Manila Condominiums

[Juana]

Just had a sales person yesterday offering this condominium property investment in the Phils. Makati to be specific. Wonder if how many of you here have fallen to this investment (according to them) offer? If you have already bought your property, how is it doing now? Are u renting it out? Not that i've actually got one, just wondering if what they're saying are true? With regards to it as a good investment???
Im not really from Manila and barely knows about living in the City not to mention the Capital, how likely is it that majority of people will be able to afford to live (rent) in places like these?
Share us your experiences....

[sneaker23]

hi jm,
care to share further what they are saying about the investment offer?

[Andy]

Makati is the business district of Metro Manila & is one of the more expensive areas to buy property than other cities in NCR. It has good hospitals, shopping malls & is more Western orientated with the foreign companies, & Embassies usually based there. Also the traffic is less congested than other areas and the streets are cleaner.

You must ensure that you buy with a property from a company with a good reputation (particularly in property maintenance) – it’s no good spending money on a property to see the grounds, & communal areas falling into disrepair in a few years time. We’ve gone directly to the building company rather than a broker. We’re buying an off-plan condo from Ayala in Makati, because of their reputation. They have good maintenance standards & also have a rental division that can be used to rent out the property.

Andy

[baboyako]

buyin a condo in a downtown area of any city for personal use is not an 'investment'.

The annual service charges and refurb costs in 10,20,30years time etc will mean you're unlikely to make a 'profit'.

renting the place out short term is going to cost more time than it's worth, and using an agent will at best give you single digit yield (before costs).

the only reason to buy one is if you plan to use it a lot and don't like to stay in hotels.

all that applies to central london just as much as makati.

if you want to invest, why not buy shares in Ayala? (or SMB :xxgrinning--00xx3:)

[Jay&Zobel]

you have to be very careful with things like these... some are really genuine some are not...

you have to do a lot of researching and if you want why not visit one of their sites, talk to the agents, appear that you are interested, dont be shy to ask questions... listen, write all what they have said, ask for a DVD presentation etc...

But beware: do not give all your details away. Maybe just your name ang phone number but do not give all... because once they have your details, they wont stop bothering you until you say YES to them

Do not fall with any offers, do not be tempted, Think before you buy...

Research for reviews etc...

For example: in Manila (malls) ythey have very amazing showrooms but when you visit the actual site... some are not even nice...

Just be careful! Do not give any promises!

Do not be impulsive. Be sensible. Be practical

[vbkelly]

Just had a sales person yesterday offering this condominium property investment in the Phils. Makati to be specific. Wonder if how many of you here have fallen to this investment (according to them) offer? If you have already bought your property, how is it doing now? Are u renting it out? Not that i've actually got one, just wondering if what they're saying are true? With regards to it as a good investment???
Im not really from Manila and barely knows about living in the City not to mention the Capital, how likely is it that majority of people will be able to afford to live (rent) in places like these?
Share us your experiences....

for me condominium in makati:NoNo::NoNo::NoNo:

[Jay&Zobel]

for me condominium in makati:NoNo::NoNo::NoNo:


Traffic!

[miayela]

Yep, Makati is the most convenient place to be. Great place to spend your weekend also as you do not have to travel far for a nice treat.
Convenient!!!

It's in the middle of everything -- the malls, movie theaters, bars and restos, the office, in the middle of north (QC) and south (alabang) which makes it easy to travel around manila.

Unfortunately, if you dont live in its posh villages and condos, there may be downfalls -- pollution, floods..:doh

I think the best advice is to find a property which you feel you can live within the next ten years factoring the location, the facilities, and the proximity of important services.

And most importantly the valuation of that property that will compass on the coming years. It is still afterall, an investment. :)

[Juana]

Thanks for all your views. I didn't fell for it straight. I told them i have to think about it but i think they were hoping to close a deal right there and then. Sorry but Im just not the kind of person who will take things like that and decide in two seconds. It is a big investment. Wasn't too keen on it anyway. I just wanted to know if you can really rent it out that quick considering it is in Makati.
I'm not a city fan so i don't see myself living in it. For me, it's just the investment side im interested with.


hi jm,
care to share further what they are saying about the investment offer?

Sneaker23, It is a company called Century Properties Group. They seem to have a good portfolio of properties accdg to what have been shown to us.
It's called The Knightsbridge residences which consists of what they called as the "pod" system. One pod is 27 sqm (which for me is too small) - a studio type. You have choices of 2 bedroom or 3 bedroom. The bldg is said to be finished after 5 yrs.

[andypaul]

5 years to bulid blooming heck thats one slow project. Buying off plan any where in the world is a little risky and very much so at the moment. With Asias stock markets being battered now, what might the Housing market look like in 5 years?

Some questions many buy to let people should have asked in the UK a few years back

Where are all these super well off people going to come from?

This is where you work out how much you need to charge in rent and a person would need to afford the lifestyle. What salary would they need to be on. Then from that you can work out how many people like to earn that now, 2, 5 and 10 years from now.

