I wonder if most of the condo/townhouse developers have a good record of delivering the units on time as promised.

I bought a condo during pre-selling and the contract states that there is a grace period of a year from the delivery date they promised.

Anybody knows of the performance of the leading developers like Empire East, Megaworld, Ayala Land and Robinson's?

Thanks.

Pakisama narin ng Meridien and Century Properties.

I bought a unit at GA Tower1 and the contract states that there's an 8 months grace period. Delivery date is December 2005.

BTW, we're already starting the paperworks for our Pag-ibig loan. Monthly ammortization starts on January 2006. Interest rate isn't that bad. I've already paid 31 months representing 30% downpayment, this will be finished by Dec. 2005, then the other 70% will go thru a 5 year housing loan thru Pag-ibig. Hopefully we could move in early 2006.

Good thread, specially for our balikbayan friends who are working hard to earn money to buy a home when they come back.

Well I think we can safely say that the following DID NOT deliver on time:

ASB - some not at all
Primetown - Again cancelled projects of some
Fil Estate - Ayun madaming ipit diyan

Megaworld / Empire East actually had problems about 7 - 8 years back but lately they've been pretty good

I'm not sure if Century/Meridien ever did not complete a project, I know they had problems in the crisis but they look ok now.

Ayala Land and Greenfield walang problema sa delivery pa so far. Although I think roxas tower took longer than promised.

Robinsons is a new player in condos so they were not hit by the 97 crisis not much trac record of non or late delivery yet, Same with Philtown which was a Industrial Estate Developer.

This thread should be made sticky to be used as a public service to our forumers considering buying . Mods?

Great feedback, Bustero. Thanks!

Okay, your wish is granted.

@ Bustero, what about Antel Land of The A.venue? Globe Asiatique of G.A. Tower?

Globe Asiatique is kinda new in the business.. they're part of the Filmal realty group.. makers of low costs housing in Rizal.. One of their projects is St. Monique Valais in Binangonan (If you remember that old commercial for Pag-ibig with Rosanna Roces and Long Mejia, that's the subdivision).

They're the first company accredited by Pag-ibig fund to go into high rise development. They were also the first to introduce the no downpayment scheme (real no downpayment), in which the downpayment is spread over 36 months zero interest.

As far as I know Antel has finished their projects. In fact they even rescued some others. I've not heard anything bad about them. There may be others who have a different experience though.

Pakisama narin ng Meridien and Century Properties.


paki sama na rin Goldland properties. and edgeworth

i just gave my 10% downpayment & keen to follow it up.

Wow, so you've already decided to buy a condo. Which one is it?

Hey Mods,

Can you please move the thread posted by akaflores on Expats Buying/Owning Condo in the Philippines here? It's in the main forum. There are a lot of vital information posted here and there from him, Bustero, Carol, etc. It will be nice to integrate all of those except I don't know how.

Ok, thanks. Sorry I didn't notice that. I must've been to preoccupied with "something", you already know that, Lili.

someguy, don't really know anything about goldland, I've heard they have some porjects here and in cebu but nothing verified.

here's a thread with similar concerns
http://www.gov.ph/forum/thread.asp?rootID=22865&catID=12

good luck

yeh i got millenia for investment kaso gusto ko pa rin kilalanin Background ng Goldland...i spoke to someone there and they said yung contact ko away for two weeks with a two week promotional trip in singapore...."yun sabi sakin"....

yeh thanks bustero.....yung other project nila is hilton cebu....pero diba finish na yun?....it would have been good for investment since its located in mactan diba?..."i think"...plus with the "hilton" name carrying it...its good to attact holiday makers...pang investent nga...

i have this theory that Goldland properties have some kind of agreement with Hilton hotels Group as they're millenia project will also be managed by Hilton...but i cant confirm that..

We have a choice between Soho and ONe gateway place. As far as reputation of the developers who would you choose Robinsons or Century properties?

I reckon both of them are reliable....but i'd give Century properties the edge...since they are way more experience than robinsons at this field...
also Century properties have been tested ...like in the asian crisis....they overcame the financial problems that many developers faced and were able to deliver they're mainstream projects....
having said that...Robinsons are good too as compared to other developers...they are pretty well cashed up....but Meridien for me if it goes toe to toe....

Between Joey Antonio and John gokongwei, we know who's got the mullah. but more importantly for Joey Antonio is he's partnered up with Unilab , which owns Greenfield which is the owner of SoHo, for sure they will finish the project if push came to shove (out of unilab's petty cash - ah yes 1 billion baka may panukli sa ating marketing budget!).Anyway Greenfield is very conservative that's why even if they' have one of the country's most impressive land banks( 30 hectars in Crossing, the Fort, 1000's of hectars in Laguna, and some small change lots in makati and then some), they take forever to develop anything. They're afraid to screw up and tarnish their name. specially since this is all really a sideline!

What is the most economical and cost-effective way of remitting payments for purchase of units in the Philippines?

HSBC charges are too costly. They charge $30.00 per bank to bank fund transfer plus they don't buy at the current exchange rate.

When I bought my unit I issued checks ,post dated checks for one year and gave to sales and marketing reps. when they have their pre selling tour here in the East Coast. Probably Next year I ll be there to hand them my next one year payment also post dated checks. This cost me not a single penney. Good luck.

you can try Banco De Oro, we're using that for our remittance here in the office and their rates are one of the lowest if not the lowest.

What is the most economical and cost-effective way of remitting payments for purchase of units in the Philippines?

HSBC charges are too costly. They charge $30.00 per bank to bank fund transfer plus they don't buy at the current exchange rate.

Thanks jerseygeorge and Dvorak. Any more ideas out there?

I don't think there is Banco De Oro in NY. I have to check that. We have PNB.

you could transfer it via any other bank at your end...

in Australia we do it via Bank of America.

thanks for the feedback dvorak............


Im in Australia but im my agent suggest that i opened a checking account for convinence for payments which im still thinking about....

I think you can't just go to any banks here and open a checking account. They will usually tell you to open first a Savings account then after 6 months they will allow you to open the checking account. This i think is the SOP with the local banks here, unless you know the bank manager :)

Some companies offer credit card payment, maybe this is a better option.

you could transfer it via any other bank at your end...

in Australia we do it via Bank of America.

Ganon din. HSBC charges $30.00 fund transfer fee. PNB is kind of out of the way for me.

Ganon din. HSBC charges $30.00 fund transfer fee. PNB is kind of out of the way for me.

may affiliate banks naman ang BDO sa US.. check mo sa website nila.. www.bdo.com.ph

k. thnx.

If you are overseas especially sa US, you can open a BPI savings account thru the internet (although you have to go or mail the application to one of their branches sa US). Then you can deposit or check your account online.

Also, anoth bank, PNB remittance cost only $9.

Thanks for that Akaflores. That's the most economical so far, short of my issuing postdated checks. I'll check that out. :)

If you are overseas especially sa US, you can open a BPI savings account thru the internet (although you have to go or mail the application to one of their branches sa US). Then you can deposit or check your account online.

Also, anoth bank, PNB remittance cost only $9.


thats what i did with BPI...then i printed the form and have it sent to Makati...takes about two weeks...planning to open a second one in PCI-EQUI... :)

i'm thinking of buying one in alabang area.... anybody help me..... i'm also based overseas... :)

Hi guys,

Any of you guys know the pros and cons of buying a condo in Eastwood City or Fort Bonifacio?

What is the better location in terms of good living environment, accessibility, development and property value in 4-5 years?

Thanks.

I think Filinvest is offering condo's there. Mostly built up already. Not to much action in Condo's there. Maybe a couple including the Mondrian which many people here find ugly. Go through the different projects to get a good idea of location, start with the first page of posts per thread. We'll try help out what we can in terms of feedback, (kung binabaha or may squatter or kapitbahay mo si Hubert Webb!). Good Luck.

Eastwood- one developer one choice of condo's, accesibility to North much better and UP Ateneo. Cheaper zonal and selling price. Pocket Development ,everything within reach.



Fort - world class , urban development, better utitilies (has gas e.g.) , Many Developers making condo's so take your pick from very expensive to inexpensive, closer to makati and airport, expensive water, and dues.

Mostly a consideration of where you want to live and if you totally trust Megaworld. (Personally think they're projects have many defects as per anecdotal evidence)

Someguy, saan ka sa US? Kasi ako, I am in Northern California. What I did to open BPI Direct savings, was to print the form online, took it to Milpitas branch, deposited $100 and signed a signature card. I only have to wait for 3-5 days and then my account sa opened. As for online access, I called their 800 # and in few days, I got the access info. As for opening checking account, you have to be in the Philippines to do that kasi I think it needs background check and clearing. Only then was I able to issue my PDCs.

As for PNB, I use it fund my other PNB account. To save on remittance fee, I do once in 2 months. $9 ang charge and it is there within 24 hours. I have been doing this for almost 2 yrs. na so I know subuk na ito.

Lastly, check out new partnerships by developers between them and other remittance companies/Philippine banks here. Last I heard, Ayala has one already established. They do not just remittance but actual purchases (instead of buying sa Pinas and FEDEXing forms).

Hope this helps.

totally agree with bustero, although I am assuming that if you choose Fort, you will be choosing a property not by Megaworld, ie. Forbeswood Heights, Bellagio, etc...

As a balikbayan, I love Eastwood kasi I don't need a car to get around. Everything is within reach, for myself, my wife and my kids. However, you don't want to be confined in Eastwood City all the time. Due to traffic and few access points, getting in and going out of Eastwood is horrible. The Fort is just a stone's throw away from Makati and has much better master-plan than Eastwood.

Either way, wherever you buy, during the walkthrough and turnover, inspect everything and don't accept your unit until everything is working and according to your agreement.

have you guys heard bout the rape slay in one of the construction site at eastwood

which one is it? huwag naman sanang Parkview 2. Baka tumira sa condo ko ang multo :-)

which one is it? huwag naman sanang Parkview 2. Baka tumira sa condo ko ang multo :-)
duon siguro...kc my brother works at eastwood and they were briefed about the incident megaworld must have blocked the news about this one to the media kc wala naman akong naririnig

BGC does have some cheaper apartments in Hamptons, Penhurst, etc. Though if I was asked where to invest my money one I'd put it in Eastwood, even though they have the ugliest developments going around, horrendous planning too in the side-by-side buildings. Not that there isn't much to see beside.. well Eastwood.

Bakit magkamukha yung Forbeswood Heights condo dun sa mga condo sa tapat ng SM Southmall ..pati colors pareho rin ?

Someguy, saan ka sa US? Kasi ako, I am in Northern California. What I did to open BPI Direct savings, was to print the form online, took it to Milpitas branch, deposited $100 and signed a signature card. I only have to wait for 3-5 days and then my account sa opened. As for online access, I called their 800 # and in few days, I got the access info. As for opening checking account, you have to be in the Philippines to do that kasi I think it needs background check and clearing. Only then was I able to issue my PDCs.

As for PNB, I use it fund my other PNB account. To save on remittance fee, I do once in 2 months. $9 ang charge and it is there within 24 hours. I have been doing this for almost 2 yrs. na so I know subuk na ito.

Lastly, check out new partnerships by developers between them and other remittance companies/Philippine banks here. Last I heard, Ayala has one already established. They do not just remittance but actual purchases (instead of buying sa Pinas and FEDEXing forms).

Hope this helps.


hi...im actually in Sydney Australia....as for checking account yeh i agree with you but i will try and have a quick visit in manila later ths yr...in the meantime i have a rep to act on my behalf..

I am just curious what are the fees and taxes that are imposed when I sell my property.

I mean does this Philippines have a capital gains tax on condominiums?

Is there like a flip tax on condos like there is in some places of the US.

I own a condo at Lancaster Suites, of course this project is this in the construction stage.

What identification is required if you, a non Filipino resident or citizen, were to buy a condo in the Philippines? I know for locals, they usually ask for the TIN (Tax Identification Number) and I can't remember if there is something else. For "foreigners" like myself, if I wanted to buy a condo (I realize that the project must not exceed 40% foreign ownership), does anybody know how that is done? Do we need to apply for a Philippine TIN or will some other form of documentation(passport) or numerical identification (like a US SSN) suffice? Also, how can you pay property taxes, etc.

nope. you don't need to apply for a Philippine TIN. They will accept your passport and license number as your identification. If you are married and you are buying a condo, they will also need IDs of your wife. Then you have to sign the contract here in front of a notary public.

What identification is required if you, a non Filipino resident or citizen, were to buy a condo in the Philippines? I know for locals, they usually ask for the TIN (Tax Identification Number) and I can't remember if there is something else. For "foreigners" like myself, if I wanted to buy a condo (I realize that the project must not exceed 40% foreign ownership), does anybody know how that is done? Do we need to apply for a Philippine TIN or will some other form of documentation(passport) or numerical identification (like a US SSN) suffice? Also, how can you pay property taxes, etc.

So the driver's license number can be from a US or other foreign driver's license? So I suppose the hardest part (other than coming up with the cash) is getting a local notary? What about property taxes? How could you pay those?

there's a lot of notary public here.. so that wont be a problem...

re: Property taxes.. is this the yearly thing? I think this is paid to the local government.

So the driver's license number can be from a US or other foreign driver's license? So I suppose the hardest part (other than coming up with the cash) is getting a local notary? What about property taxes? How could you pay those?

you can read about the real property tax code on http://www.chanrobles.com/presidentialdecreeno464.htm

Are there disadvantages to buying abuild to own condo. has anybody bought one and were they satisfied with the whole procedure and the unit?

BASIC DIFFERENCE

The new Build method: Homeowners directly engage the services of a construction industry professional team who build their homes at DIRECT COST.

VS.

The old Buy Method: Homeowners buy from a middleman developer, who engages the same group of construction industry professionals to build and resell it back to the buyers with 40% higher price

Build To Own is supported by the Construction Industry…

Ensuring the Lowest Prices, the Best Quality

and the Fastest Delivery Time!



PROFESSIONAL COMMITMENT

The new Build method: Professionals are bound by both the code of ethics and legal responsibilities for the quality and safety of the building. His objective is to build a structure that he can take pride in, while earning a reasonable compensation in the form of a standard fee.

VS.

The old Buy method: The middleman developer's corporation only has one objective, which is to earn as much money as possible for themselves and their stockholders.



PROTECTION AGAINST DIVERSION OF FUNDS

The new Build method: Each owner employs a depository and disbursement bank with strict instructions that all funds will go directly to the project alone

VS.

The old Buy Method: All payments are paid to the pocket of the middleman developer, with no accountability of where the money goes. Most often, it is used to pay previous debts, to fund other unfinished projects, or worse, for personal extravagances that cause project failure.



HOMEOWNERS EARN INTEREST

The new Build method: Payment deposited by the unit owner to the depository and disbursement bank will earn high yiedling interest for the homeowner before the construction starts.

VS.

The old Buy Method: Without any construction expenditure of the first 3 years of pre-selling, the middleman developer collects payments from the unites and takes all interest generated from these funds.



DIRECT OWNERSHIP FROM THE BEGINNING

The new Build Method: The whole project is free of any debt and nothing is mortgaged. All assets acquired and on site remain as the unit owners property through the construction period.

VS.

The old Buy method: The project funds are raised through loans, using the land as mortgage. Unit buyers will get their units only if and when the middleman developer achievers their target profits, and pay all debts.



FASTER DELIVERY MEANS EARLIER INCOME

The new Build method: The 2 year delivery time frame allows the homeowner to immediately rent out or use their home, saving 3 years worth of rent paid to live elsewhere.

VS.

The old Buy Method: The homebuyers unit will be delivered 5-7 years from the date of purchase because of the 3 year delayed contract. Homebuyers will lose 3 years worth of rental income from the unit or incur rental expenditure to live elsewhere.

^^ That's very informative and helpful Dvorak. Thanks!

thanks DVorak It seems all those listed are advantages. I wonder if there is any disadvantage at all.

