DATA : Peso // Makati Property Price Data, News & Comments

[drbubb]

Popular or not? Philippines president Benigno Aquino aims to secure his legacy with final State of the Nation address

PUBLISHED : Sunday, 26 July, 2015

 

/ last year's address /

Philippine President Benigno Aquino delivers his 5th annual State of the Nation address before the annual joint session of 16th Congress in Manila on July 28, 2014. On Monday, Aquino will deliver his final State of the Nation address. Photo: AFP

 

When President Benigno Aquino gave his first State of the Nation Address in 2011, he sent foreign diplomats in the audience scrambling for assistance when he spoke in the local language, Tagalog. Previous presidents always used English. On Monday, envoys will have interpreters ready as the president delivers the last speech of his term.

 

It isn’t just in use of the national language that Aquino differs from his predecessors. Past presidents in the last year of their terms were lame ducks, crippled by low ratings and public disenchantment. Aquino by comparison enjoys high ratings and could be the most popular president the country’s had since polls were taken. According to Dr. Mahar Mangahas, president of Philippine-based opinion survey firm Social Weather Stations (SWS): “He has been the most popular one at this stage.”

 

The State of the Nation Address is a piece of political theatre where the president speaks to an assembly of glittering and expensively dressed lawmakers. He lists and lauds his accomplishments to applause while a few kilometres away, policemen restrain and hose down hundreds of shouting radical left protestors. The demonstrators today are expected to belittle the president, denounce him as a failure and burn him in effigy.

 

Activists march near the house of Philippine President Benigno Aquino with an effigy (background) depicting Aquino as a monster, in Manila one day ahead of Aquino's State of the Nation address. Photo: AFP

 

But Aurelio German, a political strategist who helped Joseph Estrada become president in 1998, said: “If I were rating him I would give him a B+. I would say 75% of what he promised in the four [previous addresses] he was able to achieve; the 25% I can see the administration is trying hard to fulfil but there is no more time.”

. . .

German claimed the president is popular “mainly because the people see the guy is sincere”.

 

“He is dead set on achieving the goals he has set for his administration. I believe history will look very kindly, very favorably on Aquino’s administration.”

 

On social media the president is regularly and venomously reviled, a failure who owes his election to the public’s love for his mother, Corazon Aquino.

 

But the gales of online invective aren’t reflected in opinion surveys.

 

“I think social media is not representative of general popular opinion,” Mangahas said.

 

“The ones who are posting (on Facebook) are not necessarily the ones with average opinions. Like in newspapers, the letter writers are always extremely in favour or against. Posters are always the extreme.”

==

> http://www.scmp.com/news/asia/southeast-asia/article/1843792/popular-or-not-philippines-president-benigno-aquino-aims

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Air and The Rise : Comparison from SSC

Air : we're looking at 75 units per floor here. hmmm..
+ Wow another hi-end "public mass housing" project by SM.
Seriously, govt should just make a deal with SM. Govt provides the land and SM builds the building to house all the urban poor. SM can collect monthly dues from "owners". An SM condo can easily house more than 1000 families, freeing up valuable land currently occupied by informal settlers for other purposes
+ I am surprised that this development is not getting the same interest as The Rise. Realistically I cannot imagine SMDC not going up a notch and make this development a showcase to revamp their image especially when you have The Rise as your immediate neighbour. It would be too embarrassing if they screws up....lol.

.
Sales at Air : How's the sales so far? How many % sold?
+ around 60% sold.
+ Rather interesting news as I was told The Rise also moved the same amount of units too. Seems like the Shang name is not hurting SMDC sales as well.
+ This shows there's a HUGE market at this segment.

.
Compare : Which project has better specs? Heard SM has better payment terms.
+ The Rise still have some units that are non VAT so grab them while they are available. I believe all Air Residences units are subjected to VAT.
==
> http://www.skyscrapercity.com/showthread.php?t=1456032&page=16

Ulysses Silva

Join Date: Apr 2015 / Posts: 6 / Likes (Received): 2

Hello,
I would just like to inform you that we still have very few non-vat units left also units in East Wing that has great view of Makati Skyline.
If you have friends or anyone you know who might want to invest please contact me at
+63 9279843565. Ill be willing to assist them

Will try to post construction update of our project as well for those who invested already. Thank you!

>

[drbubb]

Whoops. There go Kroma's views on the Jaka side

 

Got a text message last night from an ALI broker offering to invest in Jaka Tower, quoting the sms:

AYALA LAND TAKING OVER COMPLETION OF JAKA TOWER ALONG AYALA AVE, MAKATI CITY!

Don't miss this opportunity to invest in the most prime office location in Makati.

ALI is set to transform the unfinished Jaka Tower along Ayala Ave into a headquarter type office project.

Tentative launching date: Sept. 2015

==============

When asked the broker how high it's going to be when completed,

he said it's 59 storeys and almost fully glass cladded. Furthermore, it's a Grade A office building, LEED Certified and might be PEZA Certified as well and will be finished most likely in 2019. Finally, launching date according to this broker is in Sept 2015.

> http://www.skyscrapercity.com/showthread.php?t=1568161&page=9

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Makati and Chiangmai beat the yields of Bangkok

 

Property Prices in Chiang Mai - Compared with Bangkok, Makati

====> Various Asian Cities : Ch'mai. : Ba'kok : Makati :
Monthly Rent 1BR in US$*: $0,343 : $0,561 : $0,723 :
Assume 1 BR = 40 SM, US$ : $55.4K : $137.K : $127.3k :
Estimated Rental Yield, 1BR : 7.43 % : 4.91 % : 6.82 % :
Mortgage Interest Yield------ : 6.95 % : 5.93 % : 7.47 % :
Price to Income Ratio-------- : R12.00 : R17.99 : R21.46 :
Mortgage as % of Income--- : 111.2% : 153.9% : 207.0% :
Loan Affordability Index------ : I: 0.90 : I: 0.65 : I: 0.48 :
Price / Rent Ratio
-------------------- City Centre : R16.46 : R21.09 : R14.15 :
-------------------- Outside Ctr : R20.16 : R25.87 : R36.85 :
Gross Rental Yield (City Ctr) : 6.08 % : 4.74 % : 7.07 % :
Gross Rental Yield (Outside) : 4.96 % : 3.87 % : 2.71 % :
*Detail, Rent etc:
Apt. (1BR) in City Ctr, local-- : 11,817 : 19,346 : 32,556 :
------------------------- FX Rate : 34.500 : 34.500 : 45.000 :
------------------------- In USD- : $0,343 : $0,561 : $0,723 :
1BR Outside, As % of 1 BR- : 63.3 % : 54.7 % : 31.7 % :
Apt. (3BR) in City Ctr, local- : 27,222 : 59,921 : 114.00k :
----------------- As % of 1 BR- : 230. % : 310. % : 350. % :
3BR Outside, As % of 3 BR- : 56.6 % : 43.4 % : 23.4 % :
Buy Apartment, City Ctr. : 47,778 : 117.92k : 143.26k : per SM
------------------------ In USD : $1,385 : $3,418 : $3,183 : per SM
Buy Apartment, Outsisde--- : 35,023 : 69,545 : 99,290 :
Buy Outside, As % of City.C : 73.3 % : 59.0 % : 69.3 % :

 

> see: http://www.greenenergyinvestors.com/index.php?showtopic=19583&page=3

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PNR new route to Calamba, Laguna : serves an estimated 3,000 to 5,000 passengers daily

December 3, 2014

 

 

The state-run Philippine National Railways (PNR) on Tuesday (Dec. 2) inaugurated the new route — extending its Metro South Commuter train service from Cabuyaoto, Calamba, Laguna. The inauguration coincided with the blessing of the new Calamba station building led by Transportation and Communications Secretary Joseph Emilio Abaya and other local government officials. The new route will serve an estimated 3,000 to 5,000 passengers every day, in addition to the current 70,000 daily passengers. The end-to-end fare is pegged at Php45. With the opening of its new route, operations will now be expanded to a 56 kilometer-stretch from 53 kilometers. The Calamba route will begin with two daily trips, with a planned addition of two more trips by early 2015. The expansion of PNR’s commuter rail service provides affordable and convenient access to jobs and schools to more stakeholders south of Metro Manila. In photo is a sample of PNR’s rehabilitated passenger train. (PNA photo by Ben Briones)

=== ===

 

(Historical story):

PNR reopening to revive convenience of Bicol travel

June 15, 2010

CALAMBA, Laguna - President Gloria Macapagal is leaving Bicolanos another legacy: the reopening of the Manila-Legazpi train link, which for generations has been synonymous with Bicol’s way of life.

President Arroyo was delighted to hear from the Philippine National Railways here Tuesday that it will be restoring its Bicol run, particularly the Tutuban to Ligao, Naga on June 25, a few days before she bows out of the presidency.

The President and the media she brought along boarded the train ride from Calamba to Bicutan, an extension of the commuter train route launched early this year from Tutuban to Alabang.

The President said the long-haul ride will be beneficial mostly to the cargoes, than commuters to Bicol, who still prefer air conditioned buses going to the province passing through very good roads.

“It will take almost the same time to reach there by bus, although the train will be a bit faster because there is no traffic,” the President told reporters during a media briefing she asked the PNR to conduct inside the train.

The PNR said the double tracking of the rail system will cost P150 million, which the Korean Export Import Bank has already committed to fund and construct, ‘at no cost and sovereign guarantee from the Philippine government,” said PNR consultant- Chief of Staff Nicolas Beda Priela.

==

> more: http://balita.ph/2010/06/15/pnr-reopening-to-revive-convenience-of-bicol-travel/

 

Nearby Property: http://www.propertyasia.ph/properties/sale/nearby/2639/calamba-station

 

In addition: 200-300 Japanese co's are considering relocating to the Phillippines.

There are already 1650 Japanese companies located there:

"some of the firms expressed interest in locating their operations in the Calabarzon area: Cavite, Laguna, Batangas, Rizal, and Quezon)"
They find the tax incentives offered by PEZA (Philippine Economic Zone Area) and BOI (Board of Investments) to be attractive. Another factor spurring the move is rising wages in China, leaving the Philippines with a competitive advantage.

http://www.manilalivewire.com/2015/08/more-than-200-of-japanese-manufacturing-companies-in-china-to-be-relocated-in-the-philippines/

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PHILIPPINES GROWTH - expected to stay strong

 

This all sounds like good news (for 2015-16):

 

http://www.wsj.com/articles/philippines-will-stand-out-after-u-s-interest-rates-rise-1435270081

Philippines finance secretary says Philippines to have 7% GDP in 2015 and not effected by US interest rate rise as much as external debt down to 15% of GDP

http://www.cnbc.com/2015/07/21/philippines-remittances-under-threat.html

Remittances to fall for OFW but growth from BPO.

http://video.cnbc.com/gallery/?video=3000392259

Philippines to try be more in manufacturing.

===

In addition: 200-300 Japanese co's are considering relocating to the Phillippines.

There are already 1650 Japanese companies located there:

"some of the firms expressed interest in locating their operations in the Calabarzon area: Cavite, Laguna, Batangas, Rizal, and Quezon)"
They find the tax incentives offered by PEZA (Philippine Economic Zone Area) and BOI (Board of Investments) to be attractive.

Another factor spurring the move is rising wages in China, leaving the Philippines with a competitive advantage.

http://www.manilalivewire.com/2015/08/more-than-200-of-japanese-manufacturing-companies-in-china-to-be-relocated-in-the-philippines/

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MAKATI FLOODING - a 2014 Report (it could be improved. if govt measures worked)

 

Originally Posted by Mr. Huxley

Yes it really floods, especially chino roces ave.

It also floods at estacion st. I've been here since june 2013. So far it only floods when rain is non-stop. I think the only major rain in manila last year was last August, i think the name was Maring and it rained for four consecutive days. That's when it flooded talaga. Chino Roces was i think waist or knee deep not actually sure. But the elevation of cityland, avida and waltermart was enough for the water not to enter the premises. At the back which is estacion street, was just ankle deep.

I think government is doing something to prevent flood. There's this roadworks happening at don bosco st. which closed the estacion st. from motorists. I think that is flood prevention because the drainage excavation connects to the canal at estacion st.

There's also construction in arnaiz st. They made it elevated. Probably also so it won't get flooded.

All the roadworks i'm actually not sure if they will work. Only if we get hit again by non-stop rain which will test if it works or not. I hope the engineers are right on that one or else bobo sila.

You might also be discouraged living near the railway because the sound of the train will always be heard unless your unit is really soundproof.

The flood was so far siguro 1-4 times in 365 days. :-) but we can never tell the climate change.

: http://www.skyscrapercity.com/showthread.php?t=702832&page=34

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PNR Stations : Buendia, Pasay Road, EDSA

 

 

Photos : Pasay Rd

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Eton Tower has been long-delayed, but may be finished Q1- 2016

 

Some have called it very ugly - and it is certainly very different from the original rendering

 

 

> see comments on SSC thread : http://www.skyscrapercity.com/showthread.php?t=1028969&page=15

[drbubb]

CITY GATE - and the changes it will bring to North Makati

 

 

It is coming up - the shopping may be complete in late 2016 / early 2017

 

: An answer to those who want more parking for Makati?

"Better yet, we need more efficient public transport and less traffic. We can only build so much parking spaces"

> source

 

(The Way it was... circa mid-2011): Columns-Ayala was at a big discount to Columns-Legazpi

 

July 27th, 2011 #827 :: source

Gr33nArch3r

Hmmnn..pretty interesting. I never thought that rent in the Columns Ayala Ave is that low. I always thought that it would get at least the same amount of rent as Legaspi Vill or Salcedo Vill since it is in the Makati CBD. If I post that I am renting my studio unit in Legaspi Village for Php 15K a month, my phone will be ringing off the hook. Note, my unit is in a building built 10 years ago and is "non-Ayala". I am renting it for 25K. It is furnished, but furnishing a unit shouldn't be that expensive. Having it interior decorated is expensive pero when you're renting it out, it does not have to be pimped out.

This little nugget of information must not sit well with investors who bought in Lerato and Jazz...

Quote:

Originally Posted by hatchgrey

In my opinion, Columns Ayala is not in a good location in terms of transportation availability and distances from commercial/shopping areas. I visited the place when we were buying Columns Legazpi in 2006. It is a very hard-to-reach area and the only way to go there is by taxi (if you don't have your own car). There is no public transportation anywhere near. If you are renting there and you don't have your own car, the only way to travel in and out is by taxi and after awhile, the transportation costs add up and it becomes very expensive.

If you are in Makati, you should check Columns Ayala and see why the rent there are very low for studios, 1-bedroom and 2-bedrooms. I can't really explain why but I think it has all to do with the location because the inside of the building itself is very nice. Our agent gave us a tour of the place in 2006 when she was selling us TCLV. The swimming pool there was amazing. Although it is in Makati, it is not a prime-location. And from the upper floors in one side view, you can actually see a huge cementery -- I think it's the Manila cementery (not sure what) and that cementery seems like a walking distance from the condo (Columns Ayala) because it's was very near.

=== ===

> source

THE TRANSPORT was not good.

But the covered walkway has now been extended to Eaton Tower, and Kroma, which is under-construction.

The walkway will also extend to Citygate. And Citigate will become a favored destination in its own right

LOCATION was considered not good, too close to the cemetery (when little else was there)...

Some 2011 buyers (who may have been overseas) did not even know that Lerato adjoined the Manila Cemetery:

Important to those who are interested in buying a unit in Lerato. This is a new development of Ayala/Alveo that is new and still being constructed. We were planning to buy a unit there last November 2010. In fact, we already wired the 50k deposit that month. But when we were researching the actual address/location, we found out that the building is right beside that huge manila cementery. In fact, the cementery is almost across the street from the building (just a few yards away). We immediately requested our money/deposit back which was supposed to be non-refundable. We almost lost our 50k and took us several months to get it back and the reason they returned it was because we were also intending to buy another unit at Meranti (beside Serendra).

Take note - if you look at the actual map of Lerato (marketing brochure), you will never find the cementery in that map. It is not shown there. But the cementery is HUGE -- it's like 4 blocks wide. Check google (search Makati Map) and then go to the area where Lerato is being built and you will see the cementery. I figured nobody would live or rent a unit where your window view is a huge cementery. My wife does not think so :-)). We found out about that cementeray AFTER we wired our deposit.

FLOODING was a problem / some years ago but was fixed with better drainage:

 

Originally Posted by Gr33nArch3r

Sorry to burst ur bubble but the area where TCLV stands occassionally gets flooded. It is not as bad as the chino roces and buendia area, but flooding in the area can and had occured in the past

I know the history of the place where TCLV now stands. It used to be a gasoline station. And before, it would get flooded. But Ayala has constructed the necessary drainage and pumping systems that it will never get flooded. They are so confident of it that if you did not know, they even constructed 2 parking levels below the ground floor. That means dozens of cars are parked in 2 levels below the ground level. I have asked management about flooding scenarios on that building and it won't happen. Probably worst-case scenario that it will flood if the whole country gets flooded. In that case, there's nothing anybody can do.

> source

 

SHOPPING was not good / but CityGate will change that

[drbubb]

COMPLETION NOTICE - a sample from Jazz

 

Dear

Greetings! We are pleased to inform you that Jazz Residences Tower C has been completed and is now ready for occupancy.

In this regard, we wish to inform you that you are qualified to view and accept unit __________We have scheduled your viewing on :

Our property Management staff will dedicate one (1) hour for inspection of your unit, hence, we request that your inspection promptly starts at your designated time so we may better serve you. Should you have further queries and concerns kindly contact us at telephone number 858-0300 or e-mail us at customerservice@smdevelopment.com for confirmation of your schedule.

Upon your acceptance of your unit as evidenced by your signing of the Acceptance Form, your membership in the Condominium Corporation shall be activated, and consequently, you shall be billed your condominium dues at one hundred pesos (Php 100) per square meter of the floor area of your unit.

Please allow us to advise you likewise that the keys of your unit shall be turned over to you for your move-in after your compliance with the following move-in preconditions to be facilitated by the Property Administration Office located at Jazz Residences:

Payment of your unit’s share in the working capital fund of the Condominium Corporation, which is equivalent to six (6) months of condominium dues following the Master Deed and Declaration of Restrictions and Attendance in the House Rules Orientation.

Please also be informed that following the provisions of the Contract to Sell, failure to view your unit within thirty (30) calendar days from receipt of this letter shall result in the automatic acceptance of your unit and membership in the Condominium Corporation.

We are looking forward to hearing from you on your preferred viewing and acceptance schedule and to welcoming you and your family to your Jazz Residences home.

Thank you,
SM DEVELOPMENT CORPORATION
Property Management Department

[drbubb]

The Dollar has broken out against the Peso

 

USD in PHP ... update

 

I could see it getting to 48-49, and perhaps higher, if it breaks the nearby resistance at PHP.47

[drbubb]

Property markets continue to thrive despite slower economic growth

PHILIPPINES : 2Q 2015
The Philippine economy was not able to sustain the momentum of its stellar fourth quarter 2014 performance, with the economy only growing by 5.2% during the first quarter of 2015. Lower exports and a decline in public construction have suppressed growth that otherwise would have been propelled by public construction, retail trade and real estate. Due to the slower growth, economists have lowered their end-2015 growth forecasts to around 6%.
. . .
A further tightening in real estate lending by the banking sector was observed during the second quarter, after the Bangko Sentral ng Pilipinas (BSP) began to implement stricter measures in 2014. Nevertheless, lending to the property sector continued to grow, posting a 26% rise as of March 2015 compared to the same period the previous year. Bank exposure in the property market has risen to Php1.092 trillion, with a majority being lent to real estate developers (62.2%) and the rest to home buyers
(37.8%).
. . .
Residential vacancies in Makati CBD further improved as only one project was completed in the district, falling to 7.6% overall and to 3.9% for premium condos. .... Both Fort Bonifacio and Ortigas Center may see increases to their condo stock of almost 20% each by the end of 2015 compared to previous year levels, making it more competitive for investors to lease out their units... The lack of new completions coupled with strong take-up puts
upward pressure on rental rates.

RENTALS : Makati, Bonifacio, Rockwell to Q4 - 2013
Qtr /Yr. : Mak-Mid. QonQtr : YronYr / Lo - Makati - H / L-Bonfacio-H / L-Rockwell- H /
4Q /2014 : 0,838 : +0.96% : +4.10% / 0,575 - 1,100 / 0,640 - 1,045 / 0,750 - 1,055 :
1Q /2015 : 0,848 : +1.19% : +4.69% / 0,578 - 1,118 / 0,660 - 1,050 / 0,755 - 1,080 :
2Q /2015 : 0,862 : +1.65% : + 5.12% / 0,590 - 1,135 / 0,670 - 1,070 / 0,770 - 1,100 :

Capital value growth for prime residential condominiums was the strongest in Rockwell Center, where prices rose by 3.0% to Php158,600 in the second quarter as it was supported by lower vacancies and strong rental growth. Meanwhile, capital value growth slowed in Makati and Fort Bonifacio after posting rapid rises in the previous quarters due to land value appreciation during those periods.

PROPERTY, 3BR - Capital Values : ( per Sq. Meter )
Qtr /Yr. : Mak-Mid. QonQtr : YronYr / Low - Makati - H / Low -Bonfacio- H / Low -Rockwell- H /
4Q /2007 : 095,000 : +1.0E% : + 5.0E% : 85,000 - 105,000 :
4Q /2013 : 134,908 : +2.17% : +14.38% : 90,675 - 179,140 : 102,230 - 161,290 : 109,315 - 168,220 :
4Q /2014 : 144,500 : +1.23% : + 7.11% : 100,000- 189,000 : 110,000 - 180,000 : 117,000 - 180,000 :
1Q /2015 : 147,350 : +1.97% : + 7.92% : 102,500- 192,200 : 113,000 - 179,500 : 119,000 - 189,000 :
2Q /2015 : 149,000 : + 1.11% : + 7.91% : 104,000- 194,000 : 120,000 - 191,000 : 119,000 - 198,000 :
Qtr / Yr. : Mak-Mid. QonQtr : Yr.onYr. / Low - Makati - H / Low -Bonfacio- H / Low -Rockwell- H /

 

> more: http://www.colliers.com/-/media/files/marketing%20reports/phil_knowledge_2q2015b.pdf

[drbubb]

Greenbelt Hamilton photos

 

1/

 

2/

 

3/ Ayaland is relaunching Jaka as "ALVEO Tower:"

 

 

Alveo Financial Tower (AFT) will also be higher than the previous Jaka plan:

 

[drbubb]

1 /

Philippine economic growth quickens to 5.6% in Q2

Channel News Asia-26 Aug 2015

MANILA: Philippine economic growth quickened in the second quarter, the government said on Thursday (Aug 27), placing the country in a ...

Boosted by higher government spending, the April to June gross domestic product outpaced the 5.0-per cent growth in the previous quarter, the Philippine government has announced.

. . .

Despite the rebound, Balisacan said the economy was likely to grow from 6.0 to 6.5 per cent for the full year, below the government's 7.0 to 8.0 per cent target.

Second quarter growth was also slower than 6.7 per cent during the same period last year, data showed.

. . .

Philippine shares were up 147.33 points or 2.15 per cent to 7,015.25 at noon on Thursday after the GDP figures were announced.

The peso closed at 46.72 against the dollar on Wednesday, but Balisacan said the depreciation was not sharp enough to affect the economy and could increase the value of remittances from overseas workers.

2 /

More investment banks slash Philippine growth targets

By Lawrence Agcaoili (The Philippine Star) | September 1, 2015

Lack of government spending and weak global demand pulled down the GDP growth to 5.3 percent in the first half of the year from 6.4 percent in the same period last year. STAR/File photo

MANILA, Philippines - More investment banks have lowered their economic growth forecasts for the Philippines despite the slight uptick in the second quarter of the year.

DBS Bank of Singapore slashed its gross domestic product (GDP) growth forecast for the Philippines to 5.7 percent from the original target of six percent this year.

“The full-year GDP growth may only reach 5.7 percent versus our earlier projection of six percent,” DBS said in a research note.

However, the investment bank is not ruling out a six percent GDP growth this year depending on the eventual pace of fiscal spending for the rest of the year.

==

> http://www.philstar.com/business/2015/09/01/1494470/more-investment-banks-slash-philippine-growth-targets

 

3 /

Philippines can withstand impact of yuan slide – DOF

Philippine Star-23 Aug 2015

China's intervention on its yuan came following the sustained growth slowdown in the world's largest economy. Analysts believe the move ...

[drbubb]

"Premium" amenities and finishes at AFT (ex Jaka)

 

New Office Space in Ayala Avenue – JAKA Tower becomes Alveo Financial Tower
49-storey Premium, LEED Certified Office Tower to Rise in Ayala Avenue

Ayala Land, thru subsidiary Alveo Land, will redevelop the former JAKA Tower into a 49-storey Premium, LEED Certified Office Tower. View of Ayala Avenue and the site of the former JAKA Tower.

CityGate Area --- in North Makati . Map : Larger image

Contrary to initial information, this Ayala Avenue office project will actually be developed into a Premium office building and not into a Grade A structure. Hurray!

What’s the difference between Premium and Grade A? First off, the amenities are markedly different. The finishes and materials used are of a higher quality and the location is normally in a major, normally a landmark, thoroughfare. Which is why when we first heard that the development was going to be Grade A something felt amiss. So it is fantastic to know that Ayala decided to go premium for the Alveo Financial Tower.

Read More: Source

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The challenge of the secondary market in PH

 

This needs to be said - the secondary property market in the Philippines is not like that in Hong Kong. In HK the market is highly transparent. Transactions are quickly and accurately reported. And there are weekly indices for the major estates. You can even go online, and get a reasonably accurate "bank valuation" for an apartment you are interested in, within nearly all of the Large modern estates.

 

Also, there are storefronts with estate agents everywhere in HK, with clear prices, and a historical record.

 

The result of this transparency, is that HK flats are usually sold within 5% of the bank valuation that you can get online. You will not see this in the Philippines.

 

: : Colliers-Insight

 

The most transparent prices are those for new properties. And I think that is what the Colliers Index that I report in post #1 of this thread are based upon. These prices have been rapidly escalating higher, as developers face higher land costs, and higher prices for labor and materials (maybe.) But secondhand prices are not necessarily at the same level.

 

In fact, I have had an email from a friend in Manila, who tells me that he has bought a property at a 25-30% discount to "new" prices in the same development*. The buyer said the seller was a foreigner, and did not seem to have much access to other buyers, so he was able to get a very good price.

 

When I asked a friend who actually lives in Manila about this, he said that this big discount may have had more to do with the reputation of the developer who has a reputation for delays and "completion" headaches, and is also said to push hard on getting his own prices higher. My experienced friend said that one of the top developers (such as Ayalaland) would not be expected to have such whopping discounts for their properties.

 

I think this example points out the importance of us all getting a better grip on the secondary market, and how to secure a future exit at a good price, near to prices in the primary market. I think I may start a new thread about this, and hope that others will contribute.

 

===

*In fact, the discount may have been relative to another phase of the same project, by the same developer.

[drbubb]

The Air versus the The Rise

(I have had some email correspondence about these projects, and so I will repeat the highlights here):

 

... the email that I received, says this:

A friend asked me what I think about Air Residences, the SM project just next to The Rise.
So I had a look at this project and I was not impressed at all. This project looks crazy to me.

This building will include a total of 3642 units, all small or very small units (22 to 46sqm). 98% of the 3642 units will be less than 32 sqm !
74 units per floor… with 12 elevators total (the Rise has 18 elevators for 2800 units total and 51 units per floor).
I have never seen a project like this. At PHP130.000 per sqm with completion date (expected) 2020, it looks like a good place where not to buy !

 

(My response):
I think your comments are spot on.
My own opinion is:
SM is trying to cash in on the success of Rise, by building their own project right next to it.
With its great experience in running hotels, I think that Shangrila can get a high density-small units project like this right, and that means decent transport (up and down) and good quality amenities.

SM calls this thing (the Air) part of their new "premier" brand, but the metrics you highlight do not sound like a premier offering to me.

(Those I know who) have bought at The Rise, are paying something like $100-105k per SM, and staying below the VAT threshold. Those who buy at The Air are unlikely to get a good return. In seeking tenants they will be competing with a superior product at the Rise, where landlords have a lower cost base. If/when they find a tenant, it will be at a lower monthly rental rate, and a much lower yield - I reckon

 

(another email comment):

I went to the show room. Everything they included, floor tiles, furniture etc.. in show room was not included.

I dont think they even have a basic gym as it is not listed. When i asked, none of the sales people could confirm.

 

(still another):

I can hardly imagine how these thousands of people will live in this single building. How long they'll have to wait in the morning just to get access to the elevator? How many people will move in and out everyday...

 

(Response):

The moving thing, I really get - having just moved. I moved from a building well designed for moves, into an older one that was not so well-designed. So I saw night and day.. If you move into the place we live now with more than a suitcase or two, you are going to have obstacles, delays, and other problems. We were lucky to get most of the move done during a quiet time of a quiet day, and the movers coped well with the challenges. The final part of the move, I did half the work myself, and it was a nightmare moving during the busy sunday supper time.

 

If each person has to design and decorate their own flats at The Air, the challenges will only get bigger. Think of the multiple contractors coming, and going, and the inevitable mistakes in getting the wrong design, and wrong furniture, multiplied across the huge number of tenants.

[AlexHK]

I fully agree with your response Dr Bubb about the Rise & Air Residences.

What could be good in Air Residences is their mall on ground floor of the building. Making malls is the core business of SM, and the residents of the Rise nearby will benefit from it ;)

[drbubb]

Trump Tower is in a crowded neighborhood

 

[drbubb]

Location of AFT / ALVEO Financial Tower

 

 

 

 

Building Heights - Citygate Area
==============: height: stories: units: launch: start: compl: orig. price :
Columns Ayala 1-3 : 114 m. : 30 st. : < 800 : 01/03 : 2003 : 2007 :

Alphaland Mak 1-3 : 180 m. : 55 st. : 0,000 : 11/09 : 2009 : 0000 :

One Central-------- : 195 m. : 50 st. : 0,708 : 00/00 : 2010 : 2013 : Php 104k :
Lerato Towers 1 -3 : 183 m. : 48 st. : 1,289 : 00/00 : 201? : 2018 : Php 110k :
Kroma Tower------- : 157 m. : 52 st. : 0,821 : 12/11 : 2013 : 2017 : Php 120k :
Alveo Fin'l Tower : 186 m. : 49 st. : 0,000 : 09/12 : 20?? : 2020 : Php 189-230k
The Rise (2019) -- : 210 m. : 59 st. : 2,800 : 05/14 : 2014 : 2018 :
Air Resid (2020) -- : 195 m. : 51 st. : 3,642 : 00/00 : 2015 : 2020 : Php 130k :
===============

> main source: http://www.emporis.com/buildings/1224442/the-rise-makati-philippines

 

 

 

: images of The Rise

 

THE RISE - Looking from another angle ... larger image

 

 

 

ALVEO Financial Tower | Singapore Launch
MARIOTT Hotel | 19 Sep 2015 | Belingit Ballroom
From 10am to 9pm
Less than S$650 psf x 10.73= S$7,000 psm : < PHP 230k psm

 

What Noma / Makati once looked like, back in its "Sugarbay" days

 

[drbubb]

Philippines: Manila voted worst city to drive on Earth

• 2 October 2015

Image caption Huge traffic jams are a way of life in metropolitan Manila

 

Officials in the Philippine capital Manila say they are putting measures in place after the city received the unwanted distinction of having the worst traffic in the world, it's reported.

Users of a road navigation app participated in a "Global Driver Satisfaction Index" poll, voting on their local driving experience based on factors such as traffic levels, road quality, parking and fuel prices, the Philippine Daily Inquirer reports. According to members of the Waze application community who took part across 167 metropolitan areas, Manila scored 0.4 points out of 10, closely followed by Jakarta in Indonesia, and Rio de Janeiro and Sao Paulo in Brazil. It's a finding which has led government officials to promise more to be done to help drivers in a city where the average road commute takes over 45 minutes.

 

...The city is currently served by a light railway system carrying millions of passengers daily, and current plans hope to have major transportation projects in place, including a new subway system, by 2030. "Subways will solve our problems," Tolentino says

==

> http://www.bbc.com/news/blogs-news-from-elsewhere-34424367

 

=== ===

 

If you work in Makati, or want to visit there,

you need to live there - or very nearby

And it will be many years - maybe decades - before they get around to fixing the transport mess

 

Funnily enough, the Philippines has improved financing capability, and so it could now finance a better transport system. But the politics of getting this done (and potential for corruption) make it almost impossible to get done at "Hong Kong speed", or even half of that

[drbubb]

About Traffic in Manila ...

 

(I received this comment by email):

 

I drive few days per month in Makati and Metro Manila since 2009, and I can confirm that the situation today is critical. In case of heavy rain it's even totally chaotic. People can spend the all night in their car !
Many infrastructure projects are currently under construction. Once completed it will help a bit but during the construction phase it makes it even worse.
I am not optimistic about the traffic problem within Metro Manila for the coming years. The number of cars on the road is exploding. It's a sign that the middle class is growing but it's really a negative aspect of it.
It's also cultural. Cars are still a important status symbol for filipinos. They buy a car as soon as they can and consider that public transportation is for people who cannot afford to buy a car.

There is currently a "number coding system" enforced in congested areas (Makati, San Juan etc..). Each car cannot be used one day per weekdays. Cars with plate numbers ending with 1 or 2 cannot be used on Monday, 3 or 4 on Tuesday etc...
There is a plan to eventually increase this limitation to "every other day" so a car could only be used every 2 days. This would immediately remove many cars from the streets, but people who can afford it with have 2 cars... which will not help the parking spaces shortage...

- A.

=== ===

Pinoy Joyride - Circuit Makati Joyride 2015

 

Makati Circuit - Quietly advancing... needs the BRT to connect to Makati CBD to thrive

 

 

Comments:

+ I Hope this wont turn out to be like estancia where its really quiet

+.It won't...

Well, it actually will be quite quiet, but only for the short term. Footfall would increase exponentially as Circuit Makati gets developed and as soon as they get to do that planned BRT from Makati CBD to Circuit.
Compared to Capitol Commons, Circuit is a much bigger and more complete development, with offices, condos, a hotel, multiple leisure and entertainment options, three major concert/performance venues, and two complementary malls - the lifestyle-center-slash-strip-mall Circuit Lane, and the upcoming regional mall Circuit Mall.
Oh, and let's not forget, there's still some 3-hectares remaining, that big corner lot not part of the Circuit Makati masterplan which I assume have been held by PRCI from their ALI transaction as a landbank for future development or future sale once the said property appreciates in value courtesy of Circuit.

==

> source

 

Subway, bus rapid transit in Metro Manila? - Rappler

www.rappler.com/business/industries/.../53485-subway-bus-rapid-transit

Mar 20, 2014 - The proposed subway will connect the cities of Taguig, Makati and Pasay, while the bus rapid transit will run from Manila to Quezon City.

 

DOTC is also putting up a 28-km BRT worth P4.65 billion. The BRT system would run from the Manila City Hall to Fairview in Quezon City, passing through Commonwealth Avenue.

The government has been looking for ways to ease traffic along Metro Manila roads to cut on economic losses. It is developing an Integrated Terminal System that would lessen buses plying EDSA and other metro thoroughfares. It is also reviving the Pasig ferry services to encourage commuters to take alternative routes.

A study by the Japan International Cooperation Agency showed the Philippines stands to lose up to P6 billion a day by 2030 due to traffic congestion.

 

New Shuttle Bus - Free

 

 

October 19, 2015 – Circuit Makati offers a more convenient way of discovering the city’s newest entertainment district via its free shuttle service. Covered in pop graphic designs, the coasters will be hard to miss as it travels along its set route.

The shuttle takes riders to Circuit Makati from several pick-up points within the Ayala Center and Makati CBD. The service runs Mondays to Fridays from 4 to 8 pm. and starts its journey from the main station at the Hotel Intercon open car park (near the Ayala MRT station