info (http://psbank.com.ph/global/module.php?LM=whatsnew&id=1258454727599) about it and if anyone want's to apply, I can refer you to a branch head that can personally assist you. Just give me a pm.

Thanks. Psbank gives rebate if you are paying in advance or your payment is in excess of the minimum monthly payment. I will get back to you within 3 months or less.
This is a better deal than banco de oro or east west bank.

richard24

April 7th, 2010, 01:42 AM

PSBank sounds cool, i've heard nga a couple of months ago very good reviews about their loans. :) madali daw silang kausap.

tobitab

April 7th, 2010, 09:26 AM

@SCUD. Thanks for sharing bro. I think it's best to open a checking account when go on vacation in the Philippines. I should have done that too when I opened a savings account and enrolled in their online banking.Not sure if I can do it in the bank's remittance centers here in the US.
Inggit naman ako sa yo, I wish I could lower my mortgage rate here too. Rates here are very low as well but with the plummeting home values there isn't much you can do to refinance since they require a loan to value ratio of 80%. So useless ang mga mabababang rates kung down ang value ng bahay mo:cry:.
Still I'm impressed with your bullying tactics at bumaba ang rate mo without refinancing. When you say lalayasan mo sila, do you mean you're going to refinance it with another lender? Di ko alam ang mortgage financing diyan sa Canada pero dito kasi usually may mga closing costs involved if you refinance so minsan hindi rin worth it kung minimal ang difference sa rate.

In my case I opened a checquing account when I was in the Philippines and issued PDCs for my unit. Once every two months, or everytime Canadian dollar is of good value - like now CAD is at parity with USD - I send money to my Philippine account via remittance centres. I find them cheaper than sending money thru banks although it takes them 3 days to deposit the money (pinagkakakitaan din nila ang interes :D) . I'm not worried anyway coz I availed of remote statement from my bank so I monitor every transactions, deposits and withdrawals, by email.

There's nothing much you can do about maximizing the currency conversion. Kung talagang malapit na ang due date kahit pa mababa para sa'yo ang palitan mapipilitan ka pa rin magpadala. A few months ago, when the interest rate was an all time low, I refinanced my mortgage and consolidate all my debts. I had a fixed 5.05% 5 year term for my house here, then a good deal for me and was below average, when the housing crisis happened the interest rate dropped to 3.8% . With good bullying tactics plus excellent credit I convinced my bank to blend the rates kahit hindi pa tapos ang term ko. I didn't have to pay the penalty also, which is good dahil talagang lalayasan ko sila...hehehe. Of course you can only do these kung steady ang source of income at mataas ang credit scores mo. Canadian banking is the soundest and the best banking system in the world, mahigpit at kuripot sila magpautang..walang subprime mortgage dito. So the money that I saved from lowering the interest rate of my mortgage here covers the payment for my condo unit there, which is 0% interest for 5 yrs. by the way.

doownn

April 7th, 2010, 09:42 AM

Madali po bang maapprove ang loan sa bank sa Pinas? Like how long po kaya ang processing nito? At approval? Thanks for the replies. :)

SCUD.

April 7th, 2010, 03:26 PM

@SCUD. Thanks for sharing bro. I think it's best to open a checking account when go on vacation in the Philippines. I should have done that too when I opened a savings account and enrolled in their online banking.Not sure if I can do it in the bank's remittance centers here in the US.
Inggit naman ako sa yo, I wish I could lower my mortgage rate here too. Rates here are very low as well but with the plummeting home values there isn't much you can do to refinance since they require a loan to value ratio of 80%. So useless ang mga mabababang rates kung down ang value ng bahay mo:cry:.
Still I'm impressed with your bullying tactics at bumaba ang rate mo without refinancing. When you say lalayasan mo sila, do you mean you're going to refinance it with another lender? Di ko alam ang mortgage financing diyan sa Canada pero dito kasi usually may mga closing costs involved if you refinance so minsan hindi rin worth it kung minimal ang difference sa rate.

Hi tobitab,

May penalty rin dito if you shorten your term by transferring to other lender, a certain percentage ng remaining balance mo sa 5 yr. term. Naka 3-yrs na ako sa pagbabayad sa kanila, pero nung natunugan ko na gumaganda na ulit ang economy ng Canada at US ni-grab ko na ang mababang interest rate, mahirap na baka kakahintay umakyat ulit. Hinihintay ko pa sanang ibaba ulit ng central bank ang interest rate eh, kaya lang mukhang sagad na talaga yun. I already had my computation bago ko sila kinausap, kung makakamura naman ako sa pagbabayad in the next 5 yrs dahil may ibang lender na nag-offer ng mas mababang interest, I could have paid the penalty and move to another lender. In the end we made a compromise.

Kaya mabuti naman nakumbinse ko sila na i-blend na lang ang rate from their present 3.8% to my 5.05% with my remaining 2 yrs. We took the average then panibagong term ulit na 5yrs. Win-win situation for both of us. Kumikita pa rin sila, nakakatipid naman ako.

Sinamantala ko na rin ang pagpunta ko sa lender ko, yung credit card ko sa Royal Bank of Canada hindi ko gusto ang rate..19.5% . So kinausap ko rin sila tungkol dun na ililipat ko sa kanila (Bank of Nova Scotia) ang utang ko, kapalit ng mababang interest na ibibigay nila. Binigyan ako ng 7% good for 6 months, and 14% after that. Ayos! So ayun, sila ang nagbayad ng utang ko sa RBC..tumaas na naman ang credit scoreko, bumaba pa interest na binabayaran ko sa CC. Kaya nung lumabas ako ng bangko, I was laughing :lol:

carrotcake

April 8th, 2010, 08:32 AM

Thanks guys.. I appreciate the infos you shared.

So if I am paying the loan monthly, and when times come that I earned bulk cash like 6 digits income which i can use to pay the loan, does that mean the bank cannot adjust the payment terms? This is to lessen the amount of paying interest for years....

SCUD.

April 14th, 2010, 05:59 AM

Condo-mania
April 13, 2010 21:48:00
Michael Tan opinion@inquirer.com.ph
Philippine Daily Inquirer

FOR BETTER OR FOR WORSE, THE PHILIPPINES HAS moved into the age of condominiums, changing not just our cities’ skylines but the way we live, and interact.

I have been following these housing developments, even visiting several, and I’ve come away with very mixed feelings. On one hand, it seems they’re inevitable, if we are to meet the housing needs of Filipinos. I know there are still some low-cost housing schemes offering plots of land of about 20 square meters with a tiny house (sometimes built three or four stories up) but these tend to be at the fringes now of cities.

Condominiums, without the cost of land, offer cheaper alternatives, and you’d be amazed at what they have, prices going from about P400,000 to P40 million and with all kinds of financing schemes where you end up paying the equivalent of monthly rents. The tiniest I’ve seen was a 14 sq.m. unit, with an option to add a 7 sq.m. mezzanine! Even condominiums targeting the upper classes will offer tiny studios, going from about 20 sq.m. upwards. Here I marvel at the skills of architects and interior designers: I’ve seen two bedrooms built into a 24 sq.m. unit.

The large units are usually penthouses. One condominium developer in Manila was offering 200 sq.m. units with their own private pool. Raffles, yes the Raffles of Singapore (but owned by a Dubai-based company), is building a 30-suite, 236-unit, high-end condominium which they haughtily advertise as “the first significant luxury branded residence in Makati.” Their largest suite is a 402 sq.m., 4-bedroom penthouse unit.

There are advantages to the condominiums, which often have their own amenities on site. Even middle-class condominiums offer some leisure spaces and as you go up-market, you will find add-ons like swimming pools, tennis courts, basketball courts, gyms, function rooms, Zen gardens and walkways. Many reserve the ground floor for commercial units, or are connected to malls.

