Real Estate and Housing Industry

[3cr]

COCKTALES: Fort, Ortigas join Makati condos in VAT revolt
InterAksyon.com
http://www.interaksyon.com/article/4...-in-vat-revolt

Condominium associations in Ortigas and the Fort have joined their colleagues in Makati in questioning the imposition of 12-percent value-added tax on association dues amid signs that the Bureau of Internal Revenue is not backing down on the controversial revenue measure.

The Alliance of Condominium Corporations at Fort Bonifacio, the Association of Building Managers of Ortigas Center, the Building Owners and Managers Association of the Philippines and the Philippine Association of Building Administrators have written BIR Commissioner Kim Jacinto-Henares asking her to at least defer the implementation of the new tax measure until after an industry consultation.

Henares, in her October 31 circular, said the 12-percent VAT collection "takes effect immediately," not January 1 as previously reported in this space.

The Fort and Ortigas groups also sent Henares a copy of The Condominium Act so that the BIR could conduct an "in-depth examination of the statutory nature of a condominium corporation, its corporate purposes and limitations," a polite way of saying the BIR had misread the law.

In her Oct. 31 circular, the BIR chief quoted a 2000-era Supreme Court decision that said "even a non-stock, non-profit organization or government entity is liable to pay VAT on the sale of goods or services."

Henares did admit that, despite the 2000 ruling, previous BIR chiefs before her had treated the association dues as VAT-exempt.

According to the Fort and Ortigas condo groups, the 2000-era Supreme Court case, Commissioner on Internal Revenue v. Court of Appeals and Commonwealth Management and Services Corp., related to insurance collections, not association dues, Comaserco being a subsidiary and collection agency of Philamlife.

"Unlike Comaserco, the collection of association dues, membership fees and other assessments/charges from the members and tenants is not payment of fees for services rendered," the groups said.

They then proceeded to quote the National Internal Revenue Code, Section 108, to Henares, defining the sale of VATable services as the "performance of all kinds of services for others, for a fee, remuneration or consideration."

Unlike Comaserco, a condominium corporation is organized by the unit owners to collect dues from themselves, not from third-party clients, with the dues pertaining only "to the proportionate shares of the members to the expenses of maintaining the common areas of the building," the Fort and Ortigas groups added.

Meanwhile, rather than challenge head-on the feared Henares, the Ayala-dominated Makati Commercial Association was tasked during Monday's town-hall meeting called by barangay Bel-Air chairman Constancia Lichauco to first write a letter to the BIR chief to seek her reconsideration on the issue.

[lanz09]

Kim Henares or whoever drafted the memorandum thinks that association dues are actually payment paid on the services of the condominium corporation. Hence, it should be subject to VAT. Condominium corporation is composed of the unit owners themselves. Therefore, they are just one entity. They already paid the VAT incorporated in the association dues from availing maintenance and repair services of the building from janitorial services and contractors. It would seem that the contribution of the owners in the form of association dues will be taxed twice since services rendered by the third party contractors are already taxable.

An analogy could be the payment centers of different utilities i.e meralco, water, phones wherein we don't pay additional 12% tax if we settle the bills here.

I think unit owners should just change the terminology. Instead of association dues or membership fee, why not "share of expenses". Changing the terminology would mean that the new BIR circular would not apply to condo owners.

[oragon.com]

Originally Posted by oragon.com

Re-post

Riversound Residences
Anthilla Land Corporation



Riversound Residences introduces a new “Garden-City” themed haven situated in the Heart of Naga City.

Accentuated by Mid-rise and Low-density Structures, Riversound Residences will surely cater to both lovers of elaborate and functional designs as well as lovers of convenience and accessibility. Riversound Residences is a 12-Building (5-Storey), residential condominium project.
Riversound Residences is the perfect blend of recreation and wellness. Imagine a place wherein you can nourish your Wellness of Being within arm’s reach with the health-inducing amenities like the Modern Clubhouse (Adult & Kiddie Pool; Sports Area) and Promenade as well as Wellness of Sensory & Nature for the Melody that will come out of the Grand Central Fountain and the Fresh breeze brought upon by the Environmental-friendly landscape design.

