Off to the mall, bought a shirt, new shoes, a donut, an apartment......well would you

[Iani]

I noticed whilst at the Mall of Asia, and it isn't the only place, that certain parts, if you walked at less than mach 1, you were very likely to be grabbed by an attractive young lady (ooer matron), who would proceed to try sell you an apartment (Or are they called condos? I always call them flats, but hey).

The usual and obvious replies I gave her, such as "No I can't even afford a garden shed", or "I only came here for a McD" or "Sorry I'm married, you never have spare money once you're married you know", well none of these would put them off from their spiel that buying their particular condo would be the best idea since the invention of breathing.

As someone though who likes to number crunch (Yes, I'm quite a laugh at parties you know), this whole thing did interest me - in a passing way.

What is anyone's idea on these? Has anyone actually taken the plunge with these, or knows someone who has?

My take on it is this -

It's all about the market.

1. Is Manila an up and coming city? Well sorry but I doubt it. For whatever reason, Manila is down there with Rangoon rather than up there with Tokyo. Even the national bank building is crumbling and neglected. There is no way it will be a holiday destination any day soon (Sorry if I'm raining on anyone's parade here, but lets be really honest here).

2. Has Manila got a growing base of higher earners? No, not yet anyway. It's a well known problem that a huge percentage of the population get out and work abroad just to try give their families a better future. I'm as upset about that situation as anyone on here, and more than a bit at the places many end up. I don't know if it's ever affected anyone else the way it affected me, but I was pretty down seeing the special queues for overseas workers at the airport. It just shows how bad things are.

So it seems these apartments are going up. They have what is described as leisure facilities and lifestyle areas - all well and good, but it seems they are being built in a city with economic problems.
Add to this, the locations of some of these apartments. We can see new builds, right next to people living literally on the road. Their home being a broken off door propped against a wall, and them sat under it with a campfire going.

On paper, in all economic logic, it seems barking to invest in one. Some people must be though. I was just really surprised at these condo sellers, because it's really not something I expected

Scam?

[lastlid]

2. Has Manila got a growing base of higher earners? No, not yet anyway. It's a well known problem that a huge percentage of the population get out and work abroad just to try give their families a better future. I'm as upset about that situation as anyone on here, and more than a bit at the places many end up. I don't know if it's ever affected anyone else the way it affected me, but I was pretty down seeing the special queues for overseas workers at the airport. It just shows how bad things are.

I think it all is a work in progress. Barring a few obstacles, my feeling is that the country is growing and will continue to grow wealthier, year on year.

I was looking at new property in Cavite (houses) and I asked who bought the ones already sold and was told that many were Filipino OFW's, amongst others.

My wife's sister is married to an OFW. She sees little of him as a result but it gives them a chance to save some money and for him to keep his wife and child in a reasonable standard of living. Not ideal I agree, but for them it is a way out of poverty.

[andy222]

I noticed whilst at the Mall of Asia, and it isn't the only place, that certain parts, if you walked at less than mach 1, you were very likely to be grabbed by an attractive young lady (ooer matron), who would proceed to try sell you an apartment (Or are they called condos? I always call them flats, but hey).

The usual and obvious replies I gave her, such as "No I can't even afford a garden shed", or "I only came here for a McD" or "Sorry I'm married, you never have spare money once you're married you know", well none of these would put them off from their spiel that buying their particular condo would be the best idea since the invention of breathing.

As someone though who likes to number crunch (Yes, I'm quite a laugh at parties you know), this whole thing did interest me - in a passing way.

What is anyone's idea on these? Has anyone actually taken the plunge with these, or knows someone who has?

My take on it is this -

It's all about the market.

1. Is Manila an up and coming city? Well sorry but I doubt it. For whatever reason, Manila is down there with Rangoon rather than up there with Tokyo. Even the national bank building is crumbling and neglected. There is no way it will be a holiday destination any day soon (Sorry if I'm raining on anyone's parade here, but lets be really honest here).

2. Has Manila got a growing base of higher earners? No, not yet anyway. It's a well known problem that a huge percentage of the population get out and work abroad just to try give their families a better future. I'm as upset about that situation as anyone on here, and more than a bit at the places many end up. I don't know if it's ever affected anyone else the way it affected me, but I was pretty down seeing the special queues for overseas workers at the airport. It just shows how bad things are.

So it seems these apartments are going up. They have what is described as leisure facilities and lifestyle areas - all well and good, but it seems they are being built in a city with economic problems.
Add to this, the locations of some of these apartments. We can see new builds, right next to people living literally on the road. Their home being a broken off door propped against a wall, and them sat under it with a campfire going.

On paper, in all economic logic, it seems barking to invest in one. Some people must be though. I was just really surprised at these condo sellers, because it's really not something I expected

Scam?

Reading through this I think this country will be the same in 30 years time.

[lastlid]

1. Is Manila an up and coming city? Well sorry but I doubt it. For whatever reason, Manila is down there with Rangoon rather than up there with Tokyo. Even the national bank building is crumbling and neglected. There is no way it will be a holiday destination any day soon (Sorry if I'm raining on anyone's parade here, but lets be really honest here).

Is Manila an up and coming city. I believe all the signs are that it is. For that reason I am optimistic.

What gives me a reason not to be optimistic is this kind of thing:

http://globalnation.inquirer.net/528...ew-study-shows

http://filipinaroses.com/showthread....ows?highlight=

[lastlid]

Reading through this I think this country will be the same in 30 years time.

Look at the Romans....where are they now?

[Iani]

Look at the Romans....where are they now?

Would it be opening a can of worms to ask what did they ever do for us!

[lastlid]

Would it be opening a can of worms to ask what did they ever do for us!

Yeah. Exactly.

[Iani]

Interesting Lastlid's point about many being bought by OFW's. I was watching a tv programme over there, and from what I could understand, they were analysing some economic issues surrounding the money sent home by OFW's - and that often it isn't spent wisely. Think buying a new tv instead of repairing the roof for example.

I could well imagine these being sold to locals, on the promise of them being a good investment for the future. Whether or not this is wishful thinking, I don't have enough knowledge of the local market to guess.

We can't compare this as like for like, but it does come to mind, the growth of apartments being built in town centre locations in the UK.
These would make fantastic homes for younger people to live in, however it seems the majority ended up being snapped up by buy to letters, with the almost inevitable deterioration of the general areas as it only takes one or two tenants who couldn't care less, to send the whole block into a downward trend.

You certainly had to feel sorry for those who actually bought them to use as their own homes. The only blocks which look really nice, are those with a convenant banning subletting.

Thing is, there is now a glut of these flats........oh sorry.............apartments
I used to rent one, and in the end couldn't wait to get out, I got sick of living amongst headbangers, and all the other decent neighbours were also giving notice.

I don't know, I just wondered, Manila seems a risky place to invest in such property. Would be nice to think the place is on the up, but I didn't see many signs of that

[lastlid]

I don't know, I just wondered, Manila seems a risky place to invest in such property. Would be nice to think the place is on the up, but I didn't see many signs of that

Does it have to be in Manila? Why not just outside?

[imagine]

Would it be opening a can of worms to ask what did they ever do for us!

roads and civilisation they brought here ? which we neglected and almost went back to living in mud huts so to speak, but maybe living in mud huts was a good thing,

oh and they taught us to wash

[lastlid]

[imagine]

I noticed whilst at the Mall of Asia, and it isn't the only place, that certain parts, if you walked at less than mach 1, you were very likely to be grabbed by an attractive young lady (ooer matron), who would proceed to try sell you an apartment (Or are they called condos? I always call them flats, but hey).

The usual and obvious replies I gave her, such as "No I can't even afford a garden shed", or "I only came here for a McD" or "Sorry I'm married, you never have spare money once you're married you know", well none of these would put them off from their spiel that buying their particular condo would be the best idea since the invention of breathing.

As someone though who likes to number crunch (Yes, I'm quite a laugh at parties you know), this whole thing did interest me - in a passing way.

What is anyone's idea on these? Has anyone actually taken the plunge with these, or knows someone who has?

My take on it is this -

It's all about the market.

1. Is Manila an up and coming city? Well sorry but I doubt it. For whatever reason, Manila is down there with Rangoon rather than up there with Tokyo. Even the national bank building is crumbling and neglected. There is no way it will be a holiday destination any day soon (Sorry if I'm raining on anyone's parade here, but lets be really honest here).

2. Has Manila got a growing base of higher earners? No, not yet anyway. It's a well known problem that a huge percentage of the population get out and work abroad just to try give their families a better future. I'm as upset about that situation as anyone on here, and more than a bit at the places many end up. I don't know if it's ever affected anyone else the way it affected me, but I was pretty down seeing the special queues for overseas workers at the airport. It just shows how bad things are.

So it seems these apartments are going up. They have what is described as leisure facilities and lifestyle areas - all well and good, but it seems they are being built in a city with economic problems.
Add to this, the locations of some of these apartments. We can see new builds, right next to people living literally on the road. Their home being a broken off door propped against a wall, and them sat under it with a campfire going.

On paper, in all economic logic, it seems barking to invest in one. Some people must be though. I was just really surprised at these condo sellers, because it's really not something I expected

Scam?

the tide is turning, they need that investment to contribute to a wealthier up comming economy,i think a long but sure gain in investment like that, if ones prepared to sit on it,see in 20 yrs time maybe a gainon the other hand maybe natural disasters will topple any property investment?
as western countries fall , asia will rise to be the economic powers ,

[lastlid]

the tide is turning, they need that investment to contribute to a wealthier up comming economy,i think a long but sure gain in investment like that, if ones prepared to sit on it,see in 20 yrs time maybe a gainon the other hand maybe natural disasters will topple any property investment?
as western countries fall , asia will rise to be the economic powers ,

Need to relate that to our respective projected Armageddon day