Mini-cities

The most amazing one I’ve seen are the Rockwell condominiums, where the different residential units share open green spaces. Residents move from one building to another, or to the Rockwell shops, through the basement, with doors accessible only with key cards. In effect, these are mini-cities where you can access almost every imaginable service, even, at another high-end condominium, Sunday Mass.

Although I’ve spent all my life living in houses, on the ground, I can imagine myself retiring in one of these condominiums, although my sister keeps asking, “But where would you keep your books?”

Seriously, condominiums could become an even more attractive option for older people, secured and low-maintenance. Note that I use “could.” I need to be convinced some more, truly worried about the lack of regulations around the construction, sale and maintenance of our condominiums.

As a public health person, I think condominiums should be high up on the agenda of urban health. Are the buildings safe for their residents? I’m not just talking about being earthquake-proof. When you have so many people living together in such close proximity (and there are condominium developers who really overdo things cramming in as many as 50 units to a floor), you’re bound to create problems around water, fire hazards, sanitation, waste disposal and assorted pests (including human predators).

Condo developers try to attract buyers through amenities. You should ask about something as basic as their system for garbage. And those pools? They look enticing but are the developers going to take care of keeping them clean? I’ve seen older condo units with pools that have become moldy paradises for microorganisms.

Generally, it’s the maintenance that I worry about. Despite sometimes outrageous residential association monthly dues, the money goes mainly for personnel, leaving little for building maintenance. Worse, there will always be condo residents who just don’t have a sense of social solidarity (I’ve seen even upper class condo units with graffiti all over their elevators).

There are many details that affect the quality of life in these condos. If you have a vehicle, invest in a parking lot as early as you can. Apparently these seem to be objects for speculation as well: in one Manila condo unit the agent said they had run out of slots, which they were selling at P800,000 each but not to worry because there were people offering their slots for up to P1.2 million. I joked, asking if I could build a condo unit on the parking slot.

One plus factor for a condo should be access to mass public transport, especially the LRT and MRT. In Singapore, this became such an attractive bonus that the government had to crack down when developers began to advertise their condos supposedly being near a mass transit stop which was still being planned for 15 or 20 years down the line.

‘Hiyang’

Which takes me to the matter of marketing regulations in the Philippines. It’s a jungle out there dealing with real estate agents, many desperate to make a sale. I’ve had agents sabotaging fellow agents, even their own developers (because they’re doing “sideline” for other condo corporations).

Learn to ask as many questions as you can, especially about financial schemes. A common trick is to offer several months, even years, of “interest-free” installments and then hitting you with a large balloon payment that you can’t afford.

Postpone any kind of commitment. If the condo unit is already build and available, visit it and spend time inside, inspecting every nook and cranny and getting a feel. I believe there’s hiyang (a sense of “fit”) with homes. Again, be wary of the agent who will push hard for you to sign a reservation form even for units you’re not convinced about, with a promise that they’ll find a “better” one eventually. They don’t deliver on the promises and a month after you sign, you might be expected to start payments. The reservations are usually non-refundable.

Your questions should be framed by what you value in terms of homes, not what’s on the brochure or the sales talk. For example, I ask about pets, disagreeing with developers who totally ban pets, but also agreeing there has to be limits to the sizes and types. Also important for me would be policies about noise levels: does the condo association have sanctions for unkind residents who karaoke till 3 a.m.? Then of course there’s security itself. Spend time in their lobby and look at the flow of people. I even corner an occasional resident asking them if they feel safe and you can get quite frank answers.

Remember, too, that the more hard-sell the agent is, the more questions you should have about their project. Good condo developers, unfortunately tending to be the more expensive ones, are more subtle, almost like, “It’s your loss if you don’t buy one of our units.” Look hard though, and you just might find a unit that fits your budget, your aesthetics and your lifestyle.

http://www.inquirer.net/propertyguide/aroundtown/view.php?db=1&article=20100413-264100&pageID=1

tobitab

April 15th, 2010, 04:45 AM

Hi tobitab,

May penalty rin dito if you shorten your term by transferring to other lender, a certain percentage ng remaining balance mo sa 5 yr. term. Naka 3-yrs na ako sa pagbabayad sa kanila, pero nung natunugan ko na gumaganda na ulit ang economy ng Canada at US ni-grab ko na ang mababang interest rate, mahirap na baka kakahintay umakyat ulit. Hinihintay ko pa sanang ibaba ulit ng central bank ang interest rate eh, kaya lang mukhang sagad na talaga yun. I already had my computation bago ko sila kinausap, kung makakamura naman ako sa pagbabayad in the next 5 yrs dahil may ibang lender na nag-offer ng mas mababang interest, I could have paid the penalty and move to another lender. In the end we made a compromise.

Kaya mabuti naman nakumbinse ko sila na i-blend na lang ang rate from their present 3.8% to my 5.05% with my remaining 2 yrs. We took the average then panibagong term ulit na 5yrs. Win-win situation for both of us. Kumikita pa rin sila, nakakatipid naman ako.

Sinamantala ko na rin ang pagpunta ko sa lender ko, yung credit card ko sa Royal Bank of Canada hindi ko gusto ang rate..19.5% . So kinausap ko rin sila tungkol dun na ililipat ko sa kanila (Bank of Nova Scotia) ang utang ko, kapalit ng mababang interest na ibibigay nila. Binigyan ako ng 7% good for 6 months, and 14% after that. Ayos! So ayun, sila ang nagbayad ng utang ko sa RBC..tumaas na naman ang credit scoreko, bumaba pa interest na binabayaran ko sa CC. Kaya nung lumabas ako ng bangko, I was laughing :lol:

@SCUD:lol::lol::lol:. Besides being a good engineer , you'll do well too in another profession - sa sales or siguro politics hehehe :banana:

SCUD.

April 15th, 2010, 07:27 AM

@SCUD:lol::lol::lol:. Besides being a good engineer , you'll do well too in another profession - sa sales or siguro politics hehehe :banana:

Naku di naman. I'm just lucky being surrounded by good people - Mortage broker, real estate consultants, developers - na nakilala ko rin sa linya ng trabaho at propesyon ko.

About politics, kung karamihan sana ng mga politiko ay mga engineers like Ramon Magsaysay, Fidel Ramos, Bayani Fernando at Jesse Robredo maunlad na siguro ang Pilipinas. Mas madami ang gawa kaysa salita.

LAPDRN

April 15th, 2010, 10:04 PM

No need to pay parking lot. it is too expensive. ride a bike and park it inside your condo:cheers::cheers::cheers:

Jolly Ringo

April 16th, 2010, 08:50 AM

Dito rin ako nagka-idea para kumuha ng parking slot sa Grass Residences. Nakikinikita ko magkakahirapan ng parking duon sa dami ng titira. BUti nakahabol pa ako, pero nakuha ko nasa 5th level na , which is ok na rin kasi 3 levels below e ung staging area ng footbridge between SM Mall and Tower1, duon din yata ung parang waiting area para sa mga walk-in visitors ng mga taga GRass. Cost is 550k+(other charges=12%vat+4% doc, stamp,tax etc)=638k total. Good enough in the long run.

planetjester

April 24th, 2010, 05:21 PM

Hey peeps:

I've been keeping up-to-date with all the information here at SSC (truly helpful IMO) :banana:, and I've seen some posts related to rental rates and I just wanted to introduce a thread that can be a central location about rental info and that can serve as guidelines for us condo investors.

While there are investors that buy properties to be end-users, there are those who consider renting it out for some returns. So guys, please share what you know about any or all of the following:

what the going rates are per sqm meter in specific areas in the metro
what are the basic info we should know about condo developers offering property management? are they effective?
we rate condo developers all the time but who's the best in terms of property management?
are there standard documents / rules etc for renters in case they break something (like appliances), preterminate their renting terms, etc.