Riversound Residences is definitely the Most Beautiful and Most Affordable Wellness-City paradise.

Perspective







Room Perspective







Clubhouse Perspective





http://www.anthillaland.net

1of the 3 condo projects in Naga City.

2. Manda Condo
3. ALDP Condo

[3cr]

Study shows Manila property market becoming more attractive
Philippine Daily Inquirer
http://business.inquirer.net/97001/s...ore-attractive

MANILA, Philippines—Once a regional laggard, Manila is getting to be one of Asia-Pacific’s most appealing property markets amid escalating concerns over high property prices in China’s core markets.

According to the findings of recent research published by Urban Land Institute and PwC “Emerging Trends in Real Estate® 2013,” Manila ranked 11th out of 22 regional markets ranked in terms of investment prospects and ninth in terms of development prospects, marking a rapid rise from near the bottom of the rankings in previous years’ polls.

Manila was ranked 18th in the outlook for 2012 and 20th in the two years before that. This is the 7th edition of this trends and forecasts publication, which is based on the opinions of more than 400 internationally renowned real estate professionals, investors and other stakeholders.

Colin Galloway, principal author of the report, said in a presentation Thursday night he was surprised that the Philippine did not rank higher given the number of positive developments in this market. But he said that, since it usually takes time for all recent developments to be digested by the market, next year’s edition would likely show even more favorable results, even catapulting this market to a leading position.

Manila has fared well in specific property segments, especially in the secondary or rental apartment residential segment, where it ranked second to Jakarta. The ranking was based on the percentage of “buy” recommendations of survey respondents as opposed to “hold” or “sell.” Jakarta had a “buy” rating from 43.62 percent while Manila had 36.46 percent. The residential rental segment is where Manila got its best rating in this report but it also ranked high in office (6th) and hotel (8th) property segments.

[3cr]

BSP should guard vs asset bubbles — House think tank
GMA News
http://www.gmanetwork.com/news/story...ubsection_item

The Bangko Sentral ng Pilipinas should continue monitoring asset price movements to guard against asset bubbles forming, the Congressional Policy and Budget Research Department (CPBRD) of the House of Representatives said in a recent report.

“[P]rolonged period of low interest rates could trigger asset price bubbles, which could eventually burst and would have larger negative repercussions on the country’s financial system,” the CPBRD said in its report “Confronting the Challenges of the Eurozone Debt Crisis.”

However, the department noted that the central bank has already enacted preemptive measures against potential asset price bubbles, such as lowering the statutory limit of banks' exposure to real estate from 30 percent of their total loan portfolio to only 20 percent.

The central bank also broadened the definition of “real estate exposure” to include activities such as investing in bonds and stocks issued by property firms and granting loans to developers to finance low-cost housing development.

In its report, the CBPRD also pointed out that the Philippines is still vulnerable to external factors such as the Eurozone crisis despite strong GDP growth in the third quarter, with “key spillover channels” such as trade, remittances and capital flows being particularly exposed to external fluctuations.

CPBRD also said the government should deal with “key bottlenecks” in its processes to speed up development.

“Addressing key bottlenecks in project preparation and implementation, especially in key infrastructure projects—right of way acquisition, bidding process, selection of contractors—will boost domestic demand and help stimulate amid global economic slowdown,” it said.

[hakz2007]

Metro Manila jumps in Asia-Pacific ranking of property centers

MANILA - Metro Manila's status as a real estate investment and development destination in Asia Pacific has improved on the back of robust economic expansion, improving national government transparency and a strong outsourcing and offshoring sector, according to a regional property survey.

According to Emerging Trends in Real Estate 2013, Metro Manila jumped six notches to the 12th spot, enjoying its highest ranking since the survey started seven years ago.