Your venue for dispute will be primarily the SEC as opposed to the HLURB. The documentation will show you as a Joint venture partner not as a buyer. When the contract unravels in case of a no show there is a bit of a delay as all parties to the contract must be informed and participate.

There have been several of these things which have not taken off and have not been succesfull. Filinvest has one, and even the original communidades project developers in the country have not used this way of developing again. Gilbert Yu on the other hand has been quite succesfull with his Fort developments (hampton etc). It can take time for some projects to achieve critical mass and it may lose it's window of opportunity making it impossible or take a long time for the project to push through. So while delivery date from start is maintained, the start date may move, specially in a down cycle or not so marketable project.

There is an educational aspect to the method as well , so the proponent must sell the idea and the condo at the same time. This is what spooks some buyers and is why mainline developers have not employed it so far.

I believe the above comparison is from Gilbert Yu's website, he's the chief proponent right now for this method.

that's something to think about. thanks. What attracted us to Bot is the delivery date which they said would take two years. If they don't get enough funding and delivery date is postponed or doesn't push through then you're left without a unit in the end specially if you're paying cash.

Come to think of it, it can be quite problemmatic when faced with this scenario. It will really be more of a breach of a partnership agreement than a breach of contract. The legal recourse is much tougher.

i guess i'd choose the fort... great master plan... mall, hospital, school... lots of expensive condos (i hope i can afford it someday)... looks more like a park to me, there are trees everywhere... its near the airport... minutes to makati... less traffic... less jeep (i would need a car to get around or maybe a bike..if its allowed or maybe i'll just walk) :)

eastwood is more like a gimmick place... packed with buildings (can anyone breathe there?), accessible by jeep... affordable condos... great developer.... :)

Bakit magkamukha yung Forbeswood Heights condo dun sa mga condo sa tapat ng SM Southmall ..pati colors pareho rin ?

Perhaps they're both Megaworld projects?

If I have to compare just the nightlife/dining scene in both places, I would choose Eastwood over Fort Bonifacio.

Fort Bonifacio has better access to a lot of things and the view is priceless. :)

Pearl of the Orient Seas - The Philippines (http://community.webshots.com/user/jbkayaker12)

In case of non-continuance, there is no breach of contract or agreement. The contract actually stipulates from the start the exact performances in terms of dates and schedules which must be followed. Should there be failure in achieving the milestones from any of the major parties to the agreement there is an installed mechanism by which all parties can detach. This is the primary attraction for this method of development. The exit mechanism is quite clear and leans toward protecting individual buyer/investors (so that it will be attractive in the first place).

In the scenario of Marites, you monies are in scrow so theoretically it's making a little money while it's moving on. The biggest problem with these things in general is that if the uptake is slow, they may not make the minimum to start the project and hence the start date is delayed. Of course normal developments have this problem to , to a certain degree, this is more the case for smaller developments rather than the Ayala's or Robinson etc.

If the uptake is good and the contract and players secure then more or less it should proceed quite quickly.

providing you now have the condo.. how much is the yearly tax that you would pay? Does this depend on the amount of the condo? say if you have a 10M condo.. how much is the yearly tax for this?

providing you now have the condo.. how much is the yearly tax that you would pay? Does this depend on the amount of the condo? say if you have a 10M condo.. how much is the yearly tax for this?

Yes, it would be based on the market value. Php10M x 2.5% annual tax = Php250,000. Ouch!

yikes! is it really pegged at 2.5% per annum no matter how big or small your condo is?

so if you own a 40M condo at Pacific Towers, you'll pay 1M in tax annually??!

Yes, it would be based on the market value. Php10M x 2.5% annual tax = Php250,000. Ouch!

2.5 of the value for the prop. tax. That seems kind of steep. Is this true. considering you hardly own any lot just a unit in building. IF that's the case I'll not even bother to proceed with our plan. Can anybody provide more info. on this.

yikes! is it really pegged at 2.5% per annum no matter how big or small your condo is?

so if you own a 40M condo at Pacific Towers, you'll pay 1M in tax annually??!
Guys let me enlighten about real property taxes applied on condos, from the document that was handed to me from Joya at Rockwell. according to my record taxes is computed as follows: $5/sqm/year as of May 2005. So if your condo has 79sqm. it would come out to $395/yr. If you need some more info about other payments-association due,ins./taxes on common areas, one time payment paid upon turnover of unit -Joya in particular- let me know and I'll be glad to provide you.

how much did u end up paying for your association dues

association dues at Boni Ridge is at Php75.00/sqm.. all units have 113sqm so it's Php5,625.00 monthly.

how much did u end up paying for your association dues

how much did u end up paying for your association dues
rockwell-joya's association dues is Phldingp67/sqm month
my unit 67sqm =Php4489.00/mo.=$85.00 ex. rate Php=53

Insurance(buillding)(USD 0.13/sqm/mo)=$15/mo

Taxes on Common Areas(USD 0.27/sqm/mo)=$18/mo

Total monthly due=USD=$118.00 or Php6254.00

Guys let me enlighten about real property taxes applied on condos, from the document that was handed to me from Joya at Rockwell. according to my record taxes is computed as follows: $5/sqm/year as of May 2005. So if your condo has 79sqm. it would come out to $395/yr. If you need some more info about other payments-association due,ins./taxes on common areas, one time payment paid upon turnover of unit -Joya in particular- let me know and I'll be glad to provide you.

real estate taxes are based on the assessed fair market value of the property(not by it's size) multiplied by the assessment level as mandated by local ordinances. Makati and Ortigas areas have the highest levels and condominiums, particularly Class "A" such as the Essensa are taxed in the highest bracket.

2.5 of the value for the prop. tax. That seems kind of steep. Is this true. considering you hardly own any lot just a unit in building. IF that's the case I'll not even bother to proceed with our plan. Can anybody provide more info. on this.

Remember, the lot is also "owned" by the unit owner as a shareholder in the corporation that owns the lot and common areas. Thus, you will also be liable to pay your share of taxes on these common areas, on top of the taxes, you pay for your own condo unit, plus insurance, utilities, etc. make sure these are included in the condominium dues. . . . my, I'm getting dizzy. . .

^^ Isn't the Condomimium Corporation (not the individual shareholder) liable to paying the real estate tax on the lot? So that if as a shareholder, you pay your maintenance fees, the property tax and insurance fees should be covered by your monthly maintenance fees. Otherwise, it would really be onerous on the part of the condo unit owner.

The Condo Corp is usually a non-profit organization composed of the Unit Owners. The association dues you pay covers the security, electricity and water for the common areas, maintenance of the common areas, painting... plus the real estate tax of the common areas including the lot and the insurance of the entire property. In effect, the cost of paying the real estate tax and the building insurance is passed to you through the association dues. Additionally, you have to pay for the real estate tax of your own unit. However, you do not need to pay any insurance anymore unless you want to insure the contents of your unit.

^^ ok, thanks highlander.

question for everyone: what are the advantages & disadvantages of condominiums to house & lots?

(im planning to invest for my future home... :) thanks in advance for replying.)

the only advantage of a condo is that it's within the city and nearer to your work, provided you work in the vicinity. Security might also be an advantage for condos.

on every other aspect, nothing will beat a house and lot.

a condo like any other building only has a lifespan of I think 50 years. A house and lot can last forever, if the house doesn't then you can always build another one on the same lot.


question for everyone: what are the advantages & disadvantages of condominiums to house & lots?

(im planning to invest for my future home... :) thanks in advance for replying.)

question for everyone: what are the advantages & disadvantages of condominiums to house & lots?

(im planning to invest for my future home... :) thanks in advance for replying.)

A condo hardly appreciates in value especially on a very unstable economy such as the Phils and the maintenance costs(association dues) can be a worry on a unstable wallet.

real estate taxes are based on the assessed fair market value of the property(not by it's size) multiplied by the assessment level as mandated by local ordinances. Makati and Ortigas areas have the highest levels and condominiums, particularly Class "A" such as the Essensa are taxed in the highest bracket.

I think we are not connecting on our issue here , you are correct real estate are based on fair market ex. Php10MX2.5-3.0% assessment for Makati City as to this date this will total to Php250,000-Php300,000. Now this is what everybody is worrying about, remember this is only one time payment :cheers: I'll repeat one time payment only. This is like when buying a new car from a dealer USA/Phil. you have to pay taxes , the rates depend on the State/Town/City. With regards to annual real estate taxes, this what I mention in my previous posting real porperty taxes=$5/sqm/yr. on the unit. As for Lili's info. Condo management are responsible for payment of taxes , taxes on common areas, insurance(building) and other misc. These are included on the monthly Association Dues. :) :)

I'd trust Ayala Land, Filinvest Land, Commonwealth Estate, and others I forgot to mention :)

question for everyone: what are the advantages & disadvantages of condominiums to house & lots?

(im planning to invest for my future home... :) thanks in advance for replying.)

One aspect is that it's a lifestyle choice.

H/L offers more space, garden living, ownership to the land itself

condo offers location, lock up capability, convinience

that's if you are a consumer of a primary domicile

if you're thinking from an investment point of view, then it's always location , location, location - in general though most homes have a poor rate of return basis and it's arguably cheaper to put your money in the bank and rent

Very educational thread, expecially for expat condo-owners like me. For additional info, try this link that talks about these ad other similar issues.

http://www.myhomeland.com.ph/

A condo hardly appreciates in value especially on a very unstable economy such as the Phils and the maintenance costs(association dues) can be a worry on a unstable wallet.
IN this case why are they selling like hotcakes, it seems with all these new developments. Or maybe it's just a marketing ploy to make people think they're selling like hotcakes. Do people have a lot of disposable income.

the only advantage of a condo is that it's within the city and nearer to your work, provided you work in the vicinity. Security might also be an advantage for condos.

on every other aspect, nothing will beat a house and lot.

a condo like any other building only has a lifespan of I think 50 years. A house and lot can last forever, if the house doesn't then you can always build another one on the same lot.
A lifespan of 50 years ? really Isn't it possible for it to last longer than that if the building is maintained or no earthquake occurs or you're unable to dispose it by selling. Do you think by then you'll be able to recoup your investment.

thanks for that link.. it says there that Real Property Tax (RPT and SEFT) is computed as 2% - 2.5% of the assessed value of the property. And Assessed value is usually 20%.

So if you have a 3M condo. It's 600,000 x 2.5% = Php15,000.00 annually for the real property tax.

Manila, Makati, Pasig, Mandaluyong, QC are all pegged at 2.5%.

Very educational thread, expecially for expat condo-owners like me. For additional info, try this link that talks about these ad other similar issues.

http://www.myhomeland.com.ph/

yes, condo corps which own the lot and sturucture actually have lives of only 50 years but you can extend it anyway. Many coop's (the forebearers of condo's) have been around for over a hundredyears, and in Europe, many apartments, condo's, coops etc, are even longer. There are families in NY that have been living in the same apartment for 4 generations even longer. As long as the building is well done and maintained, there is no reason why you can't expect it to go on for a long time (on a practical basis your lifetime really).

IN this case why are they selling like hotcakes, it seems with all these new developments. Or maybe it's just a marketing ploy to make people think they're selling like hotcakes. Do people have a lot of disposable income.
There two kinds of buyers of these things:

End users and Investor/Speculators.

The first does not look at the appreciation in capital as their primary motive for purchasing a home.They look at very practical matters such as how close to work, expense and affordability, location, school etc.

The second party looks primarily at how all the factors above will figure in a demand/supply situation which will raise the value of the investment. They also need to look at liquidity and ease at which them may exit the investment.

The present hotcakes has got to more to do with the huge supply - demand gap in MM. There are a lot of choices for lots in the boonies but not for cityspaces. Considering the changing demographics , attitudes, and fianincing situation, coupled with a dearth of new developments started in the 5 years after the financial crisis, only in the past 2 years has this demand been served and still this is not enough. Just look at the HUDCC figures and you'll see how big the backlog is, and you still will not believe in their demand figures.

That's why right now condo's sell like hotcakes.

Condo buildings only have a lifespan of 50 years? How come? Shouldnt it be longer?

Very educational thread, expecially for expat condo-owners like me. For additional info, try this link that talks about these ad other similar issues.

http://www.myhomeland.com.ph/

This site is awesome!!! Thanks so much, Akaflores! :)

Condo buildings only have a lifespan of 50 years? How come? Shouldnt it be longer?
Structurally they will last as long as the earth beneath is standing if the building is properly designed and maintained.

What is 50 years is the life of all Philippine Corporations as defined by the corporation code of the philippines. Granted there are other ways of owning the land underneath but ussually you use a condo corp to own the land. When the charter is gone theroretically there is no entity which owns the land though in reality there is a building there. You just need to extend the life of the corporation that's all.

By the way are most of these condos earthqUake resistant.

they have to follow the building code which designs to the best of available and known technology for up to around intensity 9, no guarantees though

just to give you guys some update on the fitting out I'm doing for my friend on his unit at Boni Ridge.. I'm having problems dealing with them re:aircon in the living / dining area. The units are turned over with 2 split type aircon in the master and secondary bedroom and 1 window type aircon in the small room/den. The 2 FCU of the split type aircon are located at the laundry area.

There's provision for 2 split type aircon for the dining/living area. The problem is there's not enough space to put in two FCU in the laundry area. Also - you can't just put in any aircon, it has to be CARRIER as there's an existing agreement between them and Boni Ridge.

Carrier's solution is to remove one of the FCU (return it to them), and they will install 1 Multi-split FCU, it's a bigger FCU that can handle 3 split types. So the aircon from one of the rooms and the 2 new aircon that will be installed will all use this multi split FCU. Sounds ok, but the problem is, they're asking for Php80T for this FCU and 2 one HP split type and another Php30T for the installation (whooping Php110T).

Checking out the space at the laundry area, there's still a place for one FCU, so installing one 2.5 horse power split type in the living/dining area could be an option as there's still room for one FCU in the laundry area. This will only costs Php38T for the aircon and Php7T for the installation. The problem is, CARRIER will have to void the warranty of the 2 existing aircon and the new 2.5HP aircon that I will install. They are saying that we have to get the multi-split system otherwise they will void the warranty if we pushed thru and install the 2.5HP. I asked why they will void the warranty, they just said that it's because we're not getting the multi-split system.

Been talking to them for 2 days na.. nakakainis na.... gusto nila kunin yung pagkamahal mahal na product nila.. eh pwede namang mag install lang nang isang 2.5hp na split type.. kasya naman yung FCU.. kesyo magiging 3 na daw yung magkakapatong na FCU sa labas.. eh lahat naman yung facing the outside.. so wala namang problema.. eh kahit yung mag i install kinausap ko na.. wala naman daw problema basta facing outside yung mga FCU..

Why is the unit turned over with aircons installed? Is this in the contract? What if you don't want any aircon at all? Isn't this type of collusion between the developer and carrier illegal?

It's probably legal because Ayala Land and Carrier are big companies so they wouldn't want to get into any legality qualms with the unit owners.

You can check the contract and the deed of restrictions if there is any such agreement. I would think these kinds of agreements can be abrogated by the association though as it does not seem fair.

Problem is there is no association yet to speak of in the first place. Meanwhile unit owners are stuck with this dillema. Apparently Carrier is in collusion with Ayala and I think this is illegal. It could pose a potential lawsuit for both parties from the owners association that will eventualy be set up in the future. AFAIK most condominiums are turned over only with a "provision for aircon" unless otherwise stated in the contract.

all units are turned over with 3 carrier aircons, two split type on both bedroom and one window type on the small bedroom/den.. then there's provision for two split type aircon in the living/dining area..

yes, this is in the contract.. same as all 3 bathrooms are turned over with exhaust system in the ceiling and also one exhaust in the kitchen (above the range position)..

so kasama na sa contract price yung 3 aircons..

Why is the unit turned over with aircons installed? Is this in the contract? What if you don't want any aircon at all? Isn't this type of collusion between the developer and carrier illegal?

developers usually mandate the brand/model of air-conditioning unit that should be used only if the ac unit can be seen from outside the building. this is to maintain uniformity so that the building would not look bad having different kinds of acs installed. on the other hand, if a concrete casing for the ac has already been provided and the ac can't be seen from outside, then they should not really mandate the brand/model.

