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?
Originally Posted by 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).on the other hand maybe natural disasters will topple any property investment?