Out of 22 urban centers worldwide, Metro Manila is ranked 11th in investment prospects and ninth for development prospects.

Read more

[boypad]

The tax treatment of condo, association dues

THE RECENT issuance of Revenue Memorandum Circular No. 65-2012 (RMC) has stirred a debate on the nature and proper tax treatment of association dues, membership fees and other assessments/charges (Condominium Dues) collected by condominium corporations, which is not surprising considering the real estate boom that has condominiums sprouting left and right.

The RMC departs from the long-standing rule of the Bureau of Internal Revenue (BIR) that condominium dues are not subject to income tax and value-added tax (VAT) as the same are merely held in trust by a condominium corporation. Condominium dues are currently considered as income payments or compensation for beneficial services that a condominium corporation provides to its members and tenants; hence, in the hands of a condominium corporation, Condominium dues are now subject to income tax and VAT.

In circumspect, does the nature of condominium corporations and the condominium dues they collect validate the RMC?

Sanctioned by the Condominium Act, a condominium corporation is a special juridical entity created for the very limited purposes of holding title to the common areas, administration of the condominium project, and the performance of activities necessary or incidental to such purposes. The Supreme Court in Luz Yamane v. BA Lepanto Condominium Corp. declared that a condominium corporation is precluded by the Condominium Act from engaging in corporate activities other than the aforesaid purposes.

A condominium corporation’s automatic members are the condominium unit owners, whose shares are in proportion to the appurtenant interest of their respective units in the common areas. When a member ceases to own a unit, he automatically ceases to be a member of the condominium corporation.

Consistent with the condominium corporation’s authority to administer the condominium project, the Condominium Act allows for reasonable assessments to meet authorized expenditures, each condominium unit to be assessed separately for its share of such expenses in proportion to its owner’s fractional interest in any common areas. The Condominium Act recognizes the impracticality of leaving to individual unit owners the administration of the condominium project.

The foregoing premises seem to be befuddled, if not disregarded, by the RMC, isolating as it does Condominium Dues and condominium corporations from the realities and purposes for which they are collected and created, respectively.

For one, by the very reason for which they are collected, condominium dues are not income in the hands of a condominium corporation. Income means profits or gains. There can be no contemplation of gain as condominium dues are collected only to compensate for, and for the sole purpose of defraying, the expenses of the condominium corporation.

In actuality, the condominium dues are monies held in trust by the condominium corporation for the benefit of unit owners from whom such monies were collected. Condominium dues are used by the condominium corporation to pay for authorized expenses incurred in performing its limited purposes of holding title to the common areas and maintenance and management of the condominium project. By authority of the Condominium Act, unit owners merely designate the condominium corporation to: (i) receive their contributions (i.e., the condominium dues); and (ii) use such contribution to pay, in their behalf, the aforesaid expenses. A trustee does not own the money received in trust and such money does not constitute income or receipt for which the trustee is taxable. Note that the Court of Tax Appeals in Moneyline Telerate (Philippines), Inc. v. Commissioner of Internal Revenue has recently ruled that condominium dues are only held in trust by a condominium corporation and do not constitute income.

Secondly, as the RMC itself speaks of beneficial services provided by the condominium corporation to its members and tenants, the purpose for which a condominium corporation is created is the same as that of a "mutual aid" association contemplated in Section 30(c) of the National Internal Revenue Code (NIRC) and which is exempt from income tax. As understood in Section 30(c), a mutual aid association provides benefits exclusively to its members. In the same vein, the beneficial services provided by a condominium corporation redound only to the benefit of its members to the exclusion of others.