I see , I'm not sure if this is entirely legal as a contract provision (you can ask a lawyer or better yet hlurb) but assuming it is and basically they're forcing you to do an upgrade or they void your warranty then one other way you can work is to talk with building administration or seller (ALI) and tell them the situation. It seems unreasonable, if they insist that there is nothing they can do you can try work it out on the building association level if there is one if none you'll have to organize them or at least find out if there are other people willing to complain like you. There will be better strenght in numbers and you also have certain rights as buyers.

Hey any suggestions for a condo? My aunt is planning to buy a unit. She pefers near the airport such as in fort bonifacio or makati or pasay. Inexpensive and far from pollution. Thanx. :)

what's her budget? how big? there are lots of condo sa global city..

Hey any suggestions for a condo? My aunt is planning to buy a unit. She pefers near the airport such as in fort bonifacio or makati or pasay. Inexpensive and far from pollution. Thanx. :)

hi guys, am new here. my two cents.... avoid makati, people told me that the property tax is astronomical. ortigas is not a bad idea. my friend just bought a one bedroom in a fairly new building for less than 3m.

Hey any suggestions for a condo? My aunt is planning to buy a unit. She pefers near the airport such as in fort bonifacio or makati or pasay. Inexpensive and far from pollution. Thanx. :)

rmb,
Dvorak was asking what's your aunt's budget and how big (SQM and the number of bedrooms) the unit will be? Please also ask when she wants to take possession of the unit because this will determine whether its going to be an existing building (unit resale) or a new/UC building (pre-sell). Ask her also for any wish lists she may have. We will be able to assist you better once she is able to answer these questions. We look forward to hearing back from you. :)
Best Regards,
3cr

real property tax is almost the same in all cities here in metro manila..

hi guys, am new here. my two cents.... avoid makati, people told me that the property tax is astronomical. ortigas is not a bad idea. my friend just bought a one bedroom in a fairly new building for less than 3m.

rmb,
Dvorak was asking what's your aunt's budget and how big (SQM and the number of bedrooms) the unit will be? Please also ask when she wants to take possession of the unit because this will determine whether its going to be an existing building (unit resale) or a new/UC building (pre-sell). Ask her also for any wish lists she may have. We will be able to assist you better once she is able to answer these questions. We look forward to hearing back from you. :)
Best Regards,
3cr

Ok thanx. Ill ask her muna :)

makati, ortigas, fort, similar polution levels, you'll need to go all the way to alabang and beyond to get better air

real property tax is almost the same in all cities here in metro manila..

thanks for the info. for some reason, people are saying it's very expensive to have a property in makati.

Rocky,
It's got to do with location visavis the Price/SQM of the said area. Mas mahal sa Makati and FBGC because the price/sqm is also quite high. The property tax is then computed as a percentage of the purchase price so that is also why it comes out more expensive as well. You do get more for your money in Ortigas since most of the developments there have a lower price/sqm than Makati or FBGC. Hope this helps. :)

Rocky,
It's got to do with location visavis the Price/SQM of the said area. Mas mahal sa Makati and FBGC because the price/sqm is also quite high. The property tax is then computed as a percentage of the purchase price so that is also why it comes out more expensive as well. You do get more for your money in Ortigas since most of the developments there have a lower price/sqm than Makati or FBGC. Hope this helps. :)

that's right. and other than the tax, the association fee will be more expensive too.

makati, ortigas, fort, similar polution levels, you'll need to go all the way to alabang and beyond to get better air


I'm considering buying into a condo in Fort, Ortigas, or Eastwood. Makati is too dense in my estimation and as a result the vehicle exhaust is entrapped between buildings causing a canyon like effect. Is Fort really similar in terms of pollution levels? Alabang sounds intriguing, what is the prime residential condo there?

ADB did a study on air environment for their expats. Basically you are correct that Makati is worse than the fort, but all of these are unacceptable in air pollution.So it's like saying one area has very ugly and the other one is very very ugly! The area where it STARTS to get acceptable for them is Alabang and beyond. There are not very many condo's in Alabang yet though. In fact I don't remember anything new in that area. They are restarting an old project and calling it Mondrian. The others here may have a better idea.:)

1. Is investing in Philippine real estate a good idea?
2. If so, would you pick condos, lots, townhouses, house/lot, etc.?
3. Where's a good area in and around Metro Manila?
4. Any particular projects you would recommend?

I'm curious to know what you guys think. I'm sure there has to be a lot of real estate-savvy people in this forum.

can't talk much about what my sister is feeding me. nothing much is happening in davao real estate wise.

would love to invest on those waterfront and hilly/rolling lots (like mati in davao oriental). i'm into vistas and would be more interested in forested places (like bukidnon). if i were to invest, probably would go for areas that are familiar to you.

I dream of retiring one day in a secluded island somewhere in the Philippines, that or a beach front maybe Batangas?!

What are your opinions about buying an island in the Philippines?!!!!

Here's what my aunt wants:

Nothing fancy...2 bedrooms...small kitchen...a place conveniently located near US embassy and airport...no flooding...any suggestions? :)

u can buy an island in the philippines

How soon does she want to use it? Does she want a building already built or one to be built? Also important to know is how much is her budget range?

I'll leave the actual suggestions to those who know the area better than I do so I'll just show you an example of a development with ocean views and within proximity of The Mall of Asia, American Embassy and the Airport that she can check out. Just be aware though that a good number of these developments along Manila Bay are standing on reclaimed land.


The tallest structure in the area are the four buildings of Golden Bay Condominiums in Asiaworld City, which is located in the second island (Asiaworld) south of where MoA stands.

Two of the towers are on-hold while the other two are RFO I think, or at least they're topped-off.

The first two towers, Burgundy Bayfront Marina and Burgundy McKinley Place have 36 Floors (including 3 basement parking levels) so that makes them the tallest in the reclaimed Manila Bay lands.

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05.22.05
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Golden Bay Towers:
http://i5.photobucket.com/albums/y195/aaron_ofngol/100_0937xx.jpg
http://i5.photobucket.com/albums/y195/aaron_ofngol/100_0937xxx.jpg]
SM Mall of Asia and Golden bay Towers
http://www.imagestation.com/picture/sraid191/p838a49293fd6af1abf6b3450a4582557/f1c65655.jpg

I dream of retiring one day in a secluded island somewhere in the Philippines, that or a beach front maybe Batangas?!

What are your opinions about buying an island in the Philippines?!!!!

Although not secluded nor island-situated, Punta Fuego in Batangas is fast becoming the toast of Manila's moneyed set. The Punta Fuego peninsula boasts of beachfront and hillside locations facing the Pacific Ocean. I think the developer is Landco.

Ayala Land, not wanting to be left behind, recently launched a similar development called Anvaya Cove in the Bataan peninsula.

If you are really into buying an island, I heard that some of the islands in the Hundred Islands are up for grabs. Not sure though. Also I read somewhere that some islets in the Visayas and Palawan regions are also open for serious buyers.

^^ I've heard about Punta Fuego... haven't had the chance to actually go visit. From what I've heard though, it seems pretty interesting, if a bit on the expensive side. I guess you really get what you pay for... beach and golf, though I'm not much of a golf player.

sunds like she's thinking Roxas, Area. YOu can check out 1322, one of Manilas tallest, right in front of the embassy. Plus there's the cityland being built in front of the robinsons in ermita. both are still pre selling. further down the road Federal has Bay garden (tama ba ito ?)

Reclaimed land is ok as long as the foundation is ok which is almost piled anyway. HK is mostly on reclaimed land too. Same with Dubai. Either case buildings along adriatico/roxas blvd and metro reclaimed area are all the same succkee soil so all must pile to the bedrock.

If I were rich I would love a place like Newport Beach, Orange County to live in. A place filled with 5-million-dollar mansions, all the people are rich (LIKE ME:-) No pollution, disneyland is just a drive away, the main city (LA in Newport's case) is near, your "Mansion" has a glorious view of the ocean, socialization is a cinch, many restaurants, a beach, hundreds of places of fun like bowling alleys, golf courses, yachting etc., great fun and celebrity neighbors!

A scenario like that could develop in Batangas or Bataan isnt it? Kulang lang tayong mga pinoy sa pera literally.

Ok thanx :)

If I were rich I would have a villa built in Lago de Como.

If I were rich I would love a place like Newport Beach, Orange County to live in. A place filled with 5-million-dollar mansions, all the people are rich (LIKE ME:-) No pollution, disneyland is just a drive away, the main city (LA in Newport's case) is near, your "Mansion" has a glorious view of the ocean, socialization is a cinch, many restaurants, a beach, hundreds of places of fun like bowling alleys, golf courses, yachting etc., great fun and celebrity neighbors!

A scenario like that could develop in Batangas or Bataan isnt it? Kulang lang tayong mga pinoy sa pera literally.

Actually California is overrated and not so great. It's so known now, including those who know it but don't want to speak of it. What you've mentioned has now become only a portion of the peak during the past, which was a very short-lived peak. Its existence is based on what people want it to be, forcing it. People tend to be fake too. And all those "qualities" listed do exist, but they really do turn out to not be qualities. Almost like when finding a really cool jacket, and it is really great and what you've been looking for, but it turns out to have rips inside. Don't be fooled by images on TV or the media. It's also very expensive.

Oh, plus the quakes and fires (san andreas fault) are more than ever in California, just like how it's always been predicted that California is a ticking time bomb and vulnerable land.

^ So it's not like Bev. hills 90210 with the beaches, nice weather and beautiful mansions?

yes but what you buy should depends on what you want to achieve.

Distinguish between capital appreciation and cashflow. Some properties will go up in value, some properties will yield you a nice cashflow. These are not mutually exclusive but it's very difficult to find a high yielding investment with great capital appreciation.

An example of very high capital appreciation is land which is in the lahar zone. A few years back you could not give it away. In the right places you bought it for like 50 centavos per sq.m. or Php 5,000 per hectare. Now with the SCTEX if an exit hits that land then it would be worth a minimum of Php200 to Php 300 per sq.m. This turn around took less than 5 years. That's a few thousand per cent return. Of course this si like the riskiest type of real estate just in case lahar actually covered the land. But this is just to highlight capital appreciation.

Properties with cashflow ussually means primer or more usable property. It's almost always in developed areas where someone will rent the land or if it's a building rent space.

Do not confuse your home of primary use with an investment, it's almost always cheaper when you do the numbers to rent, it just depends when in the real estate cycle you buy or sell as the alternative to renting. A primary home or even secondary home which is recognized as consumption rather than investment though brings untold psychic income in terms of happiness and memories things which are more important the older you get as money can always be earned.

Islands are romantic but not practical. My family owns one and it's a money pit. Unless you are able to get a substantial size which has the most important feature ,neither view nor beach nor trees nor even cleanliness , it's water. That almost means a sizable island. Land without water is of no value, you can't stay in it or even develop it. It's like getting a million hectare ranch in the desert. The idea of having land which is that big or an island is great but you can't even live there.

Actually California is overrated and not so great. It's so known now, including those who know it but don't want to speak of it. What you've mentioned has now become only a portion of the peak during the past, which was a very short-lived peak. Its existence is based on what people want it to be, forcing it. People tend to be fake too. And all those "qualities" listed do exist, but they really do turn out to not be qualities. Almost like when finding a really cool jacket, and it is really great and what you've been looking for, but it turns out to have rips inside. Don't be fooled by images on TV or the media. It's also very expensive.

Oh, plus the quakes and fires (san andreas fault) are more than ever in California, just like how it's always been predicted that California is a ticking time bomb and vulnerable land.

I did not know that. Perhaps I'm just soaked in too much The O.C. right now, I'm lovin that show.... :)

ive got this one in malayan plaza condo in ortigas..


http://img.photobucket.com/albums/v251/sooner_or_never/skyscrapercity%20pix/postee.jpg

hehehe..well Bustero that's your opinion, but yeah totally agree about the practical aspect of buying an island..definitely not practical lol ..nways its still a dream that would be soo hot i reckon, an island big enough to maybe even develop into a decent resort. HAHA maybe this will happen when I become a multi millionaire hehehe, Marlon Brando had one ughhhhh!!!!!

If you're serious , I'm pretty sure you can get an island in the middle of nowhere for a few million.

hehehe..well Bustero that's your opinion, but yeah totally agree about the practical aspect of buying an island..definitely not practical lol ..nways its still a dream that would be soo hot i reckon, an island big enough to maybe even develop into a decent resort. HAHA maybe this will happen when I become a multi millionaire hehehe, Marlon Brando had one ughhhhh!!!!!

Or even self-improvement guru Anthony Robbins in Fiji. He converted his island into a convention center where he conducts those walking on flaming coals breakthrough courses. Then, it becomes not just your island hide-away but a lucrative venture, too. But first, you need to concoct that 'snake oil', wellness, self-improvement gig and develop that magnetic personality to boost. ;)

For you guys who want to have your own islands.
http://www.philippine.islands-real-estate.com/ for local islands
http://www.tropical-islands.com/ tropical islands
http://www.privateislandsonline.com/ for all around the world

dont' forget youcan buy an island in Canada , or the northern US , quite cheap but not the tropical paradise you may imagine.

and of course that ultimate island steal for just 24$ worth of trinkets...manhatan

^ Courtesy of the Manahatta tribe.

Here's what my aunt wants:

Nothing fancy...2 bedrooms...small kitchen...a place conveniently located near US embassy and airport...no flooding...any suggestions? :)

Check poster champagnesupernova's unit along Roxas Boulevard. She might like it. Here's the thread:
http://www.skyscrapercity.com/showthread.php?t=286248

Major consideration in choosing a property is its location. Most people go for view but i go for the investment potential of the property. Roxas Blvd area has started to flourish but as to where the Mall of Asia is and if ever there sections for residential it is still part of the Reclamation Area. i dunno know hos sophisticated the construction engineering of this place is but law of gravity will still apply.

Are you pertaining to liquifaction? Yes this will always be a concern for building structures constucted on reclaimed land. Just like you, I'm personally staying away from them maski na maganda pa ang sunset view sa Manila Bay lalo na since sa Pinas halos lahat pa naman nadadaan sa lagay eventhough the building construction/engineering may actually be shoddy and it's not until some tragedy happens that the shoddy work gets exposed. Too late na by then di ba.

i agree to that, the place or view is not that important, well to some yes, but the most important is if the building if strong enough or build properly... hindi nadadaan sa ganda ng structure of sa ganda ng lugar...

Just reposting Thomasian/Aaron's posting on the topic of liquefaction...

It's not just the reclaimed ares that are vulnerable to liquifaction, Manila (especially within the pasig river delta) and the nearby coastal cities can also be victims of liquifaction.

Read more in this article:
http://www.newsflash.org/1999/12/hl/hl011767.htm

"Solidum said it also warned about the threat of liquefaction, where geysers of underground water triggered by huge quakes dissolve the ground, swallowing up everything above it."

"Parts of the city, including the coastal areas along Manila Bay and the Pasig River delta, are more vulnerable to liquefaction than elsewhere because they sit on soft sediment instead of more stable volcanic rock, he added."

Quoted from this article:
http://news.yehey.com/news3.asp?c=11&i=75760

A good building can be made in Manila just as sturdy and as well as in the more solid geography in SanJuan to Quezon City area. What's important is that it's engineered properly. You can do the research who did the strucutral engineering if this is your concern, firms like Aromin and Sy , DCCD among others do international work and compete with ove arup for structural works and you can be sure if they are wililng to sign off on it it's good enough. If it's a not to famous engineer you can ask around be advised though that more engineers tend to overdesign( the structure is stronger than it should be) than underdesign in the Philippines. As food for thougth remember than Makati used to be a swamp and while it does have better soil than Manila it's not as good as the hard adobe in the Ortigas Area stretching North. But then again even in this area (or even Manhattan bedrock) if the engineering work is not done well you can still have structural failure in the building.

is there anyone here who is interested in getting a unit in aeropolis 2 or in any Laguna Properties Holdings, Inc. (LPHI), Ayala land??? just tell me...