So as the thread suggests, rates, guidelines and best practices are all welcome. TIA!

sg_mom

April 25th, 2010, 05:21 AM

Since I purchased a condo at Pico de Loro and I know sooner I will pay the 80% balance I inquired with Banco De Oro about the possibility of obtaining a loan from them.

The loan officer told me that If I will avail of 15 years loan term I have to pay the loan in 15 years. I ask for the possibility of paying once in a while like P100,000 if the bank will credit this to the principal. Well the loan officer told me that they will not accept the P100,000 payment and I have to stick with the 15years loan term. That was our conversation and it was not finalized yet. But I don't like it.

Hi Almcya,
I have an existing housing loan with BDO. It is allowed to give a lump sum payment EVERY ANNIVERSARY and there will be no penalty. We obtained our loan in 2007 then on the 1st year anniversary, we paid a lump sum of around 160K, the full amount was deducted from the Principal and our monthly amortization amount was adjusted.

Maybe you can check wtih them again... I'm not sure if BDO has changed the rules.

ofw_cebu

April 28th, 2010, 03:33 PM

My mode of payment is 80 - 20
80% 48 months (No interest)
20% upon turn over

marcsman_ph

May 4th, 2010, 04:13 PM

had a 20/80 scheme with RLC. For the balance 80%, opted to finance this via BPI. Since RLC had a tie-up with BPI, transaction was hassle free. Just had to fill-up an application form, submit some docs (ITR, payslip), and done. BPI was willing to give 20 years and up to 90% of the contract price, but opted for 15 years instead.

marcsman_ph

May 4th, 2010, 04:15 PM

Pwede ba i-loan via Pag-Ibig ang parking slot even if it doesn't have a separate title? We had purchased a slot in our building, but had already completed the transaction with BPI for our unit only. I'm hoping I can get a loan from Pag-Ibig for this so the interest rate is lower.

Retro

May 5th, 2010, 11:46 AM

Normally ang preferred ng Pag-Ibig Fund ay yun main condo unit or house & lot as collateral. As for parking lot I doubt they will entertain that request lalo na if your developer has no joint project with Pag-Ibig. The best alternative would be go to a private bank, pero make sure it has a seperate CCT to make it as collaterable. One bank I know that provide parking slot loan is China Bank. Just contact them directly to get the said rate. You may try also BDO, they have almost the same rate with Pag-Ibig.

dogbert

May 6th, 2010, 05:14 AM

I opted for a special computation since I wanted to take advantage of a bigger discount by increasing my down payment. I ended up with the following payment scheme:

54% DP
9% Spread over 5 months
37% On the 6th month - combination of cash and proceeds of ALI Homestarter Bonds

tristan_dmci

May 6th, 2010, 07:51 PM

This one is located just five mins away The Fort, ang price nya around 7 million, not too bad kasi parang kumuha ka lang ng 3 bedroom na condo sa the Fort or makati. Eh whats 5 mins drive lang naman diba? for me This is The SMART CHOICE...=)

Tired of living in a box? Introducing SOFIA at MAHOGANY PLACE 3... situated within DMCI Homes' TOWNSHIP CENTRAL inside the progressive city of Taguig. This 3-storey townhouse has a spacious living area, well designed kitchen, sizeable bedrooms with scenic balconies. Every detail of SOFIA is thoughtfully made with the top of the line materials and high end finishes.

SOFIA is the townhouse reinvented to give you a fresh take on plush suburban living.

Its my pleasure you to bring you to your IDEAL HOME.
http://photos-e.ak.fbcdn.net/hphotos-ak-snc3/hs495.snc3/27026_100573306648514_100000875352607_13832_2171952_s.jpg

http://photos-b.ak.fbcdn.net/hphotos-ak-snc3/hs515.snc3/27026_100573316648513_100000875352607_13834_344372_s.jpg

http://photos-d.ak.fbcdn.net/hphotos-ak-snc3/hs495.snc3/27026_100573326648512_100000875352607_13837_4436687_s.jpg

http://sphotos.ak.fbcdn.net/hphotos-ak-ash1/hs495.ash1/27026_100573259981852_100000875352607_13819_2386652_n.jpg

http://sphotos.ak.fbcdn.net/hphotos-ak-snc3/hs515.snc3/27026_100573299981848_100000875352607_13830_5012675_n.jpg

Please text or call me for viewing appointment.
Tristan Constantino
Property Consultant
DMCI Homes
Mobile No.: 0915-7559129
Email: tristan_dmci@yahoo.com

eddit

May 9th, 2010, 05:15 AM

Way too overdue, but just curious if there are folks out there that purchased any of the ASB projects in the late 1990's. Any experience with them at all good or bad, suggestions, thoughts, frustrations, complaints and/or just plain old rantings of an investment gone sour or just plain gone into the abyss. Please share your comments.

I know Malayan Tower has since been completed and it looks like Twin Towers is going to get completed. I wish there is a way for us to get a unit there as a replacement for our Legaspi place purchase.

Personally, still awaiting if Legaspi Place in Makati will ever be continued or better yet if any money will ever be returned - this will be sweet! Yeeaah, I know.
:uh::):nuts::cheers::ohno:
p.s. Maybe this post will finally get posted. Been trying to post it since mid of last month I believe but whenever I come back, it's probably deleted. My account will probably be blocked because of this. But, I can get stubborn, so here it goes again.

eddit

May 10th, 2010, 07:23 AM

One friend of mine purchased a pre selling condo in Xavierville in QC but the project didnt pushed thru, the developer ended refunding the Downpayment plus interest to my friend, thats Maceda Law in action

Being lazy to read the entire thread, what is this Maceda Law? And, I guess it doesn't apply to a purchase we made in 1997 especially when developer took a dive, e.g. ASB Realty.

odnarivon

May 17th, 2010, 11:42 PM

Biases for high rise living aside and assuming good location, views, money no object, blah blah blah, in terms of super long term: house and lot. Nothing beats owning your own land and dwelling that is truly yours.

i agree with you about that,nothing better than owning your own house and lot for life..a condo even if you own it you still have to pay monthly dues for maintenance ,security etc.as if you're still renting not unlike owning a house and lot you can sleep well without these monthly dues.i'd rather look for a small lot in mero manila even its located in the not so good community like caloocan,fairview,q.c. vicinity and build my own house.

tristan_dmci

May 22nd, 2010, 06:36 PM

guys!!!

a while ago I was able to watch the jessica soho report, ang topic nila is about metro-condos..
according to their documentary, more and more filipinos are investing into condo especially OFW's because for them its a great investment,,, some of the main reason why they buy condo is because of proximity to almost anything, another reason is for investment.. na-feature dun yung mga projects along the fort and makati and taguig...

Tristan Constantino
DMCI Homes
mobile no: 0915-7559129
e-mail add: tristan_dmci@yahoo.com

borntrippy

May 23rd, 2010, 01:28 AM

tristan_dmci

May 24th, 2010, 07:19 AM

this is really nice :) out of my budget range, but siguro next step na lang. DMCI has really nice, feel good, look good projects :D congrats!

haha:lol: sige I'll wait until youre ready..

magkano ba budget mo?(if you dont mind me asking)

anyway we will be having our open house invitation this May 29 2010 at Royal Palm Residences sa taguig , katabi lang sya ng Mahogany Place III (where sofia located)
just inform me kung gusto mo pasyal pasyal sa project ng DMCI,thanks..