Corollarily, the very purposes for which a condominium corporation is created do not amount to being engaged in trade or business, an essential requisite for the imposition of VAT under Section 105 of the NIRC. A condominium corporation is precluded by the Condominium Act from engaging in corporate activities other than the holding of common areas, the administration of the project and other acts necessary for the accomplishment of such purposes. As held in Yamane, neither the maintenance of livelihood, nor the procurement of profit, which constitutes business, falls within the scope of the permissible corporate purposes of a condominium corporation under the Condominium Act. Note that Yamane involved local business tax, which is in pari materia with VAT. Thus, the RMC’s reliance on the Supreme Court ruling in Commissioner of Internal Revenue vs. Commonwealth Management and Services Corp. (COMASERCO) is misplaced as COMASERCO is premised on the fact that the taxpayer therein was engaged in business albeit on a reimbursement-on-cost basis only.

These notwithstanding, it would seem that the BIR is inclined to continuously re-engage and challenge the acceptance of settled interpretations, scrutinizing entities that enjoy or are perceived to enjoy certain tax privileges and/or incentives. Given the BIR’s aggressive stance, it is not improbable that homeowner’s associations are now within its sights, and will soon be subject to income tax and its collection of association dues be subject to VAT.

http://www.bworldonline.com/content....-dues&id=63126

[boypad]

Btw, guys this new RMC which will charge 12% VAT for condominium asso. fees will be implement by BIR starting on January 2013. I learn it yesterday while paying our annual real estate tax at Pasig City

[Englehart]

buwis-sit haaayyyy.......

[great184]

Originally Posted by 3cr

Study shows Manila property market becoming more attractive
Philippine Daily Inquirer
http://business.inquirer.net/97001/s...ore-attractive

MANILA, Philippines—Once a regional laggard, Manila is getting to be one of Asia-Pacific’s most appealing property markets amid escalating concerns over high property prices in China’s core markets.

According to the findings of recent research published by Urban Land Institute and PwC “Emerging Trends in Real Estate® 2013,” Manila ranked 11th out of 22 regional markets ranked in terms of investment prospects and ninth in terms of development prospects, marking a rapid rise from near the bottom of the rankings in previous years’ polls.

Manila was ranked 18th in the outlook for 2012 and 20th in the two years before that. This is the 7th edition of this trends and forecasts publication, which is based on the opinions of more than 400 internationally renowned real estate professionals, investors and other stakeholders.

Colin Galloway, principal author of the report, said in a presentation Thursday night he was surprised that the Philippine did not rank higher given the number of positive developments in this market. But he said that, since it usually takes time for all recent developments to be digested by the market, next year’s edition would likely show even more favorable results, even catapulting this market to a leading position.

Manila has fared well in specific property segments, especially in the secondary or rental apartment residential segment, where it ranked second to Jakarta. The ranking was based on the percentage of “buy” recommendations of survey respondents as opposed to “hold” or “sell.” Jakarta had a “buy” rating from 43.62 percent while Manila had 36.46 percent. The residential rental segment is where Manila got its best rating in this report but it also ranked high in office (6th) and hotel (8th) property segments.

2013 is 99.99% guaranteed to be a banner year for Philippine Real estate so this trend should continue.

[InfinitiFX45]

Vista Land earmarks P18-B capex for 2013
by ABS-CBNnews.com | Thursday | Posted at 12/20/2012 5:54 PM | Updated as of 12/20/2012 | 5:54 PM

MANILA, Philippines - Vista Land & Lifescapes Inc. is spending more than P18 billion in capital expenditures next year, as it expects the real estate industry to remain strong.

Vista Land is preparing a three-pronged strategy to make sure it will be able to sustain growth.

"We will continue opening projects in new areas; we are currently in 31 provinces and 63 cities and municipalities around the country,” said Manuel Paolo Villar, President and CEO of Vista Land, in a statement.

Second, the property firm will continue launching condominium projects, especially in urban areas. Villar noted there is sustained demand for condos from young professionals.

Third, Vista Land will build commercial developments near its residential subdivisions, as a way to enhance the value of its projects.

"The macro environmental factors bode well for the property industry, especially for Vista Land, to be another good year," Villar said, citing the strong performance of the Philippine economy.