Per Bustero's request, just reposting this discussion on the importance of (or lack of) parking slots in condo ownership taken from the One Rockwell thread. Hope this helps future condo investors strategize better as well as reach a sound decision based on their own individual requirement(s)...

mods some of the posts here are very interesting for future buyers maybe you can link or repost them in the relevant sticky threads, otherwise it'll get buried in the one rockwell which sooner or later will die or loose interest.

...

hello all,
I just happened to come across this site by accident and I'm glad i did. I recently purchased a studio unit at One Rockwell at a Roadshow event they conducted here in Virginia. This is my first home purchase in the philippines and I'm anxious and excited at the same time.

I bought the unit on a cash basis so that i could avail of the 19% discount; and I also did NOT purchase the parking space. The parking space would be an additional $12,000! I figure at that price, i could buy another vehicle.

Did I make a smart choice in not getting the parking spot?

Mamichi521,
Buying parking space only make sense if you can't rent parking space once you move in. It rarely happens that there is no available parking space for rent specially in huge developments. Admin will always have a parking space for you that may not be a good location but still good for parking. You will normally get parking space for rent from owners who bought parking space for a lesser cost. I recently leased my unit in a relatively new condo in the heart of Makati CBD and my lessee easily rented a parking space for P2,500/month. Do your math. You can already get this amount if you get at least 5% net interest from your $12,000. So you still have your $12,000. You have not sunk that money and it can make more money for you while you are waiting for your unit to be delivered. The rule of thumb is, if the development is big, don't buy parking if that is an option (some developments bundle the parking and the buyer does not have a choice). I think you made a wise decision.
Mamichi,
Tootsjap already posted a very good response to your inquiry and I'd just like to add my two cents on the issue. The parking slot may indeed sound expensive at $12T so if you will only rent a vehicle during your stay in One Rockwell then you really don't need a permanent parking situation (just rent) but if you are buying one for your use there then it won't hurt to secure atleast a spot for your vehicle. The other thing you need to determine is how you will be using your One Rockwell unit? If it is for your own use/residence when visiting the Philippines, then whether or not parking should be purchased is really up to you; however, if this will also be an investment and you are possibly going to rent it out and/or sell it in the future, it will be easier to both lease/sell the unit when there is a parking slot included in the said unit. You can just increase the rental rate accordingly to reflect the unit/parking combo. And even if you decide to keep the unit for yourself, you can always rent out the parking slot until the time you actually need to use it. This way you can use the proceeds from the parking rental for your monthly association assessment. Since you bought your unit cash, you should be able to negotiate the parking slot purchase in such a way that you can just pay for it in full upon unit turnover so they don't get your money right away. Just be aware though that depending on the development, the parking slot may or may not be included in the computation of the monthly association assessment so it will be prudent to ask your Rockwell Sales Rep. If you get a moment, you can also check out the current Soma and Fairways Tower threads where the issue of parking is also currently being discussed. In the end it's really going to be up to you but hopefully the information shared helps you in making a sound decision. Good luck! :)
on an investment point of view, having a parking slot is a plus as a lot of condo buyers wants a unit with a parking space.. and in the long run.. i think it's really worth buying a parking space now as the price will appreciate in the future..

in our unit in GA Tower, when they started selling 3 years ago, the parking space was 350T for single and 500T for tandem parking space, now the parking space is 500T for the single.

..
tootsjap's rationale makes sense! $12k is a lot of money for a parking slot. That kind of money is enough to furnish your unit upon turnover which is my priority and I'd rather have it benefit me meantime rather than the developers bank account. I have decided to forego the parking slot and instead will rent one when the time comes so instead of $12.5k out of pocket you are able to invest it in the money market or term deposits/bonds. If you know what ur doing the interest/profits would be more than enough to cover any price increases in the future should you opt to buy the parking slot.
For argument sake if the most expensive parking level is at $12T per slot and the parking slot is not part of the monthly association assessment computation, that comes out to an initial investment of Php660T (Php55 to $1 exchange rate). Now if what you posted below is true/accurate "that parking rental rates run between Php5T-Php6T/month" then that comes out to an average annual rental income of Php66T/yr (Php5.5T/month). In an investment point of view, a 10% annual return is kinda hard to beat wouldn't you think? And we're not even talking about the price appreciation yet as mentioned by Dvorak. Why the change of heart?

Now if we go by Tootsjap's info which is Php2.5T/month that comes out to Php30T/yr or 4.5% annual return which at this rate, I agree we can do better. Guess it really depends on the actual rental income one can get from their respective parking slot di ba so hindi talaga ganoon kadali mag generalize whether investing in a parking slot is really worth the money or not. In the end of the day it really boils down to the individual's need, choice and ability to pay. The devil is really in the detail! :runaway:
Monthly parking rents with a condo now average Php5k to 6k/month, depending on the building. If a parking space can be purchased for php550k and rented for Php5,500 per month, the return for an investor is now better than from buying a condo unit!:nuts:I have been offered a investment condo in Eastwood by a persistent broker who also mentioned parking spaces can be leased for Php2k-2.5k per month so my estimate of Php5-6k for parking(even in FBGC) was somewhat over the top. Php2.5k/month she said was the current maximum parking rental rates in so by doing your math say, with $12k overseas invested in a mere term deposit and 4.5% annual interest(and we're not talking yet of high-yield investment bonds) the interest/profit alone will take care of your parking rental expenses in manila meanwhile your $12k(Php650k) remains intact. Plus the fact that you won't be needing a parking slot all the time means more savings. I wouldn't want to spend 12 months a year in my condo even if I were to live permanently in P.I. - which I won't - yet granting I would, I'd spend considerable time overseas or in the province, as well. The condo would be left vacant or leased.
Point well taken Sedna. However when it's time to sell that penthouse unit, you will find it rather hard to sell it at a premium without a parking spot. Buti ng mabuti kung meron extra spots to buy eh kung sold out na then you're out of luck. I also observed that the popular Class A condo developments I checked out don't have excess parking spots for sale since unit owners quickly snap up the available spots as they are deemed an important and integral part of condo ownership. Don't have to take my word on it, any competent realtor will tell you that.

Out of curiosity, I requested a friend of mine to ask the Philtown agent he knows as to the price range of the going parking rental rate for their projects and I was informed in One McKinley at FBGC, it ranges between P2.5T-P4T for a single parking slot and between P4T-P6T for a tandem (2 car) parking slot. Higher end pricing reflects the more prime parking location paid for by Expats and Foreigners who also rent units there. Expects the same rental range daw for their other FBGC project, Fairways Tower. Guess your original figures were not that over the top. Ewan ko lang kung accurate pero no reason to lie naman di ba.

If true, looks like there is a direct correlation between condo/parking rental prices and the condo location kanya rin siguro sa Eastwood/Libis (Megaworld) masmababa din duon ang unit and parking rental rates nila compared to let's say FBGC or Makati since mas mura din naman yung condo unit and parking price(s) nila to start with. If its mura to buy then it's only logical mura din magrent. Also medyo different din naman yung rental crowd and target buying market for Eastwood/Libis than FBGC or Makati eh so I can only assume its just reflected/adjusted accordingly. :runaway:

..
If for purely investment play, sinking $12,000 today for a parking space that you will not see 3-4 years from now to give you a 10% ROI after that does not make sense. I can easily get 10% or something close to that with RTBs in the Philippines and I can get that return now and compounded quarterly. Plus, I retain better liquidity because bonds can be sold easier than parking space. Do you get someone to rent your parking space immediately when it is turned over to you? The answer here is likely no, but you get taxed immediately and possibly charged some additional through association dues. If this was a horse race umabante na 3-4 years ago yung kalaban pero ikaw, hindi mo alam kung kailan ka magkakaroon ng ROI sa parking space investment mo. Tapos may pabigat pa. Once the development is ready, I tell you, andaming available parking space for rent in the first 2-3 years dahil lahat maraming naginvest sa parking pero hindi pa naman nila gagamitin. Kasama na dito yung developer. With too many willing to rent out parking space, bumabagsak ang rental rates and also the price of parking space. If your $12,000 can give you about P5,000 monthly return in the money market, then this means you have a source of income for parking rent. As long as you still don't need that parking space, you can continue compounding the interest. In this case, your capital is retained in more liquid form and still get that parking space by renting anytime you want. You also don't spend if you don't use parking (the advantage of just renting).
Well if a unit owner who will be living in his/her unit does not require parking in a full time basis, then it really makes no sense to secure one. Just rent di ba. However if the unit will also be an investment vehicle, it's always going to be easier to both lease or flip it (later sell the unit) with a parking slot than one without. Renters and buyers normally demand the inclusion of a parking slot with the unit and in turn an owner/seller can demand a higher rent/price for the unit that has a parking slot than one without. You don't have to take my word for it as any competent realestate professional will tell you the same.

Btw one can't lease or sell a unit/parking slot naman if the building is not yet constructed or turned over so if I have forgotten to mention in my post to Sedna, it's with the assumption that my argument is based on the building already constructed/turned-over after all can't lease the parking slot until its available right? Sorry kung may confusion. Now in One Rockwell's case na hindi pa natatayo, I would check into the development's total condo unit to assignable parking slot ratio (it differs from one development to another) as well as the current (and if possible projected) condo unit sales to parking slot sales ratio. I'd rather use quantitative ratios such as these to arrive to a decision than basing one on forecasts and even less so on general assumptions. And if I decide to get one, I would definitely negotiate for some form of price and/or payment concession because just like you I would not want to sink my money in a parking slot that will only be available 3-4 years down the line. Aba sayang naman yung pwedeng itubo ng pera mo in that 3-4 years time. That's precisely why I mentioned in the earlier post to Mamichi that should one decide to purchase, negotiate payment (in full) for the parking space upon unit turnover so that in the meantime one can invest the money rather than letting the developer get your money early. (Same logic as paying your taxes in the last minute if you owe the gov't). Or negotiate a discount for prepayment (cash transaction purchase) for the parking slot just like getting a discount when you prepay the unit during pre-selling so this way ito ang kapalit habang iniintay magawa yung unit/parking slot. Discarte lang naman yan. I for one have successfully negotiated for both scenarios (paying for one parking slot at unit turnover and prepaying both the unit & parking slot for a 17% discount last Aug. for a building to be turned over Dec. 2006, a 1% monthly return for 16 months or roughly 12% annual return) so even parking slots are negotiable price wise and payment wise. And we haven't even factored in the parking slot price appreciation upon unit turn-over which Dvorak mentioned, the quicker unit appreciation, nor the ease in selling/leasing the unit for having that parking space especially when you have bigger cut (2-3 bedroom) and/or special (penthouse) units.

Others may disagree but except for real pedestrian metropolis/cities (Manhattan, San Francisco, Tokyo, Paris, etc.) I consider parking a necessary component of condo ownership anywhere in Metro Manila which is why I consider the purchase of a parking slot as an appreciating complimentary asset to your condo unit purchase more so than looking at it as a separate investment vehicle from you condo. This especially holds true on hot selling (popular, desireable but reasonably priced) condo developments where the probability is high that parking will sell out as they're quickly snapped up by unit owners and/or investors. It's just that if one waits too late in the game to pick one up in one of those hot condo developments, one may not be able to easily buy a parking space anymore even if one is willing and able to once they're all sold out unless it is already a resale. Buti ng buti kung meron. When a unit owner gives up the right to buy his/her parking slot, it goes back to the pool of available slots for sale where other unit owners can buy them in your place so what's normally left are those slots being held by the developer for their own held units and for those outstanding units left unsold. And by the time the condo units sell out, theoretically there is no more assignable parking slots left to buy, and will now have to resort to resale. After all there is no compelling business reason for the developer not to sell the parking slots to other unit owners if there is demand for them di ba. It's true sometimes the developers do keep reserve parking spots for whatever reason and for the sake of argument even if there is one spot left to buy, it will surely not be at the same low price during pre-selling anymore. You will pay premium because of the law of supply and demand - Economics 101. This makes it a very desireable and appreciating asset in this case. Of course there will always be spaces designated for handicap, guests, employees, service etc but those are not for sale. Now whether or not this is the case for other developments I don't know. However from Tootsjaps' statement it sure seems very different picture elsewhere.

In my case I don't consider my parking slot investment as a bad one because I was able to get concessions (paying at a discount and not have to pay until unit turnover) from the developer for the 16 months I have to wait for my unit and parking slot. Furthermore the condo parking in the FBGC development I've bought into is almost sold out already since parking is not included in the monthly association assessment of the development. Kanya I went ahead na nga with the purchase bago tuluyan maubusan and so far in five months (Aug. to Dec.) the price for parking has already gone up another Php25T from where I bought mine. And as I already mentioned even if I choose not to use the parking slot right away, I can rent it out naman and in turn use the proceeds from the parking rental for my monthly association assessment. But most importantly, I consider the parking slot an appreciating complimentary asset to my condo unit more so than a separate investment vehicle and serves as an insurance policy or a form of protection for my actual/real(estate) investment (which is the condo unit) by making my unit even more desireable. It's true value will be represented when it comes time to lease or flip the said unit.

Don't get me wrong I agree with the points you and Sedna have raised but in fairness one can't also discount the points raised by Dvorak and I. The point is it's not easy to generalize whether investing in a parking unit/slot is really worth the money or not or that this way of investing is a better way or not etc., since in the end of the day it really boils down to the individual's needs, requirements, choice and ability to pay. Guess to each his own. Anyway yun naman ang kagandahan ng forum such as this, maraming points of view, so it's up to the reader to take it with a grain of salt and assess the info shared/exchanged. :okay:
BTW, it's good to see such a charged discussion on parking spots... it has made me reconsider my options... if anyone asks what i have decided to do... "i plea the 5th"... :)
Thanks again for all of your feedback!
You're very welcome Mamichi. Glad to be of help (if any) and congratulations to you once again! :)

End of discussion...

Some of us have purchased a unit for investment. I'm just curious how the environment is in terms of selling of condo units by the owner (individual) itself.

With interest rates in the Philippines too high, I wonder if it's easy to sell a unit. I also wonder if a lot of Pinoys have disposable cash.

If I'm going to sell my unit, what is the best way to sell them?

Thanks.

This is a good read for prospective buyer from the Business World

What should you look out for in buying a condominium unit

If the acceptability of condominium-living is gauged by the number of high-rise projects and the escalation of rent for the units, Metro Manila residents would have fairly adjusted to such a lifestyle.

Loft-type model of Robinsons Land Corp.’s East of Galleria, a 45-storey residential tower along Topaz Rd. in Ortigas Center, Pasig City.

In its recent market report, property services firm Colliers International Philippines noted that while the stock of residential condominiums in the Makati central business district remained at nearly 10,000 units as of October, this is expected to expand by 6.38% in 2006 to 10,638 units as two developments are set to be completed -- One Legaspi Place with 365 units by the last quarter and the first tower of The Columns at Ayala Avenue in the second quarter.

While vacancies increased to 15% in the quarter ending September from 12.6% in the previous quarter, Colliers noted that rents escalated 5% on a per quarter basis to average P391 per square meter per month, or P101,610 per unit per month as of end-September, indicating the attractiveness of condominium living.

With a lucrative market, it is important for the buyer to know the basic rules that govern the purchase of condominium units, especially as it entails a sizeable investment.

A lawyer handling real estate cases, who requested anonymity, said a buyer pays for the unit, a piece of the land and interest over the common areas.

"As required by the Condominium Act, each title to a unit sold is annotated on the certificate of title to the land so, in that sense, the buyer owns a portion of the land on which the building stands."

For condominium owners to know their rights, she recommended for prospective buyers to consult two laws before investing in condominium units: Presidential Decree 957, which regulates the sale of subdivision lots and condominiums; and Republic Act (RA) 6552, which protects buyers of real estate on installment.