Tristan Constantino:banana::banana::banana:
DMCI Homes
mobile no: 0915-755-9129
tritan_dmci@yahoo.com

rickb888

May 25th, 2010, 09:06 AM

its a question of location i can buy a bigger house and lot at better living for the same cost of a smaller condo in lets say mandaluyong or makati area . but the cost of fuel , time and convenience has to be factored in .

if i work in makati or mandaluyong and have a house in paranaque my daily cost will be higher for fuel and toll fees not to mention the time i have to allot for travel.

prisma328

May 29th, 2010, 10:28 AM

Retro

June 2nd, 2010, 10:54 AM

Irate homeowners in Novaliches file case against condominium execs
INQUIRER.net
First Posted 15:07:00 06/02/2010

MANILA, Philippines—A group of disgruntled homeowners has filed a case against the officers of a condominium corporation in Novaliches, Quezon City for alleged malversation of corporate funds.

In a case filed before the Quezon City Regional Trial Court, the group, through Dominador Tadiarca, accused the seven-member Board of Directors (BOD) of Smile Citihomes I Condominium Corporation of mismanaging the corporation’s money resulting in debts amounting to about P1.2 million in June 2009 from water and security services.

The complainant, wondering where the monthly association fees and water payments of homeowners went, told the court that the condominium officials had refused to open corporate records, which is in violation of the corporation’s by-laws.

Smile Citihomes is composed of 23 medium-rise condominium buildings.

At the same time, Tadiarca accused the board members of illegally extending their term of office from one year to two years and increasing their honoraria and other allowances without the required approval of the homeowners.

The BOD submitted a “spurious financial statement” for 2007 and had yet to submit the 2008 financial statement, he said.

The Smile Cithomes residents have long been complaining about intermittent water supply despite their continued payment of their water bills.

Several inquiries made by the residents from Maynilad on the billing statements of the corporation bore no fruit, Tadiarca said.

On June 29 2009, resident Carol Amilig-Panglay was able to talk to Ma. Brigitta Mendoza, head of the commercial management of Maynilad, who said the condominium corporation had an outstanding financial obligation of about P2.9 million.

But Maynilad refused to give details of the unpaid bills.

Through the intervention of the office of Representative Roque R. Ablan Jr., Maynilad submitted a tabulated list of water dues of the corporation amounting only to a total of P751,951.64 or lower by P1,925,985.94 from the amount previously reported by Mendoza.

“The unit owners/members of the SCICC were appalled by such huge amount of overdue accounts of the corporation to Maynilad. As far as they are concerned, they have not been remiss in their obligation to pay their shared dues,” Tadiarca said.

Tadiarca asked the court to order the BOD to open corporate books and records and stop the officials from further making transactions “detrimental or prejudicial to the interest” of the residents of Smile Citihomes.

The BOD members are Anthony Galorpo, Noelito S. Decripito, Rosenda A. Jaspe, Remedios C. Cave, Jesse D. Gonzales, Virgilio C. Reganit and Ma. Lynn Michelle H. Fernandez.

slippy333

June 7th, 2010, 06:53 PM

Well I didn't really know how to entitle this little electronic epistle. I wanted to rant and rave about how the unacceptable face of capitalism has embodied itself in the persona of Metrobank and Federal land developers In the Third Tower (Lilac) at Oriental gardens Makati. How their apparent exploitation of land and good will of their previous buyers is sacrificed on the altar of mamom! Profit defeats all!

Now I love this site and the information that it brings to potential property purchasers in Philippines. I don't want to expose this site to any risk of legal action whatsoever. However, I really do want to bring to the attention of prospective buyers into the newly announced third tower at Oriental Gardens Makati Manila a few things that Federal land won't tell you.

I bought into Lotus Tower before it was was built.

When I moved into the unit ( a combined studio with one bedroom unit) I was shocked!

In my opinion the unit was not even completed! I had to install baseboards ( skirting boards) I was provided only with lower kitchen cabinets ( I had to provide upper cabinets) The interior doors were so inadequate in my opinion that I replaced everyone one of them with someting approaching a decent standard. ( I accept that some others may have been happy with plain cheap doors not fabricated with actual solid wood)

The Good fun started that monsoon season.

Along with hundreds of other units ( as reported in the Phil Star) My units took in water! On three seperate occasions, My floors lifed!

Oriental Gardens, which comprised of two Orange Towers marred the Makati Skyline with obvious re-plastered or re sealed white patches of repaired sections all over the two buildings!

So anyway, for my side over the next few years I upgraded my apartment and apart from the continuing problems with th eEmergency power actually manged to feel at home here.

Then Federal land decide they want to destroy the garden area and build a third tower.

WTF? Low density housing has now become what some people may call high density slums. One persistent problem with Oriental Gardens is the local drainage problems. There is a persistent smell of urine in the ground floor entrance area. Its ALWAYS THERE.

Will a third tower on this site alleviate this? Or would you imagine it may present a further load on th esewage systems and the tenants of Oriental Gardens can look forward to swimming in a sea of piss and faeces?

Now there are certain legal actions pending which may prohibit me commenting overly on this decision by Federal. But its hard to get our points and concerns addressed at Association meetings when Federal employees are holding the balance of power on the board of directors.

Its hard to get our adverts in the National press accepted when Metrobank is a bigger advertiser of the free philippine press.

My message that I am trying to get across is just this.

For OFWs and Foreign buyers, please educate yourself about the problems of Oriental Gardens Makati. A third tower would hurt everyones investments. Ask about the overpowering smell of urine in the lobby areas. Ask also if they will build a fourth tower, ( there is space also)

Try a youtube search on lilac tower and watch the video.

dandman

June 7th, 2010, 08:50 PM

slippy333.....the TRUTH needs to be told ........ Goodluck!!!!!:horse:

d00dz

June 8th, 2010, 04:04 AM

What slippy33 mentioned is true.

I have an uncle who invested in Oriental Gardens and he sorely regretted it. In my opinion, Federal land is a piss poor developer with little to no post-sales support for their clients. Once they sell you the unit, don't expect your grievances to be addressed.

skykid8

June 10th, 2010, 07:41 PM

i was reading the thread and the responses... all these people replying without really understanding what kind of information you were after; but now that i know, here goes:

before buying my serendra condo, i had previuosly bought a subdivision lot in mactan island, cebu adjacent to a resort. ownership in the subdivision included a lifetime resort membership. wife and i planned to build a house there, and use it for vacations; or since i was planning to retire early, live there perhaps up to 8 months out of the year. our biggest concern though is the security. mind you, it is gated with 24 our guards and foot patrol; but there is still a nagging question of what might happen when only a caretaker is left to look after the property.

condo ownership perhaps addresses the security concern the best. reasons such as guards, CCTV, guest annunciators and monitoring have all been previously cited in other responses. i would not worry as much if i just lock up the place, leave and don't return for months. so for now, the subdivision lot has become an investment of sorts :)

a lot of us from the SF bay area who've bought condo units have voiced our opinions in the past. we do NOT see our purchases as investments. there are investment opportunities here in the US with perhaps the same return that carry less risk. we will be part time residents. you are right, there are a lot of issues associated with living in the philippines; so, we are fortunate to have the option of going back to the US anytime we want.

please note that retirement age condo buyers don't have a need for a yard where the kids can play; malalaki na mga anak namin. plus most of us will probably keep our US homes. we also don't worry too much about public transportation and traffic; di naman kami magta trabaho at wala kaming schedule. we like visiting the philippines but don't want to stay with relatives for more than just a few days; we have our own quirks and priorities. a condo is a very good alternative to a hotel.

