Real Estate and Housing Industry

[april boy]

Condos are great for highly populated urban areas like Metro Manila. In fact, they are good investments for foreigners and not locals.

For locals, a house and lot is still the best.

[Greenfield]

I think the government should find a way to build more mass housing projects to address the slum (informal settlers) problem in the country.

[CarltonHill]

Originally Posted by april boy

Condos are great for highly populated urban areas like Metro Manila. In fact, they are good investments for foreigners and not locals.

For locals, a house and lot is still the best.

+ ∞
I think condos are good investments for both foreigners and locals who bought their units in cash... I mean, nothing to pay monthly at the bank for 5, 10 or 15years with interest rates... just a mere assoc. dues nalang...

For me, I still prefer a house & lot by which I can have my own garden, my own pool at the back and a parking area at front...

Originally Posted by Greenfield

I think the government should find a way to build more mass housing projects to address the slum (informal settlers) problem in the country.

I agree.

the gov't should also try to consider "container vans" because it actually looks much nicer than the usual socialised mass housing we see... and seems to be much safer from calamities...

[jpdm]

Property surge takes shape in the Philippines



By: Charles Cotton
Oxford Business Group
8:10 pm | Thursday, May 24th, 2012
share8071


MANILA, Philippines – Confidence in the Philippines’ property market, fuelled by economic growth, an influx of expatriate workers and rising investment by overseas Filipino workers (OFWs), is intensifying competition between the country’s major real estate players.

On April 17, Property giant Ayala Land announced investment plans worth P90 billion ($2.09 billion) for 67 new projects, in what the firm described as an “unprecedented” expansion into new market segments and new locations.

Major investment conglomerate SM Group revealed the same week that it would soon finalise plans to purchase a controlling stake in property developer Ortigas Holdings. Though neither side has divulged financial details of the deal, local media has speculated it could be worth $1 billion.

While SM Investments indirectly owns the country’s largest shopping mall developer and Metro Manila’s largest residential condominium builder, according to local media, Ortigas’ properties include “some of the country’s best residential, business and commercial developments”.

Such maneuvers and mergers are likely motivated by confidence-building factors, including increasing remittances from overseas workers, rapid growth in the business process outsourcing industry and the government’s low interest rate regime. In mid-April, the Philippines’ central bank decided to keep key policy interest rates at 4%, following two successive rate cuts.

In February, property developer CBRE said that a growing expat population was helping to fuel increased demand for luxury residential condominiums, adding that this factor, along with a growing need for hospitality accommodation, was creating a “mini-boom” in the local market.

“A luxury condominium is one of the top choices. If it is bought for investment purposes, the chance of you being able to lease it out at a very good rate is high,” said Jose Luis Matti, the executive director of CBRE Philippines Asset Services, in a company statement.

Another rising source of property investment is the country’s legions of OFWs, with salaries earned abroad increasingly being used to buy properties ranging from low-priced condominium units to upscale spaces. Monthly remittances grew 5.8% from a year earlier to $1.59bn in February, after increasing 5.4% in January, the central bank said in April.

“If you were to look at the wish lists of OFWs, owning their own house, whether it’s a house or a condo, is always up there, alongside being able to give their children a good education,” said Nita Claravall, the head of marketing at SM Development, told Hong Kong News in late March.

http://business.inquirer.net/category/latest-stories

[jpdm]

Originally Posted by CarltonHill

+ ∞
I think condos are good investments for both foreigners and locals who bought their units in cash... I mean, nothing to pay monthly at the bank for 5, 10 or 15years with interest rates... just a mere assoc. dues nalang...

For me, I still prefer a house & lot by which I can have my own garden, my own pool at the back and a parking area at front...



I agree.

the gov't should also try to consider "container vans" because it actually looks much nicer than the usual socialised mass housing we see... and seems to be much safer from calamities...

I agree. Especially those discarded container vans.