For instance, buyers have the right to be issued a title that is free from any lien upon full payment for the unit.

The laws also provide buyers the right to control and/or occupy the unit upon full payment or upon partial payment, depending on the agreement between the parties as well as the right to be reimbursed the total amount paid due to failure of developer to develop the condominium according to the approved plans and within the time limit.

This reimbursement will come with interest at the legal rate, she said.

The buyer also has the right to rely on the representations of the developer as to improvements, facilities and other forms of development, and sales warranties can be enforced on the developer. The buyer also has the right to expect that the building’s structural strength could stand for at least 15 years.

"The developer also implicitly warrants that the building will stand for at least 15 years and the buyer has the right to rely on this warranty," the lawyer said.

Deposits by a prospective buyer who chooses not to push through with the purchase can be forfeited. "Generally, a deposit is like reservation fee and can be forfeited if the buyer decides against buying the unit. It is legal."

But those who have been paying on installment for two years but have defaulted are allowed some leeway under RA 6552.

"Because of many unscrupulous developers, RA 6552 sets the parameters of buying in installment. It says that if a buyer has paid two years worth of installment and then he defaults, he is entitled to pay without additional interest the unpaid installments due within the total grace period earned by him or one month grace for every year of installment payments made. Not less than 60 days for installment of less than two years," the lawyer said.

She added that this right can only be exercised once in five years and if the contract is cancelled, the seller should refund the cash equivalent to 50% of total payments so far made.

"After five years of installments, an additional 5% every year but not to exceed 90% of the total payments made [would be refunded]," she said.

READ FINE PRINT

Beyond the laws, condominium buyers must also read the fine print to be aware of the rights of the seller.

"For instance, can the developer alter plans? Who pays for the fees and transfer charges and taxes? What are the restrictions attached to your title?" the lawyer said.

Similarly, many of the other regulations, restrictions or conditions that govern the sale of the unit would be stated in the document.

For instance, when a buyer can move in depends on the contract. While some developers require full payment before a buyer can transfer, some allow living in after paying a 25% to 30% downpayment and a few promise to allow moving in immediately.

Most condominium developers presell and buyers usually pay the full amount either through mortgages or in cash, by the time the units are ready for occupancy.

DEVELOPER’S REPRESENTATION

What comes with the condominium unit would depend on the developer’ representation in the payment terms.

"In most cases, outlets, phone and cable plugs, lighting and bathroom fixtures are inclusive but application for utilities [like electricity, water, etc.] should be on the account of the buyer although homeowners association may help," she said.

DUES

Association dues and parking spaces are also generally not included in the purchase price, said Bobby Dy, Community Innovations, Inc. president.

He said for Community Innovations, association dues are paid by all unit owners to the association, which owns the common areas and maintains them through a hired property manager.

The use of facilities in condominiums may entail additional costs. Mr. Dy said buyers should clarify with condominium developers if the price per square meter they are paying covers only the units and excludes common areas.

"[For Community Innovations], when we say 50 square meters, that’s the size of the unit," he said.

As for the transfer of titles following full payment, Mr. Dy said that the contract of Community Innovations states that the buyer would shoulder the cost of the transfer.

Aside from the legal aspects, the buyer also has to know the legal developer to avoid dealing with unscrupulous groups.

One check is if the developer has a license to sell from the National Housing Authority. "Developers pay a performance bond to guarantee the construction of roads, etc. and the full development of the condominium project. Failure to comply could result in the forfeiture of the bond in favor of the government," Mr. Dy said.

He added that failure to deliver the units could result in the suspension or revocation of the developer’s license to sell.

Another way to ensure that a buyer is dealing with a reputable developer is to look at its track record.

"For presale, reputation counts a lot. Can the firm meet delivery commitments, development schedules? Does it have financial backing?" said Danilo Antonio, professor of the Asian Institute of Management.

Mr. Antonio recommended a physical inspection of the property, adding that a prospective buyer should not immediately commit to a project without first looking at other developments.

"Buyers now have time to shop around. It’s not like they will lose the chance to buy a property if they don’t buy it immediately," he said.

Mr. Dy said prospective buyers should also look at a developer’s after-sales service.

"It is important to know what happens after the turnover, and to see if the developer has a good property manager," he said.

The lawyer said customers should not rely on verbal promises. "Buyers must insist that everything be put in writing and signed by the authorized representative of the developer."

^^ good article sandrin , very helpful for buyers,

thank you 3cr for your efforts!

1) Get a broker
2) Advertise in Buy and Sell, Bulletin or the village voice of your area.
Interest rates are not that high from a local point of view but best if you've some basic accreditation with the bank already to make it easier for buyers.

Try sell it here...
http://www.istorya.net/forums/index.php?board=34.0

Here's what my aunt wants:

Nothing fancy...2 bedrooms...small kitchen...a place conveniently located near US embassy and airport...no flooding...any suggestions? :)

Hi rmb, I can suggest the Malate Crown Plaza condo, it is ideally located at the corner of Adriatico and San Andres Street, right next block to the Remedios Circle and just a 5-min. walk to Roxas Boulevard and about 10-minutes' walk to the US Embassy. They have a 2-BR unit that's a bi-level unit with tall floor-to-ceiling heights of 3.2 meters per level, also has a spectacular view of the Manila Bay! What's more, all unit are already ready-to-be-moved-into. Best of all, its units are so reasonably priced, only Php50T-55T/sq.m, whereas other Malate condos are between Php65T-80T/sq.m.

If interested, pls. pm me =)

Any other suggestions or comments?

Thanks.

I can only think of the methods bustero has mentioned. You may have a hard time selling your unit unless it is in a very desirable and convenient location. Remember you will have to compete with RFO brand new units, heavily discounted UC's sprouting all over metro manila and even pre-sell condos still in the drawing boards. So unless you have something really special to offer or are willing to sell at a loss it's going to be real tough.

I can only think of the methods bustero has mentioned. You may have a hard time selling your unit unless it is in a very desirable and convenient location. Remember you will have to compete with RFO brand new units, heavily discounted UC's sprouting all over metro manila and even pre-sell condos still in the drawing boards. So unless you have something really special to offer or are willing to sell at a loss it's going to be real tough.

thanks for the reply.

so you think condos are not really a good investment unless it is in a prime location?

i have a few other questions:

there are a lot of condos being constructed now. if i buy a condo now and it will be delivered in 3 years, what do you think is the likelihood of being able to sell this?

do you think that the pace of new projects being built will slow down in a few years?

It seems to me that you are hesitating to further enrich yourself to this kind of business. Real estate is surely a waiting game. You may see that the present market is saturated like new mushrooms sprouting out, in the next three years as land will be so scarce and developers are looking to expand more, they will tend to spread to the north or south of manila. Who knows, you might get into the real estate business with all your properties in the long run. On the other hand, the market can also begin to slow down and your properties can be a high commodity. A matter of timing it right.
In the states, there is this thing where in time, the value of your properties are down or up in a curvelike graph. Sometimes it spans up to five years, depends also with the interest rates.
If you think that your properties are already ripe in the market and the market is booming, sell if it is sluggish, wait.

also the best thing to do is maintain your property so it doesn't detiriorate in appearance. And if you're going to sell don't be to greedy and overprice it. If you are going to make a little profit ,then be content so the pricing is more attractive to potential buyers. Some sellers go crazy and ask for the sky when pricing their property.

It seems to me that you are hesitating to further enrich yourself to this kind of business. Real estate is surely a waiting game. You may see that the present market is saturated like new mushrooms sprouting out, in the next three years as land will be so scarce and developers are looking to expand more, they will tend to spread to the north or south of manila. Who knows, you might get into the real estate business with all your properties in the long run. On the other hand, the market can also begin to slow down and your properties can be a high commodity. A matter of timing it right.
In the states, there is this thing where in time, the value of your properties are down or up in a curvelike graph. Sometimes it spans up to five years, depends also with the interest rates.
If you think that your properties are already ripe in the market and the market is booming, sell if it is sluggish, wait.

BIGnacio,

I'm not hesitating. I'm trying to get educated to further enrich myself on this kind of business. I want to know what factors I should consider in case I want to sell my unit in the future.

Does anybody know which area would be safe to buy a property with farm to retire in? Free fr NPAs? Is it bulacan, or the towns just before tagaytay?

Thank you @sandrin for that very informative article. It pays to know one's right and what to expect as a condo owner. The citations of the pertinent laws and guidelines in that article are important references that assist us in our condo purchases and investments. I shall keep those in mind.

Thank you also @3cr for compiling and sharing the exchanges on the pros and cons of purchasing parking slots along with the condo units. Your, tootsjap's, sedna's and Dvorak's comments are very helpful in considering the need, timeliness and profitability of purchasing parking slots from both an owner's and an investor's points of view.

Lili and Bustero,

You're always welcome. I'm just glad to be of help (if any) to my fellow SCCF brothers and sisters just as I'm sure Tootsjap, Sedna, Dvorak and others are too. Iba't-iba man ang ating paningin, lahat naman tayo gusto lamang tunay na makatulong sa isa't-isa.

What's great is the forum allows for members to share and have access to the info but as I've said before, the information shared here should still be taken with a grain of salt. In the end of the day, it's only you yourself who will be in the best position to fully assess and really decide what's best for your individual situation and requirement.

Happy New Year ulit sa inyong lahat and may this year prove to be even better than the last. God Bless. :)

Happy New Year to you too 3cr. BTW I'm just curious if you're in Sanfrancisco del Monte or San Francisco the city. Forgive me if I'm prying.

Marites. Depending on the size of the farm you will be limited to where you can buy. If NPA/MILF is your problem and you absolutely want no hassle, then you may want to look around region western Laguna, Batangas, western bulacan, central plains till Ilocos. Certain Parts of the Cagayan valley are also relatively free of these people.Most of these would be expensive though and the sizes would be small. If you're only looking at truly retirement stuff then just get one of the leisure farms where the land plots are 1000 sq.m. above and somebody does the farming for you! There are many islands of course that do not have this problem but you will face a greater problem in terms of existing infrastructure. e.g. I've not heard of peace and order problems in Tablas or Romblon but there's not much there either. If you want a truly quiet place you could look at these types. If you are seriously thinking of going into agriculture and in a big way that is worldwide competitive, then look at Mindanao where you can get big stretches, the incremental increase in productivity would more than offset any security costs as big agri company over there can tell you. Mind you CPP/NPA/MILF etc are only one set of peace and order problems , these guys are now primarily 1% ideology 99% business. I.e. there are other groups who may give you just as much hassle without any ideology tied to them!

Bustero,
Actually the city of San Francisco California is where I'm currently residing though looking forward to going back home na. Excited na nga ako and just waiting for my unit to be turned over by the end of the year daw (I hope) para makauwi na ulit sa Pinas. :)
Best Regards,
(3cr) Boe

hi bustero, i have heard of leisure farms but do not quite know how they work. where are they located? my plan is to get a weekend place in batangas or tagaytay. thanks in advance.

not sure if this is the right forum, but how efficient and quick to respond is a fire department in manila? i just read about the boarding house fire in tayuman where 10 people died.

Depende sa city and the location of the fire as well as access to the site of the fire. Also even if the fire department gets there quickly, there is the issue of water pressure and/or water itself. Then to make matters worse the firemen sometimes don't have proper outfits and gear to fight the fire because of lack of funding from the city government.


not sure if this is the right forum, but how efficient and quick to respond is a fire department in manila? i just read about the boarding house fire in tayuman where 10 people died.

i think it's important to have a solid facility for fire fighting given the many hi rises in manila. kaya nga ako, even if i wanted a higher floor, i settled for 16th. people living in buidlings should own a small fire extinguiisher at the least.

Yes I concur. I also considered this and earthquakes too when I bought mine. I seriously thought about the disaster issue/scenario and was one of the factors that led to my decision to invest in a unit in FBGC. The Fort is in pretty stable ground and also has their own water supply and purification plant as well as guaranteed water pressure on demand so hopefully the water sprinkler system and fire hosing equipment will be able to do their job incase of a fire/disaster. I also didn't really know how high those damn fire dept ladders will go which was why I opted for a unit on the 14th floor corner location instead, para mas malapit na rin sa fire exit stairwell, eventhough I could have easily gotten a higher floor middle location unit with even better skyline views. But no regrets naman kasi the 14th floor in Fairways Tower (being located across the golf course) actually provides me with a more balanced and just as uninterrupted and permanent panoramic views of Manila Golf, Polo Club, Makati Skyline, the Airport, and on a clear day the majestic Manila Bay. Needless to say someway somehow the vision of people jumping out of the building during the Sept.11th WTC attack which still vividly lingers in my mind don't appeal to me in any way.

^ I had the same concern. That's why I opted for just the 11th floor.

exactly what i had in mind when i got the 16th floor. i hope my hoa will be progressive in adopting and enforcing by-laws to protect the lives and limbs and properties of the dwellers - without infringing on personal rights and privacy.

I currently work on the 39th floor of a supertall structure in the CBD and spend 8 hrs a day, 5 days a week in this office Bldg. Guess I had no choice, but I love my job. The views are fantastic but if ever there was a fire or a 9/11 sort of thing that would be unfortunate, worse even tragic. What I'm saying is we don't have do dwell on those negative things and let them affect our good judgement or sense of enjoyment. I bought my top floor unit because of the uninterrupted views, exclusivity, resell value and simply because I want it! Cool! A unit on a 10th or 20th floor is not high enough, albeit a disadvantage and constant worry if ever a new bldg will be constructed nearby(and it will happen eventually, trust me) thus obstructing your precious views and adversely affecting the value on your property. If the St. Francis towers was around when I was first looking for a condo I'd have bought a unit on the topmost 60th floor. Neither a fire nor an earthquake nor a Bin Laden will stop me.:D

Leisure farms are actually simple subdivisions. The cuts ussually are a minimum of 1000 sq.m. to much larger. The area is very well developed and has the amenities of most subdivisions the difference is that the buildable footprint of the lot is ussually a maximum of 1/4th giving the area a much lower density than a subdivision. There are also ussually no walls (just fences ) allowed to give a greater open feeling of space. There will be technical people who will help you plant and look after your garden produce when you are not around. Some will even work like a coop and help sell everyone's produce. It's really more for the gentleman farmer who does not really have the capital or skills or intent to open a real farm (which is more like a career or vocation) but want's to "work the land" and enjoy his own personal bounty/harvest.

Most high rise buildings around the world can not be served by fire trucks. The primary safety mechanism for high rise fires is the built in fire retardant system which is ussually a sprinkler system. These a reliable for most fires (the actually trip quite often resulting in water damage - which has a generally higher proportion in an insurance claim, remember everything gets really wet!). The other safety feature is the multiple fire exits which should be fireproof , they are either open which can not sustain a fire when the fire door is closed or a pressurized system which actually has positive pressure in the airshaft which pushes the flames away from the fire escape (most people actually die from smoke inhallation and not from burning to death). With reduncancy this allows you to run (one way (as in the closest fire exit) and two way run (as in the distance to at least two seperate exits) which are different in around the world. In Hk and some of the other buildings here in Manila ( I think Saint Francis) there is a fire refuge every 20 or 30 floors which people can run to and stay put as it's completely cement or fire retardant material .

If the building is designed and built well, then the system should keep you relatively safe (as in statistically safe compared to other situations like an airplane compared to other transport). I can't ever recall a fire related death (barring heart attacks and the like) in the past 10 years in properly designed high rise here in Manila. Things like the WTC are beyond the design of an Building you can not put up a structure which will absorb all dangers it would not be economical anymore, you can only design for realistic risks and not generalized fear.

hi bustero, i have heard of leisure farms but do not quite know how they work. where are they located? my plan is to get a weekend place in batangas or tagaytay. thanks in advance.
There are many leisure farms , usually located near the metropolis. These include Timberland a Filinvest project in the Sierra Madre Mountains in San Mateo Rizal (fantastic views all the way to the bay and on a clear day to Bataan). Landco has 2 leisure farms in the Tagaytay area too. There is La finca in Lipa. There are quite a number of these , I can not remember them all but if you google it you should find them. I know Davao has some too .

