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Old August 8th, 2005, 09:19 PM   #1
dcdr76
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Investing in Real Estate in the Philippines

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.
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Old August 9th, 2005, 01:21 AM   #2
Lili
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Pakisama narin ng Meridien and Century Properties.
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Old August 9th, 2005, 03:57 AM   #3
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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.
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Old August 9th, 2005, 05:39 AM   #4
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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?
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Old August 9th, 2005, 04:59 PM   #5
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Great feedback, Bustero. Thanks!
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Old August 10th, 2005, 04:29 AM   #6
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Okay, your wish is granted.

@ Bustero, what about Antel Land of The A.venue? Globe Asiatique of G.A. Tower?
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Old August 10th, 2005, 05:49 AM   #7
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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.
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Old August 10th, 2005, 06:12 AM   #8
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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.
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Old August 11th, 2005, 10:49 AM   #9
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Quote:
Originally Posted by Lili
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.
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Old August 11th, 2005, 11:06 AM   #10
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Wow, so you've already decided to buy a condo. Which one is it?
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Old August 11th, 2005, 08:54 PM   #11
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Investing in Condominiums

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.
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Old August 12th, 2005, 05:51 AM   #12
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Ok, thanks. Sorry I didn't notice that. I must've been to preoccupied with "something", you already know that, Lili.
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Old August 12th, 2005, 08:16 PM   #13
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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?r...22865&catID=12

good luck
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Old August 13th, 2005, 06:09 AM   #14
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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..
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Old August 13th, 2005, 07:23 AM   #15
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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?
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Old August 15th, 2005, 02:33 PM   #16
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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....
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Old August 16th, 2005, 04:28 AM   #17
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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!
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Old August 18th, 2005, 12:54 AM   #18
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Remittance of Payment to the Philippines

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.
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Old August 18th, 2005, 01:29 AM   #19
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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.
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Old August 18th, 2005, 04:20 AM   #20
Dvorak
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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.

Quote:
Originally Posted by Lili
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.
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