This is the reason why my brother sold all his properties in SF and moved back to Ph. Crime rate in SF is very high especially in downtown area.

kbm

June 21st, 2010, 10:24 AM

ogmdisappointed

June 22nd, 2010, 08:17 AM

I want to update the situation at Oriental Gardens, Makati where the struggle continues over the erection of a third tower-LILAC. Residents continue to oppose the LILAC tower, and the developers have been adept at retaining control of the unitowners association (against the spirit of the controlling legislation, and perhaps the letter of the law as well.). At the recent AGM Federal Land exercised its "proxy power" to ensure the election of the majority of the Board of Directors of the Unitowners Association. The 4 Fed Directors(out of 7) are not unitowners, just employees of Fed Land who will do what they are told by Fed Land (and Metrobank who are the moneybags).

They have never acted in the interests of the unitowners-so why would they do so now? The problems at the site which Slippy has referred to are ongoing. If there is a third tower the situation will be unbearable. The amneities will be overcrowded-the population density will rise by about 100%. The garden has been removed in preparation for building. AND not only will the view of current unitowners be blocked by LILAC-but when Fed Land builds a new tower across the street(at the JAKA site) the owners in the new OGM LILAC tower will fing their view blocked!No doubt they have not been told of that-just as we were not told about LILAC.

Well I didn't really know how to entitle this little electronic epistle. I wanted to rant and rave about how the unacceptable face of capitalism has embodied itself in the persona of Metrobank and Federal land developers In the Third Tower (Lilac) at Oriental gardens Makati. How their apparent exploitation of land and good will of their previous buyers is sacrificed on the altar of mamom! Profit defeats all!

Now I love this site and the information that it brings to potential property purchasers in Philippines. I don't want to expose this site to any risk of legal action whatsoever. However, I really do want to bring to the attention of prospective buyers into the newly announced third tower at Oriental Gardens Makati Manila a few things that Federal land won't tell you.

I bought into Lotus Tower before it was was built.

When I moved into the unit ( a combined studio with one bedroom unit) I was shocked!

In my opinion the unit was not even completed! I had to install baseboards ( skirting boards) I was provided only with lower kitchen cabinets ( I had to provide upper cabinets) The interior doors were so inadequate in my opinion that I replaced everyone one of them with someting approaching a decent standard. ( I accept that some others may have been happy with plain cheap doors not fabricated with actual solid wood)

The Good fun started that monsoon season.

Along with hundreds of other units ( as reported in the Phil Star) My units took in water! On three seperate occasions, My floors lifed!

Oriental Gardens, which comprised of two Orange Towers marred the Makati Skyline with obvious re-plastered or re sealed white patches of repaired sections all over the two buildings!

So anyway, for my side over the next few years I upgraded my apartment and apart from the continuing problems with th eEmergency power actually manged to feel at home here.

Then Federal land decide they want to destroy the garden area and build a third tower.

WTF? Low density housing has now become what some people may call high density slums. One persistent problem with Oriental Gardens is the local drainage problems. There is a persistent smell of urine in the ground floor entrance area. Its ALWAYS THERE.

Will a third tower on this site alleviate this? Or would you imagine it may present a further load on th esewage systems and the tenants of Oriental Gardens can look forward to swimming in a sea of piss and faeces?

Now there are certain legal actions pending which may prohibit me commenting overly on this decision by Federal. But its hard to get our points and concerns addressed at Association meetings when Federal employees are holding the balance of power on the board of directors.

Its hard to get our adverts in the National press accepted when Metrobank is a bigger advertiser of the free philippine press.

My message that I am trying to get across is just this.

For OFWs and Foreign buyers, please educate yourself about the problems of Oriental Gardens Makati. A third tower would hurt everyones investments. Ask about the overpowering smell of urine in the lobby areas. Ask also if they will build a fourth tower, ( there is space also)

Try a youtube search on lilac tower and watch the video.

ogmdisappointed

June 22nd, 2010, 08:24 AM

keyo168

June 22nd, 2010, 09:21 AM

please refer to http://hlurb.gov.ph/faqs/questions-concerning-subdivision-condominium-projects/ regarding lilac. hope this helps.

Can a chapel be constructed in open space reserved for parks and playgrounds?

No. Open space reserved for parks and playground is non-buildable and chapel as well as other subdivision’s facilities may only be constructed in open space not reserved for parks and playground.

Can a Developer sell the subdivision’s open space?

No because subdivision’s open space is beyond the commerce of man.

jlaw

July 12th, 2010, 02:28 PM

we plan to buy a condo unit soon. but we are wary kc this after all is a major investment, and hence, it will not come cheap. we are eyeing a more than 2 million pesos worth condo unit and we only want one that is payable within 10 years. (sa mga mag-cocomment na mura na to, we'll it is very expensive for us).

what worry us are the seemingly daunting task of buying a condo unit. the agents in malls do not seem to be responsive to questions asked and even if they do become responsive, we still feel that they are just out to get a hefty commission from us. so to those pexers who have actually bought or are in the process of paying their condo units, can you pls. give us an idea of the steps in buying a condo unit??pls.? What are the Procedures in Buying a Condo Unit? pls. explain in very simple layman's terms pls. sana from step 1 to the last step. we really don't have an idea and we don't want to be at the mercy of the agent's schemes.

usually, ano ano ang mga things to watch out that the agent will try to do that will be disadvantageous to us??

thank you very much sa mga sasagot.

jetsetgo

July 12th, 2010, 06:37 PM

@jlaw, here's some great tips from Cynch - http://fortboniconsultancy.com/v2/?page_id=55/

Retro

July 13th, 2010, 02:40 PM

Pag-IBIG tightens borrowers’ eligibility

Banking & Finance
Written by Erik dela Cruz / Reporter
Tuesday, 13 July 2010 19:52

THE state-administered Home Development Mutual Fund (HDMF), more popularly known as the Pag-IBIG Fund, on Tuesday sought to defend its new lending policy amid complaints that the Fund was moving to restrict access to low-cost housing loans.

Jaime Fabiaña, chief executive officer of the Fund, said in a news conference that the new policy to be implemented this year has actually been endorsed by two of the country’s biggest groups of developers. He was referring to the Subdivision and Housing Developers’ Association Inc. and the Organization of Socialized Housing Developers.

Fabiaña, in a memorandum dated March 10, said the Fund’s board of trustees, which was chaired by then-Vice President Noli de Castro, approved during its meeting on February 10 this year the amendment to Section 3 of HDMF Circular 247 or the Guidelines on the Pag-IBIG Fund End-User Home Financing Program, specifically on borrower’s eligibility.

Under the amended guidelines, which were supposed to take effect on July 1, only those who have been Pag-IBIG members for at least 12 months can avail themselves of loans.

The amended guidelines state: “A member with less than the required number of contributions applying for a Pag-IBIG housing loan shall be allowed to make a lump-sum payment based on the mandatory monthly contribution rates to meet such requirement at point of loan application, provided he has been a contributing member of the Fund for at least 12 months.”

Fabiaña, however, recently issued a second memorandum deferring the implementation of the amendment until September 30 this year in response to the request of developers and Pag-IBIG members.

At present, a member with less than the required number of contributions is allowed to make a lump-sum payment to meet the required total contributions and be eligible for a housing loan, even if he has been a member for only less than 12 months.

According to Fabiaña, the Fund has to do something to maintain its viability amid the increasing demand for housing loans.

“With the reduction of interest rates and lengthening of loan term to 30 years, Pag-IBIG has experienced immense growth in loan approvals, recording an average growth rate of 42 percent for the last three years—P22 billion in 2007, P34 billion in 2008, and P46 billion in 2009,” he said. “At this rate, it is no longer sustainable for Pag-IBIG to finance the growing demand for housing.”

He also said that “instant membership has been prone to abuse,” citing reports that abuses have been committed, particularly in Pampanga, where almost 400 approved accounts had been confirmed to be doubtful because the borrowers denied they availed themselves of the housing loans.