Bustero,
Thank You as always for sharing your in depth knowledge on engineering principles as it pertains to the construction and inner workings of building structures. It's very very educational. Kanya nga naman I always look forward to your postings, such as the one you've posted below, kasi lagi meron bagong natututunan. Salamat ulit. :)

PS: When there is a disaster (fire, earthquake, etc.) ang takot ko lang naman ay kapag sobrang taas ng unit, it's definitely harder to be saved or save one's self for that matter since it's a long way down to get to safety. As you've said there are safety refuge in given floors pero iba pa rin kapag nakalabas ka na talaga ng building. I guess after experiencing the SF earthquake first hand and then seeing the WTC disaster (which as you've pointed out is an attack and not a natural disaster) unfolding, where people got trapped and were jumping out of the building, just hit too many people's psyche, present company included. In both disasters, wala silang kalabanlaban since the rescuers could not get to them so I told myself ano pa kaya sa Pinas? That's why I thought I'd rather choose a mid-floor corner unit so that if a strong earthquake or fire ever happens/hits my condo development, I'd like to have a fighting chance of getting down/out to safety. After all the unit and everything else is replaceable pero isa lang ang ating buhay di ba?


Most high rise buildings around the world can not be served by fire trucks. The primary safety mechanism for high rise fires is the built in fire retardant system which is ussually a sprinkler system. These a reliable for most fires (the actually trip quite often resulting in water damage - which has a generally higher proportion in an insurance claim, remember everything gets really wet!). The other safety feature is the multiple fire exits which should be fireproof , they are either open which can not sustain a fire when the fire door is closed or a pressurized system which actually has positive pressure in the airshaft which pushes the flames away from the fire escape (most people actually die from smoke inhallation and not from burning to death). With reduncancy this allows you to run one way (as in the closest fire exit) and two way run (as in the distance to at least two seperate exits) which are different in around the world. In Hk and some of the other buildings here in Manila ( I think Saint Francis) there is a fire refuge every 20 or 30 floors which people can run to and stay put as it's completely cement or fire retardant material .

If the building is designed and built well, then the system should keep you relatively safe (as in statistically safe compared to other situations like an airplane compared to other transport). I can't ever recall a fire related death (barring heart attacks and the like) in the past 10 years in properly designed high rise here in Manila. Things like the WTC are beyond the design of an Building you can not put up a structure which will absorb all dangers it would not be economical anymore, you can only design for realistic risks and not generalized fear.

Pareho tayo ng nasa isip 3cr. I want to have a fighting chance by having a shorter walk to the ground level should there be a need for it. Bustero's explanations are reassuring but the WTC event had left such an imprint in my psyche that it affected my decision in choosing what floor in a high rise to occupy.

if you're in the upper floors.. when there's disaster.. it's always better to go up to the rooftop than to go down..

Thanks bustero. THat's leisure farm is in line more with what i was thinking. Although i would not like to have it in a subdivision type. It is for retirement purposes.

Thank you for the info Bustero, very informative indeed.

3CR i guess we share the loma prieta earthquake of 89. i was not in a high rise but in the reclaimed area of foster city which was equally frightening.

whereas the view on the top floor would be nice, i'd like to remain "grounded" like you and lili. hopefully there will be a roofdeck in my buidling, like in dvorak's building, where i can enjoy the view from time to time.

just wanna share, although i live in not in a high rise condominium, siguro mga 6flrs lng yun w/ rook deck... i had experienced na ung nag earthquake... at first kala lng namin gumagalaw lng ung table, yun pala nag eearthquake na pala, labas kame lahat sa unit, ang masama pa, nag brown out pa!! tapos the emergency light di umiilaw, tapos ang gulo talaga sa building, eh ung stairs pa nya mga 1.00 meters lng, ang hirap bumaba... buti na lng 4th flr lng kame dun...

Thank you for the info Bustero, very informative indeed.

3CR i guess we share the loma prieta earthquake of 89. i was not in a high rise but in the reclaimed area of foster city which was equally frightening.

whereas the view on the top floor would be nice, i'd like to remain "grounded" like you and lili. hopefully there will be a roofdeck in my buidling, like in dvorak's building, where i can enjoy the view from time to time.Yup I was working for Oracle in the top floor of one of their buildings in Redwood Shores at that time. Just like Foster City, Redwood Shores is a reclaimed area which was why the earthquake was even more pronounced than in other areas. Very scary experience indeed and one I shall never forget. Then the WTC disaster happened pa. That's why unlike Sedna who went vertical and got a penthouse unit in Soho to secure/ensure (as well as protect) that much coveted views, I decided to take a different approach and got a mid floor corner unit in Fairways Tower facing Manila Golf which will provide unit owners with an uninterrupted panoramic views of the said golf course, polo club, Makati CBD skyline, the airport, and on a clear day the majestic Manila bay (sample views can be seen in The Fairways Tower thread). Not too shabby of a view for a 14th floor unit. What's also great is just like Sedna's Soho unit, these awesome views will not be taken away from me due to any future construction because of it's desireable FBGC/Makati gateway location at the corner McKinley and 5th Ave., across the Manila Golf course. For an even better viewing experience, the building also offers fantastic 360 degree views from the roofdeck where the development's amenities are located. I'm so excited I can't wait na nga. Hopefully Rocky your building will also have some sort of roof/viewing deck just like Dvorak's and mine. Btw where did you invest if you don't mind me asking? :)

[QUOTE=3cr]
I like the view at Fairways. We almost met na pala since I was briefly connected with Philtown, but my old job called me back. I have a unit at the Grand Eastwood Palazzo, facing the pool and a sliver of the antipolo hills view i think. i chose the place bec it's close enough to my quezon city dwelling family and friends. i almost bought a place along roxas blvd for the view but am ok with this now.

Muntik nga siguro. Small world talaga. @ Eastwood is a nicely conceptualized in-fill project by Megaworld. I would think Megaworld will provide some sort of viewing deck in the Grand Eastwood Palazzo. I like the fact that the shopping/eating areas are so conveniently located for the condo unit owners to get to. Sarap naman no need to drive anymore unless you have to go elsewhere. I just hope they add more entry and exit routes to ease the traffic congestion that tend to occur in the area especially during rush hour. But I guess this is true anywhere in Metro Manila. :)

and now that you're out of redwood shores, my company just relocated there recently... hehehe

yup one thing i like about eastwood is the fact that i wouldn't have to leave the area to eat, to shop and to hang out. it's a village in itself. and there's always a lot of people which i like. u know how it is here - walang tao sa labas after 7pm. i had an opportunity to really get a feel of the place when i was in manila for business last year since my business took me right smack at eastwood. it wasn't bad at all...

FYI there once was a proposal by Manila Golf to build a couple of high rises in the middle of the golf course. This was pre 97 crisis and while it did not push through, those coveted views can also be covered to a certain extent by such projects by the clubs. It's not likely but not impossible.

Wow didn't know about that. I hope it remains a very remote possibility. Anything is indeed possible pero huwag naman sana mangyari, atleast not in my lifetime man lang! Hehehe... :)

^^ if you get a condo on a floor high enough you could always BASE Jump :) I wouldn't worry about it (any plans by Manila Golf and Polo for that matter) takes ilang rigodon to even change the waiters there, a condo in the middle of the property pa!

and now that you're out of redwood shores, my company just relocated there recently... hehehe
@ Rocky just curious which company is this? You don't have to name it if you'd rather not but answer me this if you will. Did you guys just move from a building in Burlingame to this new one in Redwood Shores? Just wondering if your company is the same one I'm thinking of. Anyway hope you're not located on a high floor. :)

Hey @3cr/@rocky-j
I guess we were in the same general area during the loma prieto eq of '89 but i had a different experience when it happened - i was on bart, didn't feel the tremor but got stuck there for a long time. I was going home to foster city then, i was really afraid if i will still see my house standing. Luckily there were only a couple of lamps and vases that toppled.
Anyways, my wife and I also decided to get a middle floor unit in Makati for the same reasons you guys did.

@at 3cr, are u in any way connected to the company that moved from burlingame to redwood shores?

@jun i was downstairs taking my break when it happened. i went under the table and could see/feel the cement/carpet move towards me like waves... scariest i have ever been. unfortunately, one of my co-workers who just moved from colorado a few days ago got killed by falling bricks in the city.

Yes Jun grabe talaga that 89 earthquake. Where you stuck in a tunnel? Buti di ka claustrophobic. Imagine the ones that got stuck in the bart tunnel underneath the bay (Oakland/Sanfo route). I remember trying to rush back home to the East Bay to see the extent of the damage to my home but unfortunately got stuck in H92 for hours because they closed the San Mateo Bridge while inspecting for damage. That time 2 lanes each way nga lang yung bridge so you can just imagine how long it took to cross it. Thank God just like you, only a few things broke but no damage to the house. That experience really hits the psyche and alters your life perspective.

@at 3cr, are u in any way connected to the company that moved from burlingame to redwood shores?
Wouldn't it really be a small world if I was? hehehe... :)
Actually the Ick family is very good friends of our family so I've met their kids and some of the folks that work in the Burlingame office and yun nga they told me they were relocating to Redwood Shores. I just thought that you may be working for the said company when you mentioned that your office just moved to Redwood Shores and it didn't hurt that you're also a Pinoy and gets to travel to the Philippines on business as well. Hula lang naman. Tama ba? :)

Mukhang parepareho yata lahat tayong mga taga BayArea opted to buy a mid-floor level condo unit in the Philippines after our own respective earthquake experiences.

@3cr, done.

Thanks Rocky!

@3cr, i could be selling life insurance or connected with a shipping company right?

True True though they were not the first things that came to mind. Didn't mean to pry though. I'll respect your privacy. No biggie man. Hula lang naman eh! :)

no problem... if you are good friends with them, you must know a lot of people in the bay area hehehe...

Mmmm well guess you can say that... You know how it is, we may have many acquaintances but very few truly good friends. So you know them as well I presume. They're very kind and God fearing family. Mabait talaga sila. Only if I could be as good! Hehehe... :)

..

Yes Jun grabe talaga that 89 earthquake. Where you stuck in a tunnel? Buti di ka claustrophobic...

I was stuck close to the Balboa station, so it's sort of a tunnel. The train was packed and we stood there thinking it was a routine breakdown until the operator informed us it was 'just' another earthquake. We only realized the gravity of the event coming out of the station as we looked at the sky darkened by the smoke from the fires caused by the earthquake. It was a surreal sight indeed.

Atleast better na at the Balboa station than getting caught in the tunnel under the bay. Several bart trains got stuck down there. Can't even imagine how that could have felt...
OK let's better get back to topic since out of topic na ang ating pinag-uusapan dito sa thread...


Just want to repost this article MBA2000 originally posted in the Soma thread. Very good info for those planning to buy a condo in the Philippines. Hope this helps. :)

Buying a condo
unit a good move

IN TODAY'S fast-paced society marked by increasing costs and aspirational goals, one will find many individuals switching from their comfortable homes to condominium units that offer a totally different lifestyle.

Smaller families, single people or couples, aging baby boomers and empty nesters, overseas Filipino workers (OFWs), entrepreneurs or average working professionals are among the market segments making possible condominium unit sales in prime locations in the metropolis.

Reasons for buying

The reasons for opting to purchase and live in a high-rise home are aplenty.

The freedom afforded by the condominium lifestyle is one of the most alluring aspects of the concept. Condo dwellers may go away for long periods of time secure in the thought that their home building unit is being maintained. Indeed, a brand-new condominium unit is a great idea if you don't want to spend a great deal of time doing yard work and home repair.

When you buy a condo unit you are also joining a homeowners' association which is responsible for the maintenance of units, insurance, garbage and outdoor areas. People who like the idea of amenities, or prefer the convenience of being located near centers of shopping and employment are bound to be the ones who can happily embrace the condominium lifestyle.

First-time buyers generally regard condominiums a good way to get into the housing market if they cannot afford to buy a house which may cost anywhere from two million to five million pesos nowadays. One attractive option is the single condominium unit, which may be brand-new or perhaps not even constructed yet, or more spacious condo homes in established neighborhoods.

Indeed, one major real estate food for thought or high priority that makes condominiums a worthy and attractive option for many who are thinking of moving to their very own new home is its investment potential. Buying one or several condominium homes as investments can be part of a larger strategy that the informed investor takes to increase wealth faster than working for a monthly wage.

By investing in a condominium, especially from a reliable property developer, people get the most mileage for their hard-earned money. One new condominium project that will soon rise in the progressive city of Mandaluyong is Pioneer Pointe. A forward-looking project of Filinvest Alabang Inc., Pioneer Pointe is a 28-story residential condominium on Pioneer Street, midway between Makati and Ortigas.

Common thread

Random feedback obtained from those belonging to the first batch of investors of Pioneer Pointe, many of whom are working professionals, show a common thread: they have given careful thought on what their lifestyle (as well as those of their immediate kin) is at present and what it will be like five to 10 years from now.

They look forward to living in a city they have grown familiar with or have developed an affinity for, and which offers convenience (greatly eliminating commuter stress) in traveling to work, school or other usual destinations.

Pioneer Pointe's strategic location at the center of the booming metropolis makes it a preferred residential option.

What makes Pioneer Pointe an even more attractive option, both for the average working professionals or OFWs who are always looking for wise ways to invest their hard-earned money, is its secure development concept.

Condominium investors are accorded a convenient investment vehicle wherein funds are pooled in trust accounts for specifically developing the real estate project. The trustee bank, East West Banking Corp., pays the contractors/suppliers directly. The guaranteed funding means the project will commence when there is sufficient number of investors.

The low-risk investment scheme is designed to maximize value and security to potential homeowners. Instead of buyers purchasing real estate from a developer, they assume the role of co-developers of the project. The conventional developer and his high profit margin are eliminated from the equation. In the process, the individual co-developers or investors are therefore able to acquire their property practically at cost, thereby generating substantial savings.

Pioneer Pointe easily merges then as a cost-efficient high-rise residential option of unsurpassed affordability and convenience. It is time-bound and specific, with Filinvest Alabang Inc. having committed to start the project in April 2004, when it would have been expected to be 80 percent sold.

At the end of the construction period, any and all excess on the project cost will be duly returned to the investors. The attractive investment scheme does away with the usual financial commitment worries that come with other quality residential investments. It is considered less risky compared to pre-selling schemes of the past.

Any other suggestions or comments?

Thanks.


baka naman you can also patronize our website (www.PinoyBroker.com (http://www.PinoyBroker.com)) by selling your properties there... hehehe :cheers:

re condo properties, as a broker, I always ask my client their purpose in buying a dwelling unit. For investors, I strongly suggest/recommend developemnts by Cityland (Makati Executive, Corinthian Executive, Pacific regency, Tagaytay). Why?? because it's very very affordable, quality is fair, re-sale and lease possiblities are above average, location is usually good.

If my client's purpose is for permanent residence, then I offer them higher end condos of Ayala, Robinsons, Lancaster, St. Francis, etc.

For leisure investments, i recommend South Forbes because of the FREE golf membership for every unit purchased.

Hope i didn't take much of your time...

^^^ hello draq :)

^^^ hello draq :)

howdy bartman! balik manila ka na ba?

thanks for the reply.
so you think condos are not really a good investment unless it is in a prime location?
DCDR76,
As they say "Location, Location, Location" and I'm sure you've also heard "You get what you pay for" numerous times. Any competent realestate advisor will tell and remind their clients of these since the statements still hold true, especially in today's realestate market. The development's location matters whether choosing a condo unit for a residence, for investment (rental/lease), or for re-sale purpose later down the line. Do your due diligence and research as much as you can. Choose carefully because there is a glut of construction projects in and around Metro Manila but only a handful will really be worth the investment. Mandaluyong, Makati, and Fort Bonifacio are some of the areas worth looking into. Better stick with reputable developers because there are a lot of projects that don't get finished. Finally, remember that price is always negotiable (even for pre-selling) so negotiate hard for concessions (price discount, favorable payment plan, etc.) should you decide to invest in a unit/parking. Hope this helps you if any.