[jpdm]

Villar's Vista Land is largest homebuilder in PH: report



ABS-CBNnews.com
Posted at 05/11/2012 10:16 AM | Updated as of 05/11/2012 10:51 AM


MANILA, Philippines - Vista Land & Lifescapes is the largest homebuilder in the country, according to a property market report by Colliers International Philippines Inc.

"Based on a market scan of various vertical and horizontal residential projects in the Philippines developed by 14 major players in the real estate industry, Vista Land has captured 22% of the over 80,000 units of reservation sales in 2011 with the middle-income as their primary market,” Colliers said in its March 2012 report.

Vista Land, a property company owned by the family of Sen. Manuel Villar, was cited for its good track record in developing communities even before other property companies come in. The company currently has condominium and subdivision projects in over 50 cities and municipalities around the country.

For 2012, Vista Land is seeing continued strong performance. Manuel Paolo Villar, president and CEO, said the company is projecting around 20% growth in revenues and earnings.

"Demand for housing in the Philippines continues to be very strong so we are expecting robust growth in reservation sales given our planned project launches countrywide," he said.

The company is planning to spend more than P15 billion in capital expenditures for 2012.

Vista Land is the listed holding company of Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences. In 2011, the company generated P13.5 billion in revenues and P3.5 billion in net income.

http://www.abs-cbnnews.com/business

[Will_in_Manila]

Originally Posted by the glimpser

Philippines urged to implement REIT system

http://business.inquirer.net/60095/p...nt-reit-system

So what's the verdict guys? To invest or not to invest?

[kenken94]

Originally Posted by CarltonHill

+ ∞
I think condos are good investments for both foreigners and locals who bought their units in cash... I mean, nothing to pay monthly at the bank for 5, 10 or 15years with interest rates... just a mere assoc. dues nalang...

For me, I still prefer a house & lot by which I can have my own garden, my own pool at the back and a parking area at front...



I agree.

the gov't should also try to consider "container vans" because it actually looks much nicer than the usual socialised mass housing we see... and seems to be much safer from calamities...

I like this idea too. And I guess it's also faster to build than the traditional social housing projects. We can make use of unused container vans from cargo companies.

[Ady001]

@Container vans, how about Kalawang?

[jpdm]

That might be the problem in the long run..so cement, concrete and steel is still better.

[jpdm]

http://business.inquirer.net/files/2012/05/acuzar1.jpg
LAS CASAS Filipinas in Bataan is the realization of NSJBI president Jose Acuzar’s dream.

Home builder fulfills dream by rebuilding past




By: Theresa S. Samaniego
Philippine Daily Inquirer
11:22 pm | Friday, May 25th, 2012
share8177



ACUZAR’S success lies on his ability to provide affordable homes and preserve the country’s past.

While most of his contemporaries are still busy working on their dream projects, Jose L. Acuzar has already built his.

The 57-year-old chairman of New San Jose Builders Inc. (NSJBI) proudly points to Las Casas Filipinas de Acuzar in Bataan as the realization of his dream of entirely improving the way people see housing.

“Most of our guests who visit Las Casas begin appreciating the importance of heritage conservation. We built this for our children, so that they may see and feel parts of our culture and identity as a people, not just through books or stories. That is why we try hard to relive age-old traditions and practices like songs, dances and games,” Acuzar said in an interview with Inquirer Property.

But more than being a custodian of the country’s heritage, Acuzar has since become an instrument to the realization of every Filipino’s right to own a decent home they can call their own.

Passion for property dev’t

Acuzar, who as a kid also once dreamt of becoming a bus conductor, recalled that he started out as a draftsman in 1975 at the Tondo Foreshore Redevelopment project, which was then under Gen. Gaudencio Tobias.

Since then, Acuzar’s passion for property development never wavered. It even became stronger and more apparent that after he became a contractor in the ’80s, he eventually established New San Jose Builders as a single proprietorship in 1986.