This year, Vista Land said it is on track to hit its targets: P4.2 billion net income and P16 billion in revenues, which would be 19% and 18% higher, respectively, from last year.

"Our operating targets are likely to be met, our stock price has done very well, and I am optimistic about our prospects for 2013," Villar said.

Vista Land is the holding company of 5 business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines, and Vista Residences.

Source: http://www.abs-cbnnews.com/business/...8-b-capex-2013

[InfinitiFX45]

Araneta Properties buys more land
By Zinnia B. Dela Peña | The Philippine Star | Friday | Updated December 21, 2012 | 12:00am

MANILA, Philippines - Publicly-listed Araneta Properties Inc. has acquired five parcels of land in San Jose del Monte, Bulacan for P277.965 million.

In a disclosure to the Philippine Stock Exchange, Araneta Properties said it acquired the land from BDO Strategic Holdings Inc.

Funding for the acquisition will come from internally-generated funds.

In its website, Araneta Properties said it is committed to the progress of San Jose del Monte and intends to offer more homes and lots.

Araneta Properties is a publicly-listed real estate company with a total of 236 hectares of land involved in a joint venture partnership with Sta. Lucia Real Estate and Development, one of the biggest real estate developers in the country.

Dubbed as one of the best selling real estate developments in 2006, it is currently planning to roll out its expansion for a third phase of residential lots in the same area.

Araneta Properties is preparing a master plan for the development of a 248.11-hectare property in the city. The major components of the master plan consists of upper-middle to high-end residential lots and townhouses complemented by a leisure center, including a country club, a commercial center and university center. Additional components of the plan are a nature park, corporate business center and mass housing.

San Jose del Monte City is the largest city in the province of Bulacan and enjoys a steady population growth rate of five percent annuallyas many people migrate from the Metro to find more affordable homes.

Source: http://www.philstar.com/business/201...buys-more-land

[InfinitiFX45]

More News

Vista Land pushes expansion in new areas
By Zinnia B. dela Peña | The Philippine Star | Friday | Updated December 21, 2012 | 12:00am

MANILA, Philippines - Riding on the current economic boom, Villar-led Vista Land & Lifescapes Inc. said it is pursuing an aggressive expansion program that will include penetrating new areas and developing more residential condominium buildings and commercial properties.

Manuel Paolo Villar, president and chief executive officer of Vista Land, said the company’s three-pronged strategy is aimed at further strengthening its foothold in the industry. The company is the leader in the horizontal segment, with more than 250,000 housing units built in the past 35 years.

Vista Land has the widest geographical reach in the local real estate industry, with a strategically located landbank of almost 2,000 hectares nationwide.

“We will continue opening projects in new areas. We are currently in 31 provinces and 63 cities and municipalities around the country,” Villar said.

Second, Vista Land will launch more condominium projects, particularly in urban areas where demand from young professionals is increasing, he added.

Villar said Vista Land would also beef up its commercial developments as part of plans to diversify its revenue stream and enhance the value of its projects.

“The macro environmental factors bode well for the property industry, especially for Vista Land, to be another good year,” Villar said, citing the accelerating growth in terms of gross domestic product, which grew an impressive 7.1 percent in the third quarter of 2012, more than doubled the 3.2-percent growth in the same quarter last year.

Vista Land said it is on track to hit its financial targets this year of P4.2 billion in net income and P16 billion in revenues, which would be 19 percent and 18 percent higher, respectively, from last year. The company ended 2011 with earnings of P3.53 billion and real estate revenues of P13.51 billion.

In the first nine months, Vista Land posted a net profit of P3.2 billion, just P330 million shy of the full-year net income for 2011.

Vista Land is the holding company of five business units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. The company is recognized for its themed and master-planned communities that offer quality housing across all market segments.