Fabiaña was responding to what he described as “grossly unfair” statements of a property developer that was quoted as saying in a published report that the new lending policy would restrict access of many people, including Filipinos working abroad, to low-cost housing loans.

Fabiaña was referrring to Delfin Lee, owner and predent of Globe Asiatique Realty Holdings Corp.

The Pag-IBIG chief said Lee’s real-estate company was “the biggest beneficiary of various Pag-IBIG housing-loan programs.”

Fabiaña said Lee’s projects in Pampanga were found to be among the targets of abusers of Pag-IBIG loan programs.

Sought for comment, Lee said his company would like to “work hand-in-hand with Pag-IBIG” in addressing cases of abuse of Pag-IBIG funds.

In a statement e-mailed to the BusinessMirror, Fabiaña also said: “We take the strictest measures so that such abuses are not made in our developments, specifically in Pampanga. We have a well-structured screening procedure [for home buyers].”

Lee called for greater cooperation between developers and Pag-IBIG, saying both parties “can further develop better, more imaginative, and more creative ways of financing schemes so that in the end, the winner is the underserved housing population.”

Aziza1121

July 20th, 2010, 08:33 AM

Guys, in your experience, how long does processing of title transfer take (after full payment of property)? Is it true that 6months yung average?

jetsetgo

July 20th, 2010, 06:21 PM

Guys, in your experience, how long does processing of title transfer take (after full payment of property)? Is it true that 6months yung average?

With the residential land I bought, one took 6 mos while the other took 1 year before the titles were transfered under my name.

DivineFist

July 21st, 2010, 11:35 AM

Guys, in your experience, how long does processing of title transfer take (after full payment of property)? Is it true that 6months yung average?

Depends upon the municipality and the Revenue District office of the property that you bought. From personal experience, in Marikina, I got the new title in 3 - 4 weeks time after full payment for a land purchase. Of course, leg work was done by my own contact, thus the fast turnaround time. And it only shows how the bureaucracy works in Marikina. Walang lagay ito by the way. This is normal processing. For a condo unit in Makati in which Cityland processed the transfer of the title, it took them 5 - 6 months to do so. Though Cityland have promised they could do so now in 3 months time. I will see this time, since I know of a friend who just paid off his Manila condo recently. We will see if the new title comes out in 3 months time courtesy of Cityland.

tonyboy

July 21st, 2010, 02:43 PM

Depends upon the municipality and the Revenue District office of the property that you bought. From personal experience, in Marikina, I got the new title in 3 - 4 weeks time after full payment for a land purchase. Of course, leg work was done by my own contact, thus the fast turnaround time. And it only shows how the bureaucracy works in Marikina. Walang lagay ito by the way. This is normal processing. For a condo unit in Makati in which Cityland processed the transfer of the title, it took them 5 - 6 months to do so. Though Cityland have promised they could do so now in 3 months time. I will see this time, since I know of a friend who just paid off his Manila condo recently. We will see if the new title comes out in 3 months time

wife and i are both hoping to get the title ^^ in 3-6 months too...:ohno:..cuz she is scheduled to come home soon...

.

Aziza1121

July 21st, 2010, 03:10 PM

Filinvest Manila office is telling me that it will take 6months. The property is located in Puerto Princesa City, Palawan. Does it follow na mas lalong matagal pag sa province? Anybody who has provincial property who has done it earlier than 4months?

pergamon

July 22nd, 2010, 02:37 PM

Guys, in your experience, how long does processing of title transfer take (after full payment of property)? Is it true that 6months yung average?
yan din ang sabi sa akin 6 months pero 9 months na akong naghihintay at wala pa rin...haaaaaaayyyyy.

nsjbi

August 2nd, 2010, 09:20 AM

Hi everyone!

Just thought of sharing this article with you. Thanks! :)

http://nsjbi.net/wordpress/2010/08/your-guide-to-condo-shopping/

Ady001

August 2nd, 2010, 09:23 AM

:banned:

r_andanayon

August 25th, 2010, 02:48 AM

haha:lol: sige I'll wait until youre ready..

magkano ba budget mo?(if you dont mind me asking)

anyway we will be having our open house invitation this May 29 2010 at Royal Palm Residences sa taguig , katabi lang sya ng Mahogany Place III (where sofia located)
just inform me kung gusto mo pasyal pasyal sa project ng DMCI,thanks..

Tristan Constantino:banana::banana::banana:
DMCI Homes
mobile no: 0915-755-9129
tritan_dmci@yahoo.com

available pa ba ito?

brightblade

August 30th, 2010, 02:07 PM

I have so far invested 600gran for a 3.6M preselling condo by megaworld. I was granted a 2.8M loan by a bank. Megworld now wants me to pay in cash the balance including 250thousand of interests that were made during the time i applied for the loan. They are unwilling to negotiate. If i do not pay all payments i made will be forfeited. Is there a way to get out of this?

rica1208

September 5th, 2010, 10:02 AM

rica1208

September 5th, 2010, 10:04 AM

What would be better to invest in?
A 2 bedroom condo at the Fort with a golf course view by Megaworld or a 2 bedroom condo at the Fort or at the heart of Makati by the Ayala group?
What are the ratings of Megaworld?

pinkstarsky17

September 16th, 2010, 07:20 PM

VICTORIA STATION 1 AND 2 GMA KAMUNING EDSA QUEZON CITY

INVEST NOW ON A CONDO FOR AS LOW AS
250 PESOS/day or 7,500 PESOS /month
Reservation is only 10k

Enjoy city living in the heart of Quezon City
Victoria Station 1 peaked along EDSA and station 2 will soon peak right next to the MRT-GMA 7 station. The only condominium that is officially linked to MRT GMA KAMUNING
This strategic location makes Victoria Station a ride away from major business, commercial, learning, dining, and entertainment centers in the city.
Very affordable and reasonable prices than any condominium around the area

Victoria Station 1 is Ready for Occupancy, Move in for only 100k
Victoria Station 2 Pre-selling with Unit Selling Price for as low as 1.3M

http://www.facebook.com/profile.php?...&id=1038489284

For more discounts and details please contact me at 09179852327 or email me at wellajoypanopio@yahoo.com

pinkstarsky17

September 16th, 2010, 07:29 PM

New San Jose Builders Inc. is one of the best company that you can trust. We've been in the industry for more than 24 years.. all of our projects are turned over on the right time, there were never delayed projects.

New San Jose Builders Inc. is at PAR with COMPETITION

1. all projects are situated in prime strategic locations

ex. Victoria Station 1 and 2 at EDSA GMA KAMUNING Q.C.
Victoria Towers at Panay Ave QC
Victoria De Manila at Taft Avenue
Fort Victoria at The Fort, 5th avenue cor 23rd st. Taguig

2. Very affordable unit price because of our FULL VERTICAL INTEGRATION; from our own in house banking, furnitures, interior design, technical services etc making the units Fit finish

3.Flexible Payment Terms
In house bank finances "real bank"
Other Banking finances
PAG IBIG

4. Unique aesthetical and structural standard

For interested contact me at 09179852327 or email me at wellajoypanopio@yahoo.com

thanks

pinkstarsky17

September 16th, 2010, 07:32 PM

pinkstarsky17

September 16th, 2010, 07:34 PM

pomelo888

September 17th, 2010, 02:27 AM

Hey fellow skyscrapercitizens,

Just found this online about Philippine property & rentals taxes and wanted to share.

http://www.globalpropertyguide.com/Asia/Philippines/Taxes-and-Costs

Mar 16, 2010

Moderate taxes for foreigners
engaged in trade or business

Effective Tax Rate on Rental Income
Monthly Income US$1,500 US$6,000 US$12,000
Tax Rate 5.1% 7.2% 8.0%

Source: Punongbayan & Araullo Disclaimer
INDIVIDUAL TAXATION

Non-resident (i.e. whose stay in the country does not exceed 180 days) foreigners are liable to tax on their Philippine-sourced income. Married couples are required to compute their individual income tax liability separately but they must file a joint tax return.