“We were then the go-to-guys for landscaping or steel works,” he recalled, as he shared with Inquirer his journey toward becoming one of the country’s first providers of affordable housing.
Influence of mentors



Luckily, Acuzar’s passion and strong will paid off. Together with the guidance and influence of mentors, to whom he credited much of his success, Acuzar said he was able to grow New San Jose Builders, which now has a number of affordable, quality property developments under its belt while also setting its sights to provide for the mid-market segment.

“General Tobias introduced to me the value of time as time is very important to him—he was very strict on deadlines. My management style I adopted from House Speaker Feliciano ‘Sonny’ Belmonte, while from former Mayor Lito Atienza, I learned the meaning of social responsibility and the value of kapuwa tao,” Acuzar reminisced.

It was because of these people and his strong desire to provide quality housing that Acuzar has also managed to hurdle the challenges that came his way over the past decades.

And although he knew that the Philippine real estate business will always be beset by difficulties that may be brought about by new local and global market conditions, changes in consumer needs, stiff competition and other challenges, Acuzar has since remain undeterred.

Quality, affordable homes

“The issues our future and current homeowners face are also ours. There is a demand but if the market can’t afford to make these purchases there is no business for us,” he added.

This is why NSJBI, according to Acuzar, is constantly looking for ways to innovate and provide better-quality housing for Filipinos at more affordable prices.

“We always try to remain the most affordable in the market,” he further said.
Acuzar likewise credits his success to spiritual guidance and his management style which, of course, is just as important in the success or failure of every business undertaking.

BEING a hands-on boss, Acuzar makes sure that employees who perform well are rewarded and given incentives.

“I am a hands-on boss. I am emotionally attached to my employees and my management style is performance-based. Those who perform well are rewarded and given incentives for creating milestones,” Acuzar disclosed.
Part of Acuzar’s success, of course, lies not only in his ability to provide affordable, quality homes but also in his eagerness and will to preserve the country’s past for the benefit of the future.

“Our company builds homes for the future but we also take pride in the past. I believe our greatest contribution to society is the preservation of our country’s heritage through Las Casas Filipinas de Acuzar,” he claimed.

Las Casas Filipinas is considered as a living museum and a heritage resort that is truly and uniquely Filipino. It allows modern-day individuals to have a glimpse of the past and to travel back in time with its authentic 19th-century Principalia Mansions and stone houses.

“We restored otherwise neglected structures like the University of the Philippines College of Fine Arts Building, Bahay ni Juan Luna and Bahay na Bato from Batangas. Most of these structures would have been reduced to rubble if we didn’t rebuild them here in Bataan,” Acuzar explained.

His efforts did not go unnoticed as he has already been conferred a number of awards and citations for Las Casas Filipinas, the most recent of which was given by the Rotary Club of Manila during its 8th Tourism Awards.

On a lighter note, and despite his demanding and busy schedule, Acuzar still manages to enjoy spending his free time playing tennis and going back to one of his greatest legacies, which is Las Casas de Filipinas de Acuzar.

http://business.inquirer.net/category/columnists

[3cr]

DEMAND FOR OFFICE SPACE HIGH
‘We haven’t seen this kind of office activity since the 1990s’
Malaya
http://www.malaya.com.ph/index.php/b...roperty-market

Corporations relocating or upgrading will keep demand for office space high enough for the property market to remain robust for the next three years.

Property consultancy Jones Lang LaSalle Leechiu (JLLL) yesterday said the office space market, although dominated by business process outsourcing (BPO), will be strengthened by high demand from corporate or traditional offices such as financial services and insurance companies.

JLLL believes there is no oversupply of residential condominiums especially in Metro Manila as take-up would be sustained by first-time buyers starting families and second-home buyers and workers seeking homes near their place of work.

In a report released yesterday, another property consultancy firm, CBRE Philippines, said demand is quickly catching up with supply as office space requirements are showing no signs of a slowdown.

CBRE said that in the first quarter, prime and Grade A offices in major business districts posted a more than 96 percent occupancy rate on the average.