Source: http://www.philstar.com/business/201...sion-new-areas

[InfinitiFX45]

More News

Vista Residences seeks BOI perks for condo project
By Louella D. Desiderio | The Philippine Star | Friday | Updated December 21, 2012 | 12:00am

MANILA, Philippines - Vista Residences, Inc., the condominium arm of the Villar family, is applying for incentives for a mass housing project in Manila.

In a published notice, the Board of Investments (BOI) said Vista Residences “is applying for registration with the BOI as new developer of low cost mass housing project (Camella Condo Homes – Taft) with a capacity of 954 low-cost mass housing units (vertical) on a non-pioneer status.”

The project is located beside De La Salle University in Taft Avenue, Malate, Manila.

The firm could enjoy incentives such as income tax holidays for four years, if its application would be approved by the BOI.

Mass housing is among the preferred activities which could qualify for incentives from the government under the 2012 Investment Priorities Plan (IPP).

Apart from mass housing, the 2012 IPP lists the following as preferred activities: agriculture, agribusiness and fishery; creative industries or knowledge-based services; shipbuilding; energy; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.

Vista Residences is a business unit of Vista Land & Lifescapes Inc.

Vista Residences entered the condominium development scene in 2006.

Apart from the Camella Condo Homes brand, the firm has projects under other brands such as Brittany and Crown Asia Residences.

Earlier this month, other subsidiaries of Vista Land filed applications for registration of projects with the BOI.

The firms which filed applications for incentives are Communities Cebu, Inc. for the Camella Carcar project, Communities Pangasinan, Inc. for Camella Heights 2 - Pangasinan and Communities Tarlac, Inc. for the Camella Cabanatuan project.

Source: http://www.philstar.com/business/201...-condo-project

[InfinitiFX45]

Cyber Bay to pursue P11-B reclamation claims
By Zinnia B. dela Peña | The Philippine Star | Saturday | Updated December 22, 2012 | 12:00am

MANILA, Philippines - Cyber Bay Corp., a firm controlled by businessman Ramon S. Ang, is pursuing the collection of P11 billion in claims from the Philippine Reclamation Authority (PRA).

On the sidelines of the company’s annual stockholders meeting yesterday, Cyber Bay’s former president Peter C. Suchiangco said the amount represents all costs related to the reclamation of land along Manila Bay.

The project was put on hold after Cyber Bay got into a legal tussle with the government involving the ownership of the reclaimed land.

In 2002, the Supreme Court declared the contract illegal over restrictions on the sale of government land.

The High Court ruled that the deal violates the constitutional provision prohibiting private corporations from owning land of public domain without going through bidding.

Suchiangco said the recoverability of the claims was necessary to allow the company to fund other businesses it may undertake.

Cyber Bay was originally incorporated on July 6, 1989 as First Lepanto Corp. It changed its name to Cyber Bay Corp. in 2000 following its foray into real estate development (except real estate subdivision) and reclamation.

It had planned to develop the Manila Bay property into a world-class center of commerce, entertainment, shopping and education, integrated with a mix of residential districts.

Source: http://www.philstar.com/business/201...amation-claims

[InfinitiFX45]

Property sector's star brighter in 2013
By Rizal Raoul Reyes | BusinessMirror | Posted at 12/26/2012 8:23 AM | Updated as of 12/26/2012 10:50 AM

MANILA, Philippines - The Philippine property sector will continue to flourish next year, according to the country’s leading property management and consulting firms.

David Leechiu, country head of Jones Lang LaSalle Leechiu (JLL), said Manila would remain an attractive investment site for property investors in 2013.

As of last October, according to Leechiu, the firm had tracked 413,000 square meters of office leases, or 15 percent higher than that monitored in 2011. He said JLL expects more leases to be closed before the year ends.

“We are seeing confident investment sentiment not just in office development but also in the acquisition of property for future development, whether it be for mixed use, commercial, residential, hospitality, retail or industrial,” he said.

CB Richard Ellis (CBRE) also expressed optimism on bullish prospects for the property sector in 2013.