Non-resident foreigners are classified depending on business activities and the applicable taxation rules depend on this classification:

* Non-resident foreigners engaged in trade or business in the Philippines
* Non-resident foreigners not engaged in trade or business in the country

Acquisition and ownership of land in the Philippines is restricted to Philippine citizens or corporations (at least 60% of equity is owned by Filipinos). To acquire ownership or a land, residential house and lot, or commercial building and lot, foreign investors may have to establish or invest in an existing Philippine corporation but in no case should their equity exceed 40% of the total capital of the corporation. However, a foreign investor may own condominium units or a townhouse (provided that the land on which the property is built is owned by a Filipino or a corporation of which at least 60% of the equity is owned by Filipinos).
INCOME TAX

Computation of taxable income as well as applicable income tax rates depend on the non-resident’s classification, whether they are engaged in business in the country or not.

Non-resident foreigners engaged in trade or business in the Philippines: net income is taxed at progressive rates. Taxable income is computed by deducting income-generating expenses and personal allowances from gross income.
INCOME TAX
TAXABLE INCOME, PHP (US$) TAX RATE
Up to 10,000 (US$216) 5%
10,000 – 30,000 (US$649) 10% on band over US$216
30,000 – 70,000 (US$1,513) 15% on band over US$649
70,000 – 140,000 (US$3,128) 20% on band over US$1,513
140,000 – 250,000 (US$5,405) 25% on band over US$3,128
250,000 – 500,000 (US$10.809) 30% on band over US$5,405
Over 500,000 (US$10,809) 32% on all income over US$10,809
Source: Global Property Guide

Personal allowances or deductions from the taxable income are:

* PHP50,000 (US$1,081) for all individuals,
* PHP25,000 (US$141) for each of the first four dependents. The additional tax exemption for each dependent shall be claimed only by the husband unless he waives the right in favor of his wife.

Depreciation
Depreciation costs can be set against income for the purpose of income tax. Approved methods are the straight-line, the declining balance, sum of years-digits, unit of production method, the operating day method, and any other method as prescribed by the Secretary of Finance.

Nonresident foreigners who are NOT engaged in trade or business in the Philippines: gross income is taxed at 25%. No deductions or allowances are available to nonresident foreigners who are not engaged in trade or business in the country.

RENTAL INCOME
Taxable income is computed by deducting income-generating expenses and personal allowances from gross income. Non-resident foreigners are not allowed to elect a standard deduction. Typical deductions are repairs and maintenance, depreciation, and taxes and licenses, which include local business tax, mayor’s permit and real property tax. The amount of deductible expenses can range from 70% to 90% of gross rental income.

Business Permit
A business permit is required before renting out property.
Value Added Tax (VAT)

Under existing VAT regulations, rental payments exceeding PHP10,000 (US$216) per unit received by landlords whose gross annual rental income exceed PHP1,500,000 (US$32,427) are subject to 12% VAT. If the gross annual rental income is less than PHP1,500,000 (US$32,427), the applicable tax rate is 3%. The VAT burden is generally shouldered by the tenants.

CAPITAL GAINS
Capital gains realized from the sale of real property treated as ordinary assets are included in the aggregate income and taxed at progressive rates. Taxable capital gains are computed by deducting acquisition costs and incidental expenses from the gross selling price or fair market value of the property.
Capital Gains Tax

The Philippines has a tax called Capital Gains Tax but it is really a transaction tax on selling or transferring real estate properties classified as capital assets. This tax is not an actual tax on the gains incurred on the sale of the property. The capital gains tax is levied at a flat rate of 6% on the property’s gross selling price or market value (see “Costs of Buying Property”).

PROPERTY TAX

Real Estate Tax

Real estate tax is levied on Philippine real property and the applicable rate varies depending on the location. The maximum rate that a city or municipality within Metro Manila may impose is 1% while cities and municipalities outside Metro Manila may levy the tax at the rate not exceeding 2%. The owner has the option to pay the tax in four equal installments on or before the last day of each calendar quarter.

Calculating the Property’s Assessed Value
The tax is levied on the property’s assessed value (which is a prescribed percentage of current fair market value depending on actual use and zoning of property). In computing for the taxable value, the property’s fair market value is determined and the assessment percentage is then applied. The resulting amount is the tax base where the real estate tax rate is applied.
ASSESSMENT LEVELS ON BUILDINGS
AND OTHER IMPROVEMENTS
FAIR MARKET VALUE, PHP (US$)
ASSESSMENT LEVEL
Up to 175,000 (US$3,783)
nil
175,001 - 300,000 (US$6,485)
10%
300,001 - 500,000 (US$10,809)
20%
500,001 - 750,000 (US$16,213)
25%
750,001 - 1 million (US$21,618)
30%
1 million - 2 million (US$43,236)
35%
2 million - 5 million (US$108,089)
40%
5 million - 10 million (US$216,179)
50%
Over 10 million (US$216,179)
60%

ASSESSMENT LEVELS ON LAND
CLASSIFICATION
ASSESSMENT LEVEL
Residential
20%
Agricultural
40%
Commercial/ Industrial
50%
Mineral
50%
Timberland
20%
Source: Global Property Guide

Property owners are required to file a sworn statement declaring the true (current and fair market value) of their property once every three years. The filing period is from 01 January to 30 June annually.

huanggua

November 8th, 2010, 03:16 PM

I bought a slot at Sea-Residences at 750k. But I have 3 units there. Should I buy a slot for each of my units.

dmcihomes

March 11th, 2011, 09:43 AM

Flair Towers DMCI Mandaluyong is situated along Reliance corner Pines Street, Brgy. Highway Hills, Mandaluyong City, at the back of Paragon Plaza Building.

http://dmcisales.files.wordpress.com/2010/10/flair-towers-dmci-homes-reliance-mandaluyong-site-development-plan.jpg?w=415&h=295

http://dmcisales.files.wordpress.com/2010/10/flair-towers-dmci-homes-reliance-mandaluyong-amenity-area.jpg?w=415&h=295

http://dmcisales.files.wordpress.com/2010/10/flair-towers-dmci-homes-reliance-mandaluyong-lounge-pool4.jpg?w=415&h=295

http://dmcisales.files.wordpress.com/2010/10/flair-towers-dmci-homes-reliance-mandaluyong-kiddie-pool5.jpg?w=415&h=295

http://dmcisales.files.wordpress.com/2010/10/flair-towers-dmci-homes-reliance-mandaluyong-lap-pool6.jpg?w=415&h=295

http://www.dmcihomes.com/fileobj.php?type=12&id=487

UNITS http://flairdmci.com/units/ (http://flairdmci.com/units/)

Studio Bedroom approx. 24sqm
1 Bedroom approx. 29sqm
1 Bedroom approx. 32sqm
2 Bedroom A approx. 48sqm
2 Bedroom B approx. 48sqm
2 Bedroom Deluxe approx. 52sqm
3 Bedroom approx. 66.5sqm

Nearby Establishments

1. COMMERCIAL CENTERS
Shangri-La Mall 0.7kms/ 3mins.
Starmalll 1.0kms/ 4mins.
Robinsons Place Pioneer 1.0kms/ 4mins.
SM Megamall 1.3kms/ 5mins.
The Podium 1.8kms/ 7mins.
Robinsons Galleria 2.0kms/ 8mins.
Metrowalk 2.4kms/ 9mins.