Philip Añonuevo, associate director for markets of JLLL, said while corporate offices previously accounted for only 10 percent of office space leased, this segment is expected to grow as much as 20 per cent as multinational companies prepare to upgrade their office facilities.

He sees these activities creating an additional demand of 100,000 to 200,000 square meters.

Añonuevo said if demand from corporate offices continues, take-up of office space could reach 450,000 sq.m. annually for the next two years from the average demand line of 360,000 sq.m., mostly from BPOs.

“We haven’t seen this kind of office activity since the 1990s,” Añonuevo said, referring to the time when office spaces were occupied by corporations to a high of 186,000 sq.m. in 1993. Demand was practically nil in 1997, only to pick up in the 2000s with the BPO firms, which take up 300,000 sq.m. each year.

“There would an undersupply by 2015, but this is not bad. This shows a healthy office market,” said Añonuevo.

Añonuevo said that many new multinational companies were making investments in local firms and consequently seeking better quality office spaces.

Figures from the Business Processing Association of the Philippines (BPAP) likewise indicated that office demand was further strengthened by the growing number of “captives” or offshore operations owned by multinationals, as opposed to offshore operations outsourced by multinationals to third-party vendors such as BPOs.

The deficit would be met by incoming total supply by the end of the year of 465,172 sq.m., of which 254,246 sq.m. is committed.

Añonuevo said Bonifacio Global City is playing catch-up with Makati business district for Grade A offices with total supply -- pipeline and current – between 2012 and 2015 -- expected to more than double to 700,000 sq.m. by 2015 from 300,000 sq.m.

Of the total supply of 7.8 million sq.m. for the period, Makati would have about 2.94 million sq.m. or 53 percent of total supply across all districts that also include Ortigas Center, Alabang, Quezon City, McKinley Hill, Eastwood City, Mandaluyong, Bay City and Araneta Center.

Ortigas accounts for 25 percent and Bonifacio Global City at 6 percent. A number of other emerging districts like Bay City and Quezon City account for less than 3 percent.

Anonuevo said future pipeline supply from 2012 to 2015 will fuel the growth of business districts besides the Makati CBD. Bonifacio Global City will capture as much as 41 percent of the new office stock in addition to its many attractions, while Quezon City will account for 15 percent, Makati 11 percent and Ortigas 10 percent.

Añonuevo said the country might see renewed interest from real estate funds to invest in the office market.

But despite the shortfall, Añonuevo does not see any drastic increases in the rental rates, which is good for end-users since the costs would be more predictable.

Rental rates for example for grade A offices have doubled to P800 to P900 per sq.m. per month from P400 per sq.m. in 2003.

The average rental rate is P750 per sq.m., which makes the Philippines more competitive, especially for MNCs, compared with, say, Hong Kong, which charges P5,500.

In its report, CBRE said additional supply is expected for turnover in the second half of the year to augment the supply of both traditional and BPO offices.

CBRE said the first building set for completion during the year is the Zuellig Building, which is the first prime office building to be pre-certified Gold under the LEED Core and Shell Program. It will be operational in the third quarter and will provide 33,000 square meters of new leasable space.

Claro Cordero Jr., JLLL head for research, said Metro Manila would see a supply of 154,000 residential units between 2012 and 2016, of which 97 percent of 149,730 units are in mid-market units that cost P1.5 million to P10 million each. Makati would have 20 percent of the supply, followed closely at 19 percent by the Ortigas, Pasig, Mandaluyong corridor where the more affordable units are located.

Cordero said the 154,000 units would be absorbed by the sheer number of people in Metro Manila wanting to live near their places of work.

The residential segment, he said, is also pushed by low lending rates. Some banks offer as low as 5.2 percent interest rate that they compete directly with government institutions like the Social Security System and the Pag-IBIG (Home Development Mutual Fund).

Cordero also noted that major developers are shifting to lower-end – units costing P1.5 million to P3 million each – signaling that there is demand.

Cordero also emphasized that the mid-market residential sector, comprising units selling from P50,000 to P110,000 per sq.m., is far from reaching an oversupply situation.