@3cr, I am just curious. After your stint in the US and your return to Manila, what are you planning to do? Engage in business or semi-retire?

My very first post. Actually I registered because Im hunting for a condo unit at the moment. Can you guys help me out. Im looking for one which is affordable. I can shell out 100k as downpayment and pay monthly of 15k or less. Meron kaya nito sa Global City? If you know of one, please email me at capricornian_ox@yahoo.com

I would also appreciate some tips and some pitfalls i must be aware of in dealing with agents. Which condo developers are good? I hope you guys could help. Thanks a lot.

medyo mababa yang 15K monthly ammortization.. usually may mga balloon payment na kasama yung mga terms.. pero kung straight 15K a month.. i doubt kung may makikita ka sa Global City..

try mo sa GA Tower2.. spread ang downpayment in 48 months.. tapos yung balance.. pwede mo ipasok sa pag-ibig.. spread over 20 years.. dyan baka umabot yung 15K a monthly ammortization.. kaya lang sa Mandaluyong area yan..

My very first post. Actually I registered because Im hunting for a condo unit at the moment. Can you guys help me out. Im looking for one which is affordable. I can shell out 100k as downpayment and pay monthly of 15k or less. Meron kaya nito sa Global City? If you know of one, please email me at capricornian_ox@yahoo.com

I would also appreciate some tips and some pitfalls i must be aware of in dealing with agents. Which condo developers are good? I hope you guys could help. Thanks a lot.

Lili,
Malamang semi-retired. My purpose of going back home is not really much for economic prosperity but more of personal growth as well as hopefully a much simpler and better quality of life away from the hustle and bustle of the daily grind. But at the same time I honestly think the prospect of being officially retired will just bore me to death for sure hence what I hope to achieve is a balance between the two. Just think life is short so I'd like to take the opportunity to enjoy it while I'm still young enough and able to do so. :)

Good for you @3cr! Thanks for responding. :)

totally agree with bustero, although I am assuming that if you choose Fort, you will be choosing a property not by Megaworld, ie. Forbeswood Heights, Bellagio, etc...

As a balikbayan, I love Eastwood kasi I don't need a car to get around. Everything is within reach, for myself, my wife and my kids. However, you don't want to be confined in Eastwood City all the time. Due to traffic and few access points, getting in and going out of Eastwood is horrible. The Fort is just a stone's throw away from Makati and has much better master-plan than Eastwood.

Either way, wherever you buy, during the walkthrough and turnover, inspect everything and don't accept your unit until everything is working and according to your agreement.
Question for you... as a balikbayan, how difficult was it for you to preview your unit prior to turnover? Basically, my concern is timing my travels to the philippines to coincide with the inspection, repairs (if needed) and turnover of the unit. I anticipate i will only have 3 weeks to spare in the philippines and that may not be enough time for the developers to resolve any construction issues prior to turnover.

Although my turnover is not due until 2010, this matter concerns me and I want to be prepared.

Any advice you (or anyone else) can give is much appreciated.

Thanks.

we prefer BGC, not because that we have projects there but i think it is far better than eastwood, BGC is masterplanned, underground electricity, not saturated with buildings, value appreciates faster, friendly pedestrian walkways, less pollutiion, soon they will abolish jeepneys..

BTW RLC is eyeing d adjacent lot where MPR is located, hopefully we can seal d deal soon to make way for another residential project.

My very first post. Actually I registered because Im hunting for a condo unit at the moment. Can you guys help me out. Im looking for one which is affordable. I can shell out 100k as downpayment and pay monthly of 15k or less. Meron kaya nito sa Global City? If you know of one, please email me at capricornian_ox@yahoo.com

I would also appreciate some tips and some pitfalls i must be aware of in dealing with agents. Which condo developers are good? I hope you guys could help. Thanks a lot.


I think the ones which might have units in your budget will be the gilbert Yu projects like Kensington and Hampton Place. They were touting themselves as having the lowest per sq.m. price in the fort. They have a website but cant find it. try googling GW architects.

I know Bonifacio Ridge is supposed to be a cheap , Dvorak had some comments about it before something with the aircon but it remains finished but partly unsold as it one of the development caught up in the 97 problem. The developer just finished it so di sila maphiya.

I think Bevepi is a Robinsons Broker you could pm her to see the status of their projects, they were reasonably priced naman.

I'm not sure but highly doubtful you can find something in SOMA, you can try though, check the century property website. Same goes with the RFM projects there.

The other fort projects may be a bit pricey, though if you wait a few years you may be able to snap something up from the secondary market. With the huge wave of condo's coming up am not sure there will be a big surge in capital appreciation, at least not much more than cost of money.

check out this website if you don't want to troll all the threads here. realestatemovers.com it's run by a broker I know Cynch Yap. She's ok naman of course caveat emptor. good luck.

Actually i looked into Kensington and Hamptons . they are not cheaper by that much. If you compare it with Soma. It comes out being the same per square meter and Soma may be even cheaper since it is fully furnished. they told me kensington was sold out.

Great attitude.

Boni Ridge comes out as less than 80K per sqm.. kaya lang malalaki nga ang cuts don at 113sqm.. kaya ang average price is nasa 7M to 9M.. at pag may golf course view.. it can go up to about 95K to 100K per sqm... depende kung partial or full golf view.. so they're not really that cheap.. kaya hanggang ngayon meron pa rin yatang mga 20 units available..

I think the ones which might have units in your budget will be the gilbert Yu projects like Kensington and Hampton Place. They were touting themselves as having the lowest per sq.m. price in the fort. They have a website but cant find it. try googling GW architects.

I know Bonifacio Ridge is supposed to be a cheap , Dvorak had some comments about it before something with the aircon but it remains finished but partly unsold as it one of the development caught up in the 97 problem. The developer just finished it so di sila maphiya.

I think Bevepi is a Robinsons Broker you could pm her to see the status of their projects, they were reasonably priced naman.

I'm not sure but highly doubtful you can find something in SOMA, you can try though, check the century property website. Same goes with the RFM projects there.

The other fort projects may be a bit pricey, though if you wait a few years you may be able to snap something up from the secondary market. With the huge wave of condo's coming up am not sure there will be a big surge in capital appreciation, at least not much more than cost of money.

check out this website if you don't want to troll all the threads here. realestatemovers.com it's run by a broker I know Cynch Yap. She's ok naman of course caveat emptor. good luck.

uuy sama ako don sa pag enjoy!! hehehehe

Lili,
Malamang semi-retired. My purpose of going back home is not really much for economic prosperity but more of personal growth as well as hopefully a much simpler and better quality of life away from the hustle and bustle of the daily grind. But at the same time I honestly think the prospect of being officially retired will just bore me to death for sure hence what I hope to achieve is a balance between the two. Just think life is short so I'd like to take the opportunity to enjoy it while I'm still young enough and able to do so. :)

I noticed that many people get directed to this forum because they're looking for property. I also noticed we have many brokers who are also forumers with good information. A lot of this information is actually very helpful to forumers and curious inquiring lurkers. I understand that there's supposed to be a non-soliciting rule, but most of the brokers who are here have been gentlemanly (and ladylike) not abuse the forums, yet the need for information is there.

I suggest that this thread be set aside strictly for broker, selling, buying issues. It would be good place to find a relevant broker specially for our friends abroad and hook up with someone here who is knowledgable in a particular scheme or project. Perhaps a simple question and answer format may work, am not sure. I do suggest though that if a person is truly interested they can already start PM the broker and viceversa, of course don't abuse it.

Anyway mod's should monitor this for abuses and should it be worthy and active sticky. If you think it's no good you can merge it with the other threads.

Anyway to start it off, and this is addressed to all brokers in general but anyone can put their 2 cents worth of course, is a question posted in the Eastwood or Fort boni thread. A new forumer was asking about how best to find a good broker, best practices and what they can expect . I think this also goes not only for the services of the broker but what sort of deliverables they can expect from the developer etc. Fire Away.

Corn,
Looks like you'll be hard-pressed to pick-up a unit in FBGC with your current budget. For sure Ayala's Serendra, Philtown's One McKinley and Fairways Tower, Century's Essenza and Soma, Megaworld's Bellagio, Forbeswoods Heights and Forbeswoods Parklane, Regent Parkway, Pacific Plaza, Icon, and BoniRidge will be out of your price range. Better ask Bevepi (a Robinsons Rep) regarding Robinson's projects such as Fifth Avenue and McKinley Park Lofts in FBGC. There are also some FBGC projects such as Winville, Penhurst Kensington and Hampton kung hindi pa sold out. I would stick with a reputable developer though since there are a lot of projects in and around MetroManila that don't get finished. Hope this helps.
My very first post. Actually I registered because Im hunting for a condo unit at the moment. Can you guys help me out. Im looking for one which is affordable. I can shell out 100k as downpayment and pay monthly of 15k or less. Meron kaya nito sa Global City? If you know of one, please email me at capricornian_ox@yahoo.com

You're welcome Lili.
Thanks Bustero.
Aba syempre Dvorak!

EASTWOOD!

QC

Quality City!!

Buyers beware!
HOW CERTAIN ARE YOU THAT THE property you are buying with your life's savings will not go to waste? How confident are you that the developer you are dealing with can complete the job as promised?

Sure, the brochures are attractive! The prices are reasonable. The entrance gate is impressive. But are you sure the development will be completed and that you will get to live in the house you paid for with your sweat and blood?

Preselling

Since the cost of money is so high, most developers resort to preselling. That's marketing the lot or house or unit even before starting the project or while it is still under construction.

A lot of people buy during this preselling stage because the prices are lower and the rates are better since the developer need not add a premium for the cost of his money. But the trade off is that the risks of noncompletion are higher too.

To clarify the issues and identify checkpoints in protecting prospective buyers and investors, I met with the Housing and Land Use Regulatory Board (HLURB) main man, Commissioner and chief executive Romulo M. Fabul. Having served the board since 1982 and handled various offices under the past five presidents, he is the best person to speak to us about the field of housing in our country.

He recommends that even before giving a downpayment on the lot, condo unit, townhouse or house of your choice, one must be aware and take steps to minimize the risks.

Suggestions

So, in summary, he suggests that the prospective buyer must do his homework.

· Check if the developer has a permit or license to sell issued by the HLURB. If the developer has not fully complied with the HLURB requirements, such a permit will not be issued. This ensures that the developer has the capacity to complete the project.

· Check the track record of the developer. Established developers will not compromise their names with incomplete projects. Try to find out if there were instances when the developer was not able to complete a project and why.

· Have an expert check the product or the construction plans if at all possible. Or if there's an ongoing construction, ask a knowledgeable person to look the site over. The most important items to look at are not the finishes but the structural, plumbing and electrical systems. Plumbing issues could prove to be a nightmare for the hapless homeowner. Electrical problems can be very dangerous and weaknesses in the structure will not only be expensive to repair, but can be extremely disastrous.

· Buying lots in old or existing subdivision are even trickier. Consult the neighbors and homeowners' association. Verify the records from the register of deeds for back taxes and ownership.

· Listen to your intuition. There are pieces of property that emit good vibrations and some just don't. Remember, this is a house that you would probably live in for the rest of your life and maybe pass on to your children, so it is important that you feel good about it.

There are no shortcuts. Don't jump off the plane without a chute thinking that you can fly. No one can do all the above for you. You must get involved and be satisfied that you have done the best spade work possible. Only then, will you rest assured that your investment is an acceptable risk. Good luck

in looking for a broker, I think being a licensed broker should matter, this conveys that the broker is serious enough to know the rules and rudimentary details of the profession and not merely after a one-shot-deal. This means that she can back up her opinion with facts and she can answer basic questions like, "how much is the documentary stamp tax and transfer fees that I should pay upon purchase?" "how much capital gains tax do i have to pay if i want to resell my condo?" In choosing a broker, go for one who is knowledgeable not just about the condo or property you're interested in, but also well-informed on the market and competing condos. If your broker can give you the pros and cons of the property you're eyeing, this means that she's done her homework and is forthright enough to give you a balanced view.

hi,
just found this forum and learned a lot of things about buying a condo in the Philippines! Thanks!

anyways, can anyone tell me about the Columns. hows the location? will it appreciate (the rep told me all Ayala land properties do)? hows transportation in that area?

all i want is a place in the city that'll allow me to access city sights, nightlife, and shopping. oh, and a view of some skyline. i stayed at the new world and they had such an awesome view of makati cbd that i'm hoping the columns (same street, just two blocks down) would offer me the same view.

how does all this compare to say, a place at the Fort or Ortigas or Eastwood? i'm a fan of the nightlife in all areas (Malate, QC, pasig, etc) not just the high-class nightlife of makati and greenbelt.

any input would be nice! thanks!

One of the reasons for buying a condo is as an investment, you either sell it or rent it out when its completed. I own a condo in Ortigas center (Megaplaza) and would like to weigh my option on either selling it or renting it out.

Do you guys have any idea on where I can get information on the going rate of renting out condos in Ortigas center, in Legazpi Village, and in Bonifacio Global City.

Where can I get some information on the pros and cons of renting out condos in those areas. Are there any brokers who can manage the renting out of your unit if you are not based in the Philippines.

My dream is to retire and live in Manila the proud owner of 3 or 4 units that generates rental income every month. Is this a realistic scenario? Am I better off putting my money in mutual funds?

Are there any factual studies on how much these condominiums in Ortigas, Makati and Bonifacio Global have increased in value over the years?

Are there any projections on the value of the PROJECTS ON THE RISE in the coming years?

It is encouraging to see that the major developers are continuing to build quality projects, but are buyers just buying because of emotional reasons. One of Richard Kiyosaki's advice (Rich dad, Poor Dad) is "Don't fall in love with the property". You'll either buy it for the wrong reasons or you'll have a hard time selling it when the time is ripe. I don't know how right he is but it is a point to consider before investing.

The idealist in me would love to see my country get back on its feet and become a developed country. If I can contribute a little by investing in the philippines then it is perfect.

The realist in me sees the corrupt government system and the political decay eating up our country.

Should I and many other Balikbayans and OFW's invest our hard-earned money in the Philippines?

'OFW Phenomenon' to Continue in 2006
An article published in The Philippine Daily Inquirer, January 13, 2006
By : Tessa Salazar
------------------------------------------------------------------------

WILL OVERSEAS Filipino workers' investments in their home country continue to rise or slacken this year?

Optimistic developers and real estate firms believe more money from OFWs will be pouring in.

Eric Soriano, ERA Philippines country president and CEO, said home mortgage investments develop "discipline" in the form of forced savings on OFW dependents.

"Our studies have shown that there is a 92 percent repayment of monthly amortizations among OFW homebuyers, a positive indicator for the industry," Soriano said.

"I believe the iceberg for OFW markets is very deep," he added.

According to him, statistics have shown that education and real estate are still top priorities for any OFW provider. Reinforcing OFW remittances are new money coming from balikbayans from North America and Europe .

Marivic Añonuevo, vice president and head of Ayala Land Inc.'s leisure and lifestyle communities, said the number of Filipinos leaving the Philippines to work abroad continues to grow at around 12.5 percent.

"Although this is really a sad phenomenon, this indicates however that the amount of dollars earned and remitted back home continues to grow. Rather than slacking off, therefore, we in ALI feel that we have only mined what we believe is the tip of the large OFW market."

Danilo E. Ignacio, general manager of Robinsons Land Corp.-high rise building division, said RLC is confident that the OFW investments in real estate will remain.

Jose EB Antonio, chair of Century Properties Group and Meridien Development Group, said that 30 percent of the income of OFWs in general is spent on housing, whether to buy a new home, fix present homes or pay for rent.

"The quest for the Filipino dream of owning their home is foremost in the minds of OFWs. It is also worthwhile to note that the average income of an OFW has increased, as more white collar workers and technical people are working abroad," Antonio said.

Soriano observed that historically, spikes in OFW remittances occur every middle and end of the year.

"However, with the continuous deployment of new OFWs in existing and new geographical markets and the increase in remittance month on month, we can expect a steady stream of real estate business from the sector all throughout the year," he said.

Añonuevo estimated that ALI overseas sales accounted for nearly 20 to 25 percent of the total sales volume generated by the ALI parent company, including subsidiaries such as Community Innovations Inc and LPHI. She added that recognizing this large potential, ALI has established Ayala Land International Sales Inc.

Ignacio said that RLC markets selected projects internationally. "Revenues generated from our international marketing efforts account for a substantial portion of our sales. We thus intend to pursue building this segment," he said.

ERA Real Estate, a multinational real estate service provider that manages Eastwood, expects to grow its OFW portfolio from 15 percent in 2005 to 25 percent this year.

"The industry posted an average OFW contribution of 20 to 25 percent. My advice to developers is for them to focus on increasing their OFW portfolio by an additional 15 percent this year," Soriano said.

Robert Kioyosaki is now making the bulk of his moneys from royalties generated from his books, books on tapes, seminars and talking gigs. That's all I can say, but I am pretty much interested in the responses to all the queries you have posted @Oddvertising.

hi there
I need a 2 bedroom condo for March-April to be rented by balikbayans in Makati area for 3 weeks. Are you interested do you have an available unit?

I think it's a wise investment. Real state prices hardly depreciate. in the last ten years I've never known it to go down. Lots or renters abound, transients and longterm. Nevermind the pi govt. If the business men always held back because of the politicians they would never ever become businessmen. It's simplistic but it's true. Space is running out the less the space the higher the prices go.

i'm persuading my parents to invest in one:D but they have other real estate matters back here in Aus

the best way to rent out a unit is via a good broker... this way.. you don't have to worry about anything.. the broker will do everything for you.. for a fee ofcourse..usually the terms are.. 11 months for you and 1 month for the broker..

you'll never go wrong with an Ayala project.. and if you're fond of nightlife.. The Columns 2 is the perfect place for you... have you seen their advertisement sa Ayala movie houses?

hi,
just found this forum and learned a lot of things about buying a condo in the Philippines! Thanks!

anyways, can anyone tell me about the Columns. hows the location? will it appreciate (the rep told me all Ayala land properties do)? hows transportation in that area?

all i want is a place in the city that'll allow me to access city sights, nightlife, and shopping. oh, and a view of some skyline. i stayed at the new world and they had such an awesome view of makati cbd that i'm hoping the columns (same street, just two blocks down) would offer me the same view.

how does all this compare to say, a place at the Fort or Ortigas or Eastwood? i'm a fan of the nightlife in all areas (Malate, QC, pasig, etc) not just the high-class nightlife of makati and greenbelt.

any input would be nice! thanks!

I would like to add thatAyala projects are also always priced at a premium to many other projects. And no not all Ayala projects appreciate, their expensive to begin with, perhaps if you look at it over a very long time then the cost of money and inflation will put it up. but this goes true for a lot of other projects. I find it hard to believe that there will be great appreciation in condo projects in general, there is still a huge glut in the secondary market and until this is cleaned up looks doubtful. In addition there is tons of new space being developed even by the big developers alone.

Columns is a good project but it's not easy to compare with the Fort as it's a different area. Of course it central , but there are a lot of other projects in the Makati area as well being built so you can try looking at them. Between the old columns and Legaspi, the new one is in a better location (you can walk to your nightlife ). If you want a good view of Makati , maybe you should consider a secondary unit at Rockwell, I understand the units there have gone down to 70 to 80k per sq.m. That may be a good compromise. If you only want to consider new units then only megaworld and robinsons aside from ayala have projects in the area within that category.

thanks for the input.

and no i havent seen the ad in ayala moviehouses. is it any good?

i guess better questions would be: what's the outlook of this place? will makati (and specifically, legazpi village) be old news at the turnover date (2011) of the columns. after more research on this great forum, i'm thinking that BGC is the place to be (and has truly, more amazing designs as well).

if you look at pasay road now... it's not that lively at night.. most of the business there are getting out of the place na..

I think it's better to invest in FBGC... ok din naman nightlife don..

thanks for the input.

and no i havent seen the ad in ayala moviehouses. is it any good?

i guess better questions would be: what's the outlook of this place? will makati (and specifically, legazpi village) be old news at the turnover date (2011) of the columns. after more research on this great forum, i'm thinking that BGC is the place to be (and has truly, more amazing designs as well).

hmm. good point. crap. i wish i was still in the country to look at other places.

i'm persuading my parents to invest in one:D but they have other real estate matters back here in Aus

thats what most filipino parents here do....many of them lack the knowledge or interest in PI real estate but which is a shame really......family friends though i was crazy for investing in a property in PI..i didnt care........im happy with my decision

Charitorae,
Just my take on your inquiry. Of all areas in Metro Manila I am most bullish on Fort Bonifacio and for my money, I invested in FBGC since that's where most of the biggest construction projects currently are and will be in the near future. Imo it really has the best up-side and equity appreciation potential in the whole Metro especially now with Ayala (Makati's developer) doing the co-development work in FBGC. Check out the Fort Bonifacio thread as well as the individual Fort condo development threads to see just how beautiful and quickly developing the Fort is. There is even going to be a linear park/commercial center on the way and when it comes into fruition, this will spur even more developments there. Hope this helps any.

SOMEGUY, who knows, you might have made a wise investment decision. Even though life outside the Philippines is better it doesn't mean it's happier. There are a lot of Germans and Australians now living here in Manila and are spending their retirement benefits in the Philippines.

Anyway, I found this article from the Inquirer at the Robinsons site. I think it will make anyone who just invested some money in the Phil. feel good about their decision.

RP ON VERGE OF BIGGEST REAL ESTATE BOOM IN 30 YEARS
An article published in The Philippine Daily Inquirer, December 18, 2005
By : Gil C. Cabacungan Jr.
------------------------------------------------------------------------

The Philippines is on the cusp of what could be the country's biggest property boom in nearly three decades fueled by money from overseas Filipinos, investments from businessmen and increased government spending.

Albay Rep. Joey Salceda said “We are at the threshold of the biggest real estate boom since 1997.”

Since the Asian financial crisis brought the property sector into a long swoon in 1997, the industry has been on a slow but steady climb in the last few years.
Salceda expected the property boom would be broad-based –from residential houses and condo units to office towers, leisure facilities hotels.

Frederick Go, executive vice president of Robinsons Land Corp., agreed the future of real estate was “bright” with dollars from overseas Filipinos expected to spur the industry's growth next year.

Tapping OFW Market

At least $1 billion in remittances from Filipinos living or working abroad flow in every month (not counting the dollars sent through informal channels), and Go expects them to spend these dollars buying new houses for their families, high-end condos or resort homes for their own use.

Robinsons Land was one of the first firms to tap the overseas market, which now accounts for roughly a third of its sales. Go said buyers, especially OFWs, were now more discerning of the properties they buy largely because of their exposure to superior standards in First World countries. Federal Land Inc. president Alfred Ty said the anticipated property boom would be different from that of the past decades.

Demand for Quality

“There is an underlying flight to quality in the growing demand for property,” Ty said. Buyers are more knowledgeable now than they were before and they will go to developers that have a long track record, that build classy units whatever the market level and deliver their products on time.”

“With people looking for more quality products, we think the industry's growth will be sustained.

The 33-year old property arm of the Metrobank group has been one of the fastest-growing developers of high-rise towers in the country. It has sold two residential towers in Makati City in just three years and delivered the units on time, in sharp contrast to previous property booms that were long on pre-selling but short on delivery of actual units.

Gov't Role

Despite its political troubles, the Arroyo administration has also contributed to setting the stage for a surge in property demand, Salceda said.

Aside from keeping interest rates low through prudent debt management, Salceda said the government was poised to further kick up interest in the real estate sector by jacking up its capital spending by 52 percent next year-the first time in five years that it would be boosting investments in infrastructure.

“This should make the 4.2 million housing backlog a real demand,” Salceda said.

Hot Demand for Office Space

Aside from houses and residential condos, another hot factor in the property sector is the rising demand for office space, with vacancy rates dropping from their peak of 60 percent to between 9 and 15 percent at present.

CB Richard Ellis, the worlds largest real estate advisory firm, said robust demand for office space was being driven mainly by relocations of multinational corporations and embassies from Grade B and C buildings and by continued demand from new and expanding call centers, business process outsourcing (BPO) providers, and information technology companies.

Bulls Running

“Despite medium-term domestic economic concerns, the outlook for the office property sector remains bullish,” CB Richard Ellis said. “Limited supplies of suitable Prime/Grade A office space in the Makati CBD will keep vacancy levels in the single digits for the near and medium term while lease expirations in 2006 will be closely watched as they are expected to impact the amount of available space.”

The property adviser noted that demand was not confined to Makati and Ortigas.

“Tight supplies of suitable existing office space in Metro Manila is forcing call centers and BPOs with large space requirements to consider locating to areas outside the major central business districts,” said CB Richard Ellis, citing the rising trend toward the construction of more build-to-suit buildings (specially in Alabang and Fort Bonifacio), and the conversion of shopping malls and other types of retail establishments to space suitable for call centers.

Leisure and Hotels

The property sector is also humming in the leisure and hotel business, with average occupancy rates improving to nearly 75 percent this year from less than 50 percent a few years ago, the highest growth being registered in deluxe suites, according to CB Richard Ellis.

Tourism arrivals are on track to hit 2.66 million this year (up by 6 percent from last year), with tourism revenues expected at $2.2 billion (up by 14 percent from last year).

With international arrivals predicted to rise by 15 percent next year (in line with the government's goal of having 5 million tourists by 2010), CB Richard Ellis noted an increasing number of foreign investments going into building deluxe hotels and resort facilities.

“Out of 7,000 plus islands, only one-fourth are currently developed and many hospitality-related facilities need refurbishment or have yet to be built,” it said.

* :) :) :)

yes yes! all this helps very much! narrowed my search tremendously. expect to see some questions from me on the FBGC threads!

someguy,
what condo did you buy?

SOMEGUY, who knows, you might have made a wise investment decision. Even though life outside the Philippines is better it doesn't mean it's happier. There are a lot of Germans and Australians now living here in Manila and are spending their retirement benefits in the Philippines.


* :) :) :)

salamat Oddvertising....thats what i wanted to hear........anyway no one knew i bought one...sometimes its better to keep your mouth shut...instead of hear things from people that would discourage you specially if you know that there is ignorance in some of what they say....anyway im not ruling out coming back to PI in ear future...kahit ano sabihin negative sayo...remember at the end of the day ikaw pa rin ang magde-decision...remember iba iba and situation nga mga tao diba...im happy with what i did...

someguy,
what condo did you buy?


sa Millenia tower...investment purpose only however i plan to live in the Philippines in the near future...i have no regrets with what i did...this is my first investment in property and it was a brave decision for...(di gaya ng mga barkada ko puro gimi gimik...me i used my money in this property and im only in my early 20's so im planning for my future and the lifestyle i wanna live...all the negative stufff out...but pure determination,....hehehe sorry for the long answer...i hope i didnt bore you :)

no no no..all very interesting. i too am a 20something-year-old interested in living in the philippines. moreover, i'm a filipina born and raised in the states, so i think some people think of me crazy for wanting to be in the philippines.

(by the way, its almost 3am here. i'm still jetlagged. just got back from pinas on thurs)

i want to get a place in MM, so i'm looking around. this forum has been a big, big help (you forumers know sooo much!). i just wish i knew about this place before i visited the Philippines, so i coulda had my research done and then just visited actual sites while i was there.

what influenced your decision in choosing millenia tower, someguy?

no no no..all very interesting. i too am a 20something-year-old interested in living in the philippines. moreover, i'm a filipina born and raised in the states, so i think some people think of me crazy for wanting to be in the philippines.

(by the way, its almost 3am here. i'm still jetlagged. just got back from pinas on thurs)

i want to get a place in MM, so i'm looking around. this forum has been a big, big help (you forumers know sooo much!). i just wish i knew about this place before i visited the Philippines, so i coulda had my research done and then just visited actual sites while i was there.

what influenced your decision in choosing millenia tower, someguy?


well Payment scheme
what i wanna use it for
location coz its for investment and for my convinience...that's just some..

i wanna get another place to live in Fort Bonifacio but hehehe im still pretty young and thus dont have that kinda spending power...stay in these forums ..you'll learn alot..i visit Phils every yr so im fond of it...look around all the projects you'll fing something you like for sure......btw 10pm Sydney time

yeah, i would like to get a place in BGC too.. seems like they're all pretty pricey except for hamptons place and soma.

i'm going back in december too. i hear there's gonna be the first SSC party at FT. hope i'm invited haha. i'm a newbie but i already know for sure i'll be spending a lot of my hours on this forum. its keeping me up at night... no wonder i cant get used to my time! haha.

welcome..........hehehe is that your name po?..so u dont speak tagalog?,,,but can u understand?....i love the cosmopolitan lifestyle of manila...nightlife...music...vibrancy......giant malls.....cant describe it......even thoguh i hear negatives about PI...it dont let it affect me much........

egad..did you just call me po? i'm only 22! i can speak enough to get by, like enough to take public transpo there, give directions to the taxi driver. and i understand for the most part.

nagaral ako dun sa UP Diliman nung summer 04. parang education abroad program for my university here. n thats when i fell in love with MM. i must say i've loved PI since i first visited in 95. and i was only 12 then. haha.

ok keep up the good work..........miss ko na PI....cant wait talaga......even everynight online im listening to MNLA 's radio station....they got wicked FM st


anyway........which condo had an appeal to you so far?

hmm.. if i could afford anything at this very moment.. i'd get a loft in one rockwell.

as far as location, i like soho central for its proximity to the mrt.

and as far as building design, i really like... hmm

building design is hard...too many good ones out there...

rockwell is nice!!

for me if its to live?...BGC..........Makati second..........

me i like residences at Greenbelt..its has a zen feel to it...which im into

ooh yeah. great location too the residences. i stayed the the new world while i was there.. the residences are super tall! towered above the new world.

anyways, its bout 4am now. dapat matulog na ako.
til next time..sguro bukas. haha.

I have an aunt from the U.S. who paid for a reservation for a unit from one of the ongoing developments at Global City. She later discovered that her salesperson apparently did not disclose some important features (or lack of features) of the unit. She then called the salesperson via long distance asking why those were not mentioned to her. The salesperson told my aunt that she does not know about it either until my aunt told her about it. Just imagine a salesperson who does not know the detailed specs of what she's selling !
My aunt tried emailing and calling people from the sales office to get more answers but no one would help her.
The only response she got from them was a fedex letter stating that her reservation was cancelled but her reservation fee will not be refunded because it already passed a certain time limit and she has not done her first month payment. The company would not like to give her answers yet so quick to revoke her reservation fee. It's a quick way for them to make a $1000.
If this happened to my old aunt, I bet a similar situation happened to other people from the same company.

^^ if i were your aunt, i will :gunz: :gunz: :gunz: them all!!!

this is very true.. so before making any reservation.. please do your homework and make sure that what you are going into is really what you want..

I have an aunt from the U.S. who paid for a reservation for a unit from one of the ongoing developments at Global City. She later discovered that her salesperson apparently did not disclose some important features (or lack of features) of the unit. She then called the salesperson via long distance asking why those were not mentioned to her. The salesperson told my aunt that she does not know about it either until my aunt told her about it. Just imagine a salesperson who does not know the detailed specs of what she's selling !
My aunt tried emailing and calling people from the sales office to get more answers but no one would help her.
The only response she got from them was a fedex letter stating that her reservation was cancelled but her reservation fee will not be refunded because it already passed a certain time limit and she has not done her first month payment. The company would not like to give her answers yet so quick to revoke her reservation fee. It's a quick way for them to make a $1000.
If this happened to my old aunt, I bet a similar situation happened to other people from the same company.