2. BUSINESS CENTERS
Ortigas Center 1.2kms/ 5mins.
Makati CBD 4.5kms/ 17mins
Bonifacio Global City 5.0kms/ 19mins.

3. SCHOOLS
Lourdes School, Mandaluyong 1.0kms/ 4mins.
UA &P 1.2kms/ 5mins.
Poveda Learning Center 2.0kms/ 8mins
Rockwell Center 3.0kms/ 12mins.
Tiendesitas 3.4kms/ 14mins.
SM Super Center 3.4kms/ 14mins.
Greenhills Shopping Center 3.5kms/ 14mins.
Eastwood City 6.5kms/ 25mins.
St. Paul College Pasig 2.3kms/ 9mins
La Salle Greenhills 2.8kms/ 11mins
ICA 4.4kms/ 17mins
Xavier School 4.5kms/ 17mins

4. HOSPITALS
The Medical City 3.2kms/ 12mins
Cardinal Santos Hospital 4.2kms/ 16mins

visit www.flairdmci.com (http://www.flairdmci.com) for more information

lizbaby

June 25th, 2011, 10:18 AM

Originally Posted by planetjester
I've been trying to read up on the rep of a lot of condo developers online, and i go to this site for a lot of insight and insider information.

i notice that some of the comments/reviews in this post date back to 2005, but I wanted to ask if anyone here had some updates on who's a reliable developer and who isn't. i saw a thread online just recently citing the Best and Worst Real Estate Developers, and some of it can be pretty scary especially if you're an investor getting property from a developer with bad reviews.

what's the ranking of developers now? who's the best? who should we avoid?

who's solid in terms of delivery date, quality of the units overall upon turnover, quality of promised amenities, materials used were as promised, developers who don't overcharge or have hidden charges?

i look forward to reading some newer insights about the reps of condo developers here, especially since in 2009 there are lots of turnovers happening. if you have some info and did some looking into this, feel free to share what you know. thanks.

Hi!
I'm Eliza, a Property Specialist for SMDC.

I am pleased to inform you that GREEN Residences by SMDC is now open for reservation!!!
Be the first to invest and avail of our INTRODUCTORY PRICE.

Units ranging from as low as 1.5M to 3M with flexible payment terms!!!
Own a unit for as low as Php 4,500 per month! Price increases every 200 units sold!!
Why rent if you can now own your own condo!!

Hurry!!! Make your RESERVATION NOW!!!

For reservation and other inquiries please contact:

Eliza Manganaan
SMDC Property Specialist
09178035492/09222237732
(02) 567-6078
emanganaan.smdc@yahoo.com

lizbaby

June 25th, 2011, 10:19 AM

I bought a slot at Sea-Residences at 750k. But I have 3 units there. Should I buy a slot for each of my units.

Hi!
I'm Eliza, a Property Specialist for SMDC.

I am pleased to inform you that GREEN Residences by SMDC is now open for reservation!!!
Be the first to invest and avail of our INTRODUCTORY PRICE.

Units ranging from as low as 1.5M to 3M with flexible payment terms!!!
Own a unit for as low as Php 4,500 per month! Price increases every 200 units sold!!
Why rent if you can now own your own condo!!

Hurry!!! Make your RESERVATION NOW!!!

For reservation and other inquiries please contact:

Eliza Manganaan
SMDC Property Specialist
09178035492/09222237732
(02) 567-6078
emanganaan.smdc@yahoo.com

lizbaby

June 25th, 2011, 10:49 AM

I'm wondering if anyone here has feedback with regard to this development. An acquaintance is selling his unit here, and the offer is somewhat attractive. My wife & I are planning to live in it (not for investment/rental purposes).

But of coure, I would like to know if, 1) it is comfortable to live in this building ("good quality" community/residents, good building management, good security, etc), 2) if it's safe/quality-made (since that area is fault line area), and 3) if it's worth something or at least will not depreciate so low if and when we decide to sell it or have it rented.

The developer is Amberland (same as One San Miguel Avenue, Parc Royale, One Corporate Center and The Prestige Tower... all in Ortigas CBD.). The company managing the Skyway Twin Tower Condo is Century Properties Management, Inc.

I would really very much appreciate any feedback, as we have to decide soon whether to purchase it or not.

Thank you very much!:)

Hi!
I'm Eliza, a Property Specialist for SMDC.

I am pleased to inform you that GREEN Residences by SMDC is now open for reservation!!!
Be the first to invest and avail of our INTRODUCTORY PRICE.

Units ranging from as low as 1.5M to 3M with flexible payment terms!!!
Own a unit for as low as Php 4,500 per month! Price increases every 200 units sold!!
Why rent if you can now own your own condo!!

Hurry!!! Make your RESERVATION NOW!!!

For reservation and other inquiries please contact:

Eliza Manganaan
SMDC Property Specialist
09178035492/09222237732
(02) 567-6078
emanganaan.smdc@yahoo.com

lizbaby

June 25th, 2011, 10:57 AM

Thanks lansv. I am fine with mid-market condo. I already checked Lerato, Jazz.. expensive sila. Mga 105k plus per sq m.

Hi!
I'm Eliza, a Property Specialist for SMDC.

I am pleased to inform you that GREEN Residences by SMDC is now open for reservation!!!
Be the first to invest and avail of our INTRODUCTORY PRICE.

Units ranging from as low as 1.5M to 3M with flexible payment terms!!!
Own a unit for as low as Php 4,500 per month! Price increases every 200 units sold!!
Why rent if you can now own your own condo!!

Hurry!!! Make your RESERVATION NOW!!!

For reservation, other inquiries and project presentation please contact:

Eliza Manganaan
SMDC Property Specialist
09178035492/09222237732
(02) 567-6078
emanganaan.smdc@yahoo.com

lizbaby

June 25th, 2011, 11:02 AM

In my case I opened a checquing account when I was in the Philippines and issued PDCs for my unit. Once every two months, or everytime Canadian dollar is of good value - like now CAD is at parity with USD - I send money to my Philippine account via remittance centres. I find them cheaper than sending money thru banks although it takes them 3 days to deposit the money (pinagkakakitaan din nila ang interes :D) . I'm not worried anyway coz I availed of remote statement from my bank so I monitor every transactions, deposits and withdrawals, by email.

There's nothing much you can do about maximizing the currency conversion. Kung talagang malapit na ang due date kahit pa mababa para sa'yo ang palitan mapipilitan ka pa rin magpadala. A few months ago, when the interest rate was an all time low, I refinanced my mortgage and consolidate all my debts. I had a fixed 5.05% 5 year term for my house here, then a good deal for me and was below average, when the housing crisis happened the interest rate dropped to 3.8% . With good bullying tactics plus excellent credit I convinced my bank to blend the rates kahit hindi pa tapos ang term ko. I didn't have to pay the penalty also, which is good dahil talagang lalayasan ko sila...hehehe. Of course you can only do these kung steady ang source of income at mataas ang credit scores mo. Canadian banking is the soundest and the best banking system in the world, mahigpit at kuripot sila magpautang..walang subprime mortgage dito. So the money that I saved from lowering the interest rate of my mortgage here covers the payment for my condo unit there, which is 0% interest for 5 yrs. by the way.

Hi!
I'm Eliza, a Property Specialist for SMDC.

I am pleased to inform you that GREEN Residences by SMDC is now open for reservation!!!
Be the first to invest and avail of our INTRODUCTORY PRICE.

Units ranging from as low as 1.5M to 3M with flexible payment terms!!!
Own a unit for as low as Php 4,500 per month! Price increases every 200 units sold!!
Why rent if you can now own your own condo!!

Hurry!!! Make your RESERVATION NOW!!!

For reservation, other inquiries and project presentation please contact:

Eliza Manganaan
SMDC Property Specialist
09178035492/09222237732
(02) 567-6078
emanganaan.smdc@yahoo.com