He said the 154,000 units projected to be built out from 2012 until 2016 is 30 per cent more than the 118,000 units built from 1999-2011.

“Nevertheless, the timetables for completion of these projects are highly elastic. Moreover, Metro Manila’s estimated daytime population of 14 million, as opposed to its nighttime population of around 10 million to 11million, indicates that demand for (mid-market) residential units is far from being fully served.”

CBRE said while investor demand has been increasing, transactions continue to be concentrated on leases as supply of luxury condominiums remains tight. In addition, luxury condominiums are facing strong competition from newer Grade A condominiums.

Cordero said tourism is projected to shore up the economy and the real estate sector until 2015.

He disclosed that projects that account for 10,536 rooms, to be completed between 2012 and 2015, have been launched. Projects that will supply another 3,600 rooms mostly within Entertainment City in Parañaque have also been announced but with no completion dates specified.

[3cr]

Expansion of multinational firms drive office space, luxury housing growth
Interaksyon
http://www.interaksyon.com/article/3...housing-growth

MANILA - The expansion of multinational firms in the Philippines is driving the growth of the office space and luxury housing segment of the real estate sector, as they bet on the continuity of the stable macroeconomic environment, property market research firms said.

In a briefing on Monday, Jones Lang LaSalle Leechiu said the expansion not only of the business process outsourcing sector, but also of other companies is already putting pressure on the supply of office space in Metro Manila.

"Many of them are based here [and] had been operating for a long time. They have now the inclination to upgrade their offices. Local companies who are doing very well [are also] improving their office space," Phillip Anonuevo, JLLL associate director, said.

He said most of these companies are in the finance, food and beverage, and insurance sectors. In the past few years, about 90 percent of the office spaces in Metro Manila was occupied by BPOs, but this has gone down to 80 percent, as traditional office space leasers have steadily grown.

Anonuevo said they have not seen such office activity since the 1990s. The country's total office space has expanded from 300,000 square meters in the 2008-2009 period to 360,000 in 2011-2012. Anonuevo said this can "possibly" go up to 400,000 square meters through 2013.

Of the total office space built, about 60,000 to 70,000 square meters will be leased by multinationals and local firms.

"[In the past] it was very, very thin. Multinational companies stay where they are. They weren't expanding, they weren't leasing new office space. There were hardly any big lease transactions concluded," Anonuevo said, adding that the growth can be attributed to the favorable macroeconomic conditions.

"They are doing very well and at the same time they have a need to upgrade their office space. Previously, a company would be nagtitipid and they would just do with whatever they have," he said.

"Since they have done so well and the near future looks promising to them, they now find some appetite in upgrading their offices," he added.

CB Richard Ellis agreed, adding that the strong demand for traditional office has pushed rentals down despite constant or lower vacancy rates.

"Demand is quickly catching up with supply as office space requirements are showing no signs of a slowdown. Throughout the first quarter, prime and grade A offices in major business districts posted more than 96 percent occupancy rate on average," CBRE said in its latest quarterly report.

In Makati, the average vacancy rate dipped from 4.47 percent during the fourth quarter of 2011 to 3.4 percent in the first quarter this year, but average lease rates went up P818 per square meter per month as of the fourth quarter of 2011. In Fort Bonifacio, the vacancy rate dipped to 1.74 percent from 4.16 percent last year.

The same story is seen for Ortigas Center, which saw its vacancy rate drop from 5.6 percent to 3.7 percent, while average lease rates picked up by 4.1 percent from P537 per square meters to P559.

Alabang has the lowest average vacancy rate since all BPO buildings are fully occupied while Quezon City saw an uptick in vacancy and average lease rates.

Despite these slight increases in rental rates, companies still find value in setting up offices in Manila.

"In a survey on prime rents among major business districts in the Asia Pacific region undertaken by CBRE, the country ranked as the most cost-effective office destination of a prime rent of US$22 per square meter annually," the real estate consulting firm said.

Aside from office space rentals, the expansion of multinationals has also pushed the number of expatriates to the country, increasing the demand for luxury housing.

"Expatriate population is continuously growing, which spurs the demand for luxury condominium units. In the succeeding quarters, prices of luxury condominium units are expected to sustain its current levels as owners will hold on to the value of their units given the favorable prospects in the luxury residential market," CBRE said.

Because of this, expats and other rich home-seekers only get housing by leasing given the tight supply. However, new grade A condominiums are posing a threat to the luxury housing segment as expats now view these developments as alternatives.

CBRE said the demand for units in Pacific Plaza Towers in Makati was affected by the new adjacent construction that is blocking the view of several of its units. Despite this, the capital values of these luxury condos were still the same as demand continues to be supported by the growth of the market segments that are also driving office space growth.

[InfinitiFX45]

WB to help Phl meet housing targets

by Jose Rodel Clapano | The Philippine Star| Wednesday | Updated June 06, 2012 | 12:00 AM

MANILA, Philippines - The World Bank (WB) is extending aid to the Philippine government to meet its target to eradicate the country’s housing backlog, Vice President Jejomar Binay said yesterday.

Fresh from his nine-day trip to Kuala, Lumpur, Malaysia and the US, Binay said the WB agreed to provide technical and financial assistance to the Philippine government to achieve its goal for sustainable housing for homeless Filipinos.

“I encouraged the World Bank to consider extending both technical and financial assistance to the Philippines, namely in the implementation of our program to build sustainable housing communities,” Binay said.

“I am glad to announce that the World Bank has acted positively on our requests and that steps will be taken to see to their immediate implementation,” Binay added.

After his speaking engagement in Malaysia, Binay went to the US and attended the 5th Global Housing Finance Conference in Washington DC and met with WB executive director Rogerio Studart.

Binay sought the World Bank’s assistance in building housing communities in New Bilibid Prison in Muntinlupa, North Triangle in Quezon City, San Miguel New Town, and Welfareville in Mandaluyong.

“We also sought technical assistance in reforming our loan program for the homeless poor, and the formulation of a policy to encourage rural banks to open a special window on housing and micro finance,” Binay said.

Earlier, Binay secured the interest of the Malaysian business community into exploring more investment opportunities in the Philippines, specifically in agriculture and agribusiness, housing, finance, tourism and infrastructure.

Binay, chairman of the Philippines’ Housing and Urban Development Coordinating Council (HUDCC), also invited Malaysian businessmen to invest in housing development and mass housing projects that would help government build 3.6 million units in the next few years.

“This is one business opportunity where the rewards are high, not necessarily in terms of financial returns alone but above all in terms of the physical satisfaction of having helped provide homes for millions and transformed the landscape across the nation,” Binay said.

Binay was in Malaysia from May 27 to 29 as head of an official delegation that included 35 business leaders.

His visit was the first high-level visit to Malaysia in five years.

“The Malaysian business community, to use their own words, is very excited about the Philippines,” Binay said.

Source: http://www.philstar.com/Article.aspx...bCategoryId=66

[calaguyo]

^If this pushes through, there is no reason for the government to not to push low-cost mass housing project which is not only exclusive to illegal settlers but for every Juan Dela Cruz!

[Greenfield]

With a boom in BPO office development, there is also a boom in ecozone land development.

Ecozone Developers On Expansion Mode


By BERNIE CAHILES-MAGKILAT
June 8, 2012, 1:16am
Manila Bulletin


Developers of economic zones (ecozones) are also in a growth mode indicating their readiness to accommodate the growing numbers of expansion projects of existing locators and new investments that flock into the export zones.

Lilia B. De Lima, secretary-general of the Philippine Economic Zone Authority (PEZA), told reporters at least six private economic zone developers with combined investments of P6.37 billion have been approved by the agency in the first five months of the year alone.

"The developments of new economic zones are necessary because of the growing number of investors in our ecozones," De Lima said.

Although there is still enough available ecozone spaces for new and expanding investors, De Lima said the influx of investments into the country are going to saturate the ecozones if there are no new developments.

The six new ecozones are comprised of a tourism ecozone, three IT zones and two agro-industrial estates.

The new tourism ecozone is the Puerto Rosario de Cordova in Cebu City, a tourism ecozone with an investment of P2.219 billion.

Gokongwei’s Robinsons Land is also investing P1.309 billion for an IT ecozone in Cebu City. The five-hectare Robinsons Maxilom IT Center has investments of P1.309 billion.

Jazz, a mix-use development of the Henry Sy-owned SMDC along Reposo St. in Makati City, is putting up a P1.144 billion IT Center.

A new IT ecozone is also being developed in San Jose Del Monte, Bulacan called – the Manila Newtown Ecozone with investments of P822 million. This 30-hectare ecozone will cater to light IT manufacturing operations.

Two agro-industrial estates are going to rise with combined P976 million worth of investments. One development would be the 110-hectare Floridablanca Agro Industrial Estate in Pampanga with P450 million investments.

The other agro industrial ecozone is the P426 million UniStar in Agoo, La Union. This is a 15-hectare agro-ecozone.

At present, there are a total of 258 ecozones scattered around the country 258 economic zones around the country hosting 2,700 locators and employing 915,260 Filipinos.

In terms of exports, the 2,700 PEZA locators were able to export $463 billion worth of merchandize. PEZA accounts for 87 percent of the country's total merchandize exports.

De Lima, however, stressed that ecozone developers are not eligible to tax and fiscal incentives, but their locators are entitled to such. The incentive package includes income tax holiday, 5 percent tax on gross income earned after the ITH, zero duty on capital equipment importation, among others.

PEZA zones have been the favorite destinations for export-oriented enterprises, not just because of its attractive incentive package but also because they are efficiently run with no bureaucratic redtape at all.(BCM)

http://www.mb.com.ph/articles/361443...expansion-mode

[hugodiekonig]

By: Tessa R. Salazar
Philippine Daily Inquirer
11:39 pm | Friday, June 8th, 2012

THE THREE-STORY Athena, which is near the golf course and the hotel's main lobby, in all its five-star amenities.

Athena, Chloe, Selene, Alexa and Aphrodite may surely sound Greek, but they all look good enough for guests to go on a five-hour road trip from Manila, or go down from the cool mountain breezes of Baguio to this humid province in Northern Luzon.

The destination is the luxurious Thunderbird Resorts in Poro Point, La Union, where the payback for a long trip and a hot day is a breathtaking view of the West Philippine Sea and the five-star amenities of the resort hotel, where villas with Greek names have been permanent fixtures since the Thunderbird Residences’ launch in October 2010. Thunderbird Resorts property is Santorini-inspired due to its proximity to the cliffside.


The villas are actually lifestyle beach homes dotting the 65-hectare resort-cum-golf course-cum-casino. Specifically created for vacationing families who want to rent them out or buy them, Thunderbird Residences is situated within the vicinity of the Thunderbird Resorts Hotel, an all-weather golf course, and a beach club. Soon, an expanded area will be the location of a P200-million condotel.

Livable model unit



One of the beach homes—actually a livable model unit—is named Athena, which is a prominent structure when viewed from the hotel’s main lobby. There have been two Athena model units built, in fact.

Currently, there are 10 villas being built, but only two (including Athena) are enrolled to the Thunderbird rental program. Katalene Ross Agmata, corporate communications manager of Thunderbird Resorts and Residences, explained that each unit owner has the option to rent out or own in full the unit they would occupy.

Should the homeowners opt to manage their home privately, it becomes a private venture. The owners of the lots are also entitled to free playing rights to the Cliffs Golf and Beach club. Aside from Athena, four more designs—Chloe, Selene, Alexa and Aphrodite—have been approved by Thunderbird.

The 80 lots launched for the Thunderbird Residences are all situated within 15 hectares of each other, to ensure that the property maintains visual space and ambiance. “We have also committed to a three-hectare park and recreation area which will be devoted to wellness and the retirement lifestyle,” she told Inquirer Property.

The 80 lots for sale is now 75 percent sold. Agmata said that each property owner is required to follow certain setback allowances ranging between 2.5 and 5 meters. Aside from this, the planned three-hectare community park would offer lots of open spaces.

P25,000 a day

The three-bedroom Athena, which has a floor area of 310 square meter, was built at a cost of approximately P9 million. Fully furnished, Athena is being offered for P13.5 million. The minimum downpayment is 30 percent, with the balance to be paid in five years, with applicable interest rates.


A TYPICAL bedroom of Athena.

With the same Mediterranean lines as the hotel, the Athena Villa has five-star amenities, and promises quick and efficient residential services. Guests can experience the Athena Villa living experience for P25,000 per day. This includes a breakfast buffet for six persons, plus access to all the resort amenities and leisure living, while at the same time soaking in the seaside atmosphere.

Agmata said most Thunderbird visitors come from Manila (80 percent) and Baguio, but there are also foreign visitors.

“To our surprise, casino players have not played an important role on the lot sales. Most of the sales have come from hotel guests and walk-ins,” she disclosed.

P200-M condotel


ATHENA’S staircase winds all the way up to the bedrooms and attic

Agmata added that Thunderbird Resorts has been “regionally strong” in advertising and marketing the lots, and future condotel projects.

Thunderbird Resorts has also announced an additional P200-million investment aimed at constructing the condotel. The condotel project is expected to start this year. It is a response to address the need for more rooms in the hotels, which now has an 80-percent occupancy rate. The project effectively adds an additional 51 rooms, each offering a breathtaking view of the West Philippine Sea.

Clients who purchase a condotel unit will also have the option to enroll their units to the rental program, enabling them to enjoy significant returns on the rentals. Within this program, owners turn over their units to Thunderbird. The unit will then be managed as a hotel room.

La Union can be exceedingly warm and humid during summer, and be directly in the line of storms during the rainy season. Currently, there are plans for additional air-con units for the spacious Athena model to address the heat. Asked if the designers of Thunderbird Resort were familiar with the weather condition in Poro Point during the early years of construction, or if there had been any issue on weather, wind and storm, Agmata said this was the reason it took 18 months to build the resort.

source: http://business.inquirer.net/64015/s...ed-with-villas

[hugodiekonig]

Originally Posted by CarltonHill

+ ∞
I think condos are good investments for both foreigners and locals who bought their units in cash... I mean, nothing to pay monthly at the bank for 5, 10 or 15years with interest rates... just a mere assoc. dues nalang...

For me, I still prefer a house & lot by which I can have my own garden, my own pool at the back and a parking area at front...



I agree.

the gov't should also try to consider "container vans" because it actually looks much nicer than the usual socialised mass housing we see... and seems to be much safer from calamities...

ito rin yung ginagamit ng ibang low-cost housing developers. Say P80,000 ang halaga ng isang truck-size na container van, tapos itatransform nila na bahay, say P300k ang magagasto including finishes, fixtures, lote tapos ibebenta nila ng milyones, napakalaki ng kita doon

[Ady001]

Originally Posted by hugodiekonig

By: Tessa R. Salazar
Philippine Daily Inquirer
11:39 pm | Friday, June 8th, 2012


source: http://business.inquirer.net/64015/s...ed-with-villas

Greek inspired... lugmok ang Greece... nagbabadya

peace hugo hehehehe

[Ady001]

Originally Posted by hugodiekonig

ito rin yung ginagamit ng ibang low-cost housing developers. Say P80,000 ang halaga ng isang truck-size na container van, tapos itatransform nila na bahay, say P300k ang magagasto including finishes, fixtures, lote tapos ibebenta nila ng milyones, napakalaki ng kita doon

Mahal pa din I'd rather buy a lot then magpatayo na lang ng bahay, tapos ipapaunti-unti na lang.