Real Estate and Housing Industry

[movingtoPI]

k thanks arvor

like i said in the above post if im only paying $90 a month for rent and hear that a flood is going to be coming in i'd just go to an area that isnt gonna be flooded and get a hotel for a few days

thanks for input also 3cr

[RonnieR]

Originally Posted by movingtoPI

is makati affected?

when you say waist or roof high.... if you live in an apt does the water make it in? be on a higher floor i guess?

does the whole city just shut down? i assume it would kind of have to

how long do these floods last? a few hours? all day? a week? can you really be trapped in your apt for a week!?!?!?

do you know ahead of time that the floods are about to come? cuz i guess if im only paying $90 a month for an apt and hear that there are gonna be floods for the next couple weeks i could always just get a hotel somewhere else not in the flood zone during that time, take a trip to cebu or manilla or something

as always thanks for the info

Makati is generally safe from floods. If floods happen in few areas outside the CBD, the water recedes immediately, not more than 24 hours. PH is visited by at an average of 20 typhoons every year. Out of 20 typhoons, an average of 3 hit Metro Manila and it is not always destructive.

I've been to Mabalacat, Pampanga. If you want to stay in that area, I suggest you stay in Angeles City, or near Clark Field. You have many choices there and there are a considerable number of foreigners living in the area. The "Red Light" district of Angeles City is alive!

[movingtoPI]

what would be bad about mabalacat?

i can deal with a lot of bad stuff if my rent is $90 a month for a pretty nice apt

[RonnieR]

I have nothing against Mabalacat. The public transportation problem would be a hindrance there since it is not near from the business or commercial district. With this, you have to consider the following:

1. taxis are expensive if you hire them on "contract basis". I don't see metered taxis in the area.
2. if you take the public jeepneys, you should consider if jeepneys are available at night if you go to entertainment/commercial district of Angeles.

Originally Posted by movingtoPI

surprised that those havent been deleted yet.... thanks peeps i sent it to her last night


what do you all know about the Xevera Mabalacat area? i was told about this last night and googled it and it looks amazing

rent starting at 3500 a month (under $90!!!!) and the area looks really nice

is it as nice as the pictures look? would it be safe for a white guy to live on his own? would the internet be good there?

just seems like i have to be missing something cuz it sounds to good to be true........

I read from your previous post wherein you stated that the air pollution in Makati is worse. Air quality here is better than other major cities in Asia. In fact, the latest ranking from SIEMENS' study revealed that Manila got an "Above Average" Rating for Air Quality. Here's the link:

http://www.siemens.com/press/pool/de...i-report-e.pdf

[Arvor]

Lol the typhoons from the Pacific blows all the pollution back to China ... .

[movingtoPI]

Originally Posted by RonnieR

I have nothing against Mabalacat. The public transportation problem would be a hindrance there since it is not near from the business or commercial district. With this, you have to consider the following:

1. taxis are expensive if you hire them on "contract basis". I don't see metered taxis in the area.
2. if you take the public jeepneys, you should consider if jeepneys are available at night if you go to entertainment/commercial district of Angeles.




I read from your previous post wherein you stated that the air pollution in Makati is worse. Air quality here is better than other major cities in Asia. In fact, the latest ranking from SIEMENS' study revealed that Manila got an "Above Average" Rating for Air Quality. Here's the link:

http://www.siemens.com/press/pool/de...i-report-e.pdf

interesting, from what ive been told on the forum where ive got most of my info (a poker forum with some players over there) the pollution in manilla and cebu is awful and that people walk around holding shirts over there face to filter the air (not everyone, but some)

fwiw im gonna quit ruining this thread with my random posts that have nothing to do with it and move over to the angeles and san fernando thread (at least for the questions about mabalacat/clark/angeles)

thank you all for your answers/posts they have been helpful

[InfinitiFX45]

8 rants about owning a PH condo

by Tessa R. Salazar | Philippine Daily Inquirer | Friday | February 24th, 2012 | 10:20 pm

THE INCREASING number of condo units near employees’ workplace also meant buyers should be more discerning.


Photo by Tessa R. Salazar

First in a series

Owning a piece of real estate such as a condominium unit has become a reachable dream for the multitude belonging to the working class. The healthy competition among developers has resulted in competitive pricing and more flexible payment schemes.

At a price range of P45,000 to P80,000 per square meter depending on the project location, a wider base of buyers are taking up units big and small near their places of work. The condominium business has become the darling of the local real estate industry.

But what’s on the flip side of this seemingly pretty picture of happy condo buyers and (even) happier developers? Inquirer Property has come across discerning readers and buyers who have had not-so-pleasant experiences of buying condominium units in the Philippines. Then, we asked property experts to either confirm or explain these experiences. Here are some surprising insights and revelations on the 8 most-ranted-about issues of buying condo units in the Philippines

1 Condos don’t come with the parking slots.

One reader/buyer ranted: “Developers don’t provide units with their own parking slot. We have to buy a separate lot with a separate title just for parking.”

Architect Edilberto J. Morcilla did confirm that parking slots are not bundled with the condo unit most of the time. “It is an option for a client to buy or not. It has a separate title, thus, a separate acquisition cost. Many buyers would also opt not to have a parking slot. Designers therefore do not provide a one-to-one ratio for units and parking slots.”

National Real Estate Association chair Alejandro S. Mañalac agreed with this observation. “Most developers do provide parking slots, but yes you have to buy them separately. This gives the buyer a choice whether to get one or not. It is more practical than automatically offering the unit with parking (with the corresponding additional price, of course) and ‘forcing’ the clients to buy them even if they don’t have use for them, especially those who are just intending to lease out their units. But, as a piece of advice to condo buyers, it is really more practical to buy a parking slot. You may not have use for them but you can definitely easily lease them out.”

Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, explained that developers must balance parking provisions vis-à-vis various unit sizes, and usually priority slots are given to bigger sized units. The building code provides a certain ratio, sq m over parking, making a parking purchase not automatic and separate from the condo unit.

2 Lost deposits.

“If you are in the process of buying a condo, you will go through all kinds of problems from (agents). You will lose your deposit if you don’t follow up all the time,” another buyer ranted.


Photo by Tessa R. Salazar

Soriano confirmed this happening. “Agents come and go, however, buyers must also have the initiative to track their purchase and not be overly dependent on agents.”

Mañalac said, “If you buy from the wrong agent, you will experience this whether you are buying real estate, cars, insurance, etc. Some buyers also tell their agents that they will just buy through their friends or relatives who are not really into the property business but just to give them a favor. This messes up the whole thing. Also, if you buy from an agent, and you ask for all their commissions, why should you expect good service?”

Morcilla explained that condo projects, especially the fast-moving ones, follow strict deadlines when it comes to unit reservations. Buyers must be mindful of the deadlines to submit pertinent documents as other agents might be eyeing the same units for their own clients. Failure to submit needed documents can and will result to the forfeiture of reservation fees, because there is also what is called the

• “lost opportunity”

for the developer.

3 Overseas Filipino workers are taken advantage of.

“Overseas Filipino workers have more problems (when buying condo units in the Philippines) as they are being taken advantage of. Buyers lose their deposits and payments because of corruption in the system. Sometimes, the OFW isn’t aware that he or she has been paying for a unit owned by many other buyers or existing owners, and corrupt agents collect payments from all of them. If you’re not in the Philippines they take advantage of your absence. And there are just too many paper work which are so complicated,” an angry reader writes.

“Agree,” Soriano quipped, as he added, “And I empathize. Overseas buyers really go through the wringer. The key is to invest on reputable developers with a long history of delivering quality projects on time.”

Mañalac revealed, “It is true that there are other agents selling abroad. Some were officially sent by their companies to do roadshows, while some are there on their own. It is very important for our OFWs to be very careful in dealing with these agents since they will not be here to personally attend to their accounts.” He then urges OFWs to answer these important questions whenever they encounter agents offering condos in the Philippines:

Does the agent belong to a credible company with a good track record of delivering their projects with good quality and on time?

SOME EMPLOYEES would rather purchase a condo unit near their offices than buy a car and drive to work.


Photo by Tessa R. Salazar

Is he or she an official representative of the company? It would be better if the developer has an official and legitimate office in that particular foreign country.

Are the agents quoting you the official prices and availability of the units? It would be better if their inventories and official computation templates were online.

Does the agent’s company maintain an online client portal where buyers can securely access their accounts anytime? This would be useful, especially when the agents are inaccessible or have left the company.

Mañalac said paperwork is necessary, whether they are buying properties here or abroad. Basically, though, this paperwork is really just part of a contract printed in several sets for buyer’s signatures, which makes it seem already voluminous for some. Expect additional paperwork when buyers avail of financing either through banks or a Pag-Ibig housing loan.

Morcilla said OFWs acquiring condo units can expect the process to be a “little more complicated,” more so if the overseas Filipino assigns a local representative not knowledgeable in such transactions.

“Being taken advantage of can happen in any business transaction. It is best that one must first solicit for a recommendation from relatives or friends for a more reliable developer, marketing firms or agents for that matter, before negotiating for a unit. Also, be cautious and discerning with your agent who might be ready to move heaven and earth just to close a sale. Most of all, if one is serious in buying a condo unit and after paying reservation fees, make sure to have the necessary documents delivered on time to avoid forfeiture as they are allowed to do so, for the reason given above,” Morcilla cautioned.

(Next: Rants 4 to 8—Multiple ownerships, association dues, geologic hazards, discounts and damaged units, and accountabilities in the event of a man-made disaster)

Source: http://business.inquirer.net/46215/8...ing-a-ph-condo

[Officialdmcileasing]

Hmm.. If that true then that's bad news!

[[jeyps]]

Aside from hlurb...do we have other bodies or organization to side with the condo buyers. It seems most developers are delayed and giving overpriced units and fees. Consumers' protection act or something like that...

[Ady001]

You can ask anone for that

[Officialdmcileasing]

Well there are a lot of home developers who price their units according to what they offer.

[InfinitiFX45]

Condo buyers encounter more woes in PH

by Tessa R. Salazar | Philippine Daily Inquirer | Saturday | March 3rd, 2012 | 1:16 am


BUYING condo unit that’s literally a stone’s throw away from your workplace? Choose a company and agents with real estate experience and proven track record. Photo by Tessa R. Salazar

Second in a series

Condominiums are no longer the exclusive domains of the moneyed. They have also become financially attainable by the working class. Consider the competitive prices of condominiums at P45,000 to P80,000 per square meter in the city, and one can understand how tempting it is to buy a place to live in and be literally a stone’s throw away from the workplace.

However convenient condo living may be, buying a unit can be frustratingly difficult, as Inquirer Property started revealing last week, based on the experiences of actual buyers who e-mailed their buying “woes.” This series started by citing the first three of the eight most-ranted-about issues: condos with no parking slots; lost deposits; and overseas Filipino workers taken advantage of.

Before proceeding to the next rants, let’s expound a bit more on the overseas Filipinos’ complaints, particularly on payment forfeiture. A disgruntled reader/buyer wrote Inquirer Property online, “As a result of an OFW’s ‘absence,’ paperwork does not matter to selling agents, as they do not help you out. They just forfeit your payments.”

National Real Estate Association chair Alejandro S. Mañalac shed light on this issue. Most developers, he said, make “forfeitures their last resort. However, in most cases, this is not done without due process. Notices and reminders are sent with ample time/grace period for settlement before a final demand or notice of forfeiture is served (via registered mail).”

Mañalac stressed that the most important action in situations like these would be to communicate with the developers and “never ignore” their notices.

“If they have valid reasons and are not in habitual default of their payments, considerations and even restructuring of payments are accommodated. The problem is that some buyers ignore these letters and use the lame excuse that they are not receiving these notices (that is why it is very important to indicate the mailing address in the buyer’s info sheet that they fill up because this will be the same address used for the contract. Also, make sure that in case they decide to use their local address here, the people residing in the local address are responsible enough to inform them about such notices. There are many cases where relatives do not inform the buyers that the account is already delinquent),” Mañalac said.

Veteran real estate broker and educator Enrico Cruz of Marikina said OFWs should seek out reliable salespersons and brokers (before buying). Cruz said he always taught his students at Urban Institute that brokers and salespersons should always remember that the buyer is their principal, even if the commission fee they receive comes from the developer.

4 “Multiple ownership leads to manipulation of condominium units.”

A reader lamented that “Koreans, Chinese and Filipino politicians who own a number of units are renting out their units to ‘balikbayans’ for the duration of their vacation… Are they (unit owners) even paying income tax for renting out?”

Architect Edilberto J. Morcilla agreed with the observation. “Since foreign nationals are not allowed by Philippine law to own land, but allowed to own condominium units, these enterprising foreigners opt to buy several units for their investments. I am not sure, though, whether it will be easy for them to evade paying taxes as we now have stricter rules on taxation,” Morcilla said.

Mañalac said: “I am not sure whether the reader is referring to the ‘co-development/comunidades/Build-your-Own’ set-up where all the buyers are considered ‘co-owners’ or ‘co-developers.’”


SEEK out reliable salespersons and brokers before buying a condo unit near your office. Ask around. Investigate. Photo by Tessa R. Salazar

He added, however, that it is true that “some units were sold to investors to be operated as condotels where the investors enjoy monthly returns through short- and long-term leasing of their units without personally managing it since it is being done by professional hotel operators, and there is absolutely nothing wrong with it.”

5 No price regulation of association dues.

Enrique M. Soriano, Ateneo program director for real estate and senior adviser for Wong+Bernstein Business Advisory, said: “Again, it’s a balancing financial act played by the developer in the initial stage prior to the turnover. Then, another challenge will come from the facilities manager managing the condo using as baseline variables like security, staffing, cost of maintenance, brand value and competitiveness.”

Mañalac said rates for association dues really depend on several factors: a) who manages the condo (in-house or professional building managers?); b) number of units/residents (to share in the operating expenses); and, c) size of common areas, amenities to maintain and to secure. “Thus, comparisons should be done apples to apples,” he stressed.

Morcilla said the varying rates would be due to “project cost and package prices of condominiums differing greatly, depending on location, amenities, specifications and of course, target market.” Cruz said such wildly varying dues happen “especially if the condominium corporation is still controlled by the developer.”

“However, for condominium corporations already in the hands of the unit owners, all dues and assessment emanates from the boards after thorough discussion with the members. Besides, any excess becomes property of the corporation, which is owned by unit owners,” Cruz said.

6 Some developers don’t reveal the “geological background” of the location.

“I agree (with this rant). There should be full disclosure,” quipped Soriano, while Manalac said, “Buyers should always exercise due diligence before buying a property, especially if a particular area has a recent history of problems like flooding, faultlines, landslides and the like.”

Morcilla said such geological data would be “too technical for most buyers, but for those who would want this particular information, the local government is the best entity to solicit documents from.” Cruz discloses that “development permits are issued by the Housing and Land Use Regulatory Board for the condo projects. The LGU issues building permits. These two should be able to prevent such an occurrence where a condo project is located in geo-hazard zone.”

7 No clear policy for discounts on bare or damaged units.

Soriano agreed with this complaint, observing that “buyers must catch up on a lot of issues before investing or buying a condominium.” Morcilla explained “This is also dependent on package prices of condominiums. Damaged units also differ on extent, thus, discounts cannot be encapsulated in the form of policy.”

Cruz agreed, saying discounts on bare/damaged units are the prerogative of the developer.

8 No clear policy on accountability when man-made disasters occur.

The unfortunate incident involving unit owners of the West Tower Condominium Building in Makati and the busted gas pipeline of First Philippine Industrial Corp. comes to mind. In such cases, Soriano said “legal remedies are provided through the condo corporation, but then again unit owners must contend with the Philippine legal system.”

Mañalac said “this problem would already be outside the developer’s concern and control.” Morcilla explained that “this falls on a different law of the land called ‘Writ of Kalikasan,’ where the Filipino people are empowered to assert their rights for a healthier environment.”

Cruz said building codes, structural codes, fire codes and development permits pinpoint responsibilities. “In the case of the pipeline leak, this is not the responsibility of the developer,” he said.

Source: http://business.inquirer.net/47257/c...ore-woes-in-ph

[Ady001]

No. 7 takes into account (but not quite) The Thomas Corona Affair.

[InfinitiFX45]

Century Properties eyes hotel development

by Zinnia B. Dela Peña | The Philippine Star | Monday, March 05, 2012 | 12:00 AM


Century Properties managing directors Marco and Robbie Antonio (left and 2nd from left) with Missoni Home creative director Rosita Missoni, T & J Vestor creative director Wanda Jelmini and Missoni shareholder Vittorio Missoni.
| Zoom MANILA, Philippines - Century Properties Group (CPG) is considering venturing into hotel development as it seeks to further expand its revenue stream.

CPG managing director Marco Antonio said the company is studying the possibility of diversifying into other segments of the market to build up its recurring income portfolio.

“We hope to grow recurring income base to more than 10 percent of the portfolio. With opportunities in the pending real estate investment trust law, it may serve as an impetus for us to create a recurring income stream,” Antonio said.

Antonio said the company plans to put up office buildings on its landbank as well as develop convenience retail within its residential and township projects.

For its initial retail project, the group is currently building a lifestyle center in Century City, a 3.4 hectare flagship development in Makati that will showcase upscale residences and an outpatient medical IT building.

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

[Fraulein]

I am very excited on this project!

Why Trump picked Manila to have a tower? Watch the entire video to find out.

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[kiretoce]