Are the rental values high and predicted to be higher in the next ten twenty years?

Does Manila suffer from a lacking of decent housing or new/recent bulids?

How many new bulids are there. In manchester up norf in the UK. Channel four news showed so many flats were bulit of a particular type there, and in other parts of the UK, whole sites which are either empty or have been mothballed.

Rents are dropping and many people are finding rents paid dont cover the costs or make them any money. This may change but if there is a huge surplus this may take years.

Can you afford to lose rent for a few months a year?

Can you be assured you have enough reserves to pay any major outgoings which may wipe out any profits for a few years?


Manila maybe different but do some hard research and take in to account all the possible future scenarios. Otherwise you may not find it a good investment.


A Mate of my keeps telling me of how people who as a lettings agent had turned down his offer of finding clients a while back, are now knocking and phoning at all hours to find tenants. Many even offering to sell him the propety and some are so desperate they want to sell the proptey at any cost and move the tennat out as they make less in rent than in payments each month.

I have several times researched the new bulid market in phill and I have to say I would rather the missus bulids her own house out there.

[sneaker23]

@jmr_1019
I have a pm for you.

any one here who plans to invest in philippines esp in the makati and ortigas central business districts?

[fred]

A Mate of my keeps telling me of how people who as a lettings agent had turned down his offer of finding clients a while back, are now knocking and phoning at all hours to find tenants.

Andy..I often have to beat new inquiries off with a big stick over here..
I'm beginning to wish I`d built a bigger building with more units.
We are getting an influx of inquiries from US pensioners looking for a cheaper place to live and rent.
We are considering another apartment project(beach lot) here in Bohol next year..
Might need a partner but hope to go it alone..

[baboyako]

One pod is 27 sqm (which for me is too small) - a studio type.
The small 'slave boxes' are the kind of places you find difficult to rent out. Places like leeds have got loads of developments like that that have no tenants.

A two bed 100sqm place will be easy to let,

[joebloggs]

The small 'slave boxes' are the kind of places you find difficult to rent out.

you've stayed in an easy hotel room to :cwm24:

[GaryFifer]

Me and my mahal were at SM mall and were handed a leaflet about those condos in Makati too.They must be doing promos.

I know theres new development going on near Angeles City.Alot of people will be moving into the new Clark Economic Zone.I do not know if you have to be american in order to get property there,but when I went to Clark fontana water park I sure wish i had the cash to live there. Looks wonderful place. Not much traffic but lots of people driving around on golf buggies!

http://www.clarksubicmarketing.com/sports_leisure/clark_fontana_water_park.htm

[alicat]

Sneaker23, It is a company called Century Properties Group. They seem to have a good portfolio of properties accdg to what have been shown to us.
It's called The Knightsbridge residences which consists of what they called as the "pod" system. One pod is 27 sqm (which for me is too small) - a studio type. You have choices of 2 bedroom or 3 bedroom. The bldg is said to be finished after 5 yrs.[/QUOTE]

we bought an off-plan condo in makati..we have 3 units reservation
its called The Grammercy residences at century city..(century properties group)the largest real estate managemenet firm in the country.

[andypaul]

Andy..I often have to beat new inquiries off with a big stick over here..
I'm beginning to wish I`d built a bigger building with more units.
We are getting an influx of inquiries from US pensioners looking for a cheaper place to live and rent.
We are considering another apartment project(beach lot) here in Bohol next year..
Might need a partner but hope to go it alone..

I think thats the key thing cheaper or more value for money many of the condo/house new bulids dont look good value.

Buliding your own getting value for money im sure your be fine Mr Fred.

But buying into a large off plan development sounds a touch risky at the moment. Luxury flats etc.

People thought that was the big idea here in the UK but once people get decent amounts of money together they want a place with a garden near open spaces, room to extend or whatever floats their boat etc.

Lots of spare luxury flats studio,one bed,two bed we can ship over to phill if there is a market for them. Just because people want a place doesn't mean they will want or be able to afford the bulid.
If a estate is not full after x amount of years what do phill developers do? Dump them on the market, rent them out at a low price or leave them empty? None of those options are particulalry a favourable situation if you wanna be a land lord in the block.
If they dump them on the market people will prehaps decide to buy, if they rent out cheaply you have to compete also if they leave empty guess who has to pay more service charge?



US pensioners more than anyone at the moment will be well aware of getting value for money for propety after the craziness in the last 5 years or whatever. Also how many of them will wanna live in central manila?

Also if the propety is not complete for 5 years will deflation or inflation havebeen at work? When do you have to pay?

Like Fred says bulid your own places to your spec so you can rent out asap. The money you have held in deposit is not earning you any money.

[PeterB]

once people get decent amounts of money together they want a place with a garden near open spaces, room to extend or whatever floats their boat etc.

Of course they do, but the government don't appear to acknowledge this. Hence they implement planning guidelines forbidding planning approval for any development built to a density of less than 30 dwellings/hectare, and with more than an average of 1 1/2 car parking spaces per dwelling etc ....