Rick Santos, CBRE chairman and founder, said the country’s property sector is experiencing the best growth in the last 20 years.

Santos added that it is a different situation right now compared to a few years back when Manila was not on the radar screen of property investors.

“The challenge is how to cope with this unprecedented success. Suffice it to say that if you build it, they will come, be it office, residential or leisure property,” he said.

Read More: http://www.abs-cbnnews.com/business/...-brighter-2013

[Igsuonnimo]

kamusta naman kaya ang condotel business tuwing holiday season???

[Mercato]

Aight, help needed coz I'm not updated. I am on the verge of convincing a foreigner friend to retire or invest his money on a condo// or generally to retire in the Philippines. His clear choice and preference is Southeast Asia. No, he doesnt have a Filipina GF which is why owning real property is out of the question for now...

Competitors are Thailand, Truly Ghoulai, the Philippines, Bali (which is out of the question for now coz the divorced wife lives there. Just that the kids are there too). My friend is Caucasian of Irish descent, early 40's, White collar professional, used to work in Dubai and now works in Singapore, Australian citizen from Cairns and has no desire whatsoever to go back to Oz, "A" Crowd. He is asking me questions about Subic, Manila, Palawan, Boracay and Cebu. Of course we are willing to answer all questions asked if we knew the answers that is.

Now the only condos I know offhand are the Residences in Greenbelt, Serendra in BGC, F1/ Best Western BGC (coz I got investments there too )

Any other Condo suggestions please? It boils down between Subic and Makati due to NAIA or Clark proximity. I chose Makati for him. I also chose Ayala Land due to reputation and dependable service. Unless there are other suggestions. I am assuming, of course, that foreigners like him can retire in the Philippines? I just need the Condo projects and the Developers, I do not need pesky agents hounding us.

Gracias antemano.

[calaguyo]

^I would suggest Makati, BGC, Ortigas, Alabang if your friend is an expat. So he doesn't need to travel far.

But since he's to going to retire, I don't think he likes living in any of the above. He currently live in Singapore and those places aren't different from Singapore. If I'm a retiree, I would choose either Boracay, Palawan or Cebu. Far far away from the crowd!

[Mercato]

Originally Posted by Mercato

His clear choice and preference is Southeast Asia.

Yes, he wishes to retire in SEAsia

My friend is Caucasian of Irish descent, early 40's, White collar professional, used to work in Dubai and now works in Singapore, Australian citizen from Cairns and has no desire whatsoever to go back to Oz, "A" Crowd. He is asking me questions about Subic, Manila, Palawan, Boracay and Cebu.

He likes to live near the airport so I chose Makati for him. Although he's Aussie, he isn't much of a beach person so Boracay, Palawan and Cebu are only nice places to drop by for visits, prolley not for permanent settling in his case. Since he is used to urban Condo living and he is retiring in 20 years, I also chose Makati for him due to proximity of St. Lukes and Makati Med, Groceries, movies, malls, diners. He is more of a bar habitue; not into beaches but more into bitches.

Tho I do not have the time to scour the Net for Makati condo prices, I chanced upon the current rates for the Residences. For a 2 BR condo, the size is pretty, pretty good for its value. A 2BR Residences unit is only PhP25,000,000 at 136sqm or another one is only PhP22million. That translates to SG$735,000 which is pretty good considering that amount can only get you a small 50sqm studio 1 BR unit in Singapore or Hong Kong. A 2BR unit in Singapore by comparison can fetch up to SG$1,200,000 these days. A studio (roughly same size as a 2 BR unit in Hong Kong which is 77sqm) can fetch only PHP 14,000,000 (SG$411,000) The only other condo I chanced upon thus far are the Columns along Ayala(?)/ Buendia(?). I thought I remembered a 2 BR unit is only around SG$ 285,000. Whoa!!!

I am assuming, of course, that foreigners like him can retire in the Philippines?

Does it mean foreign retirees in the Philippines have to make regular quarterly visits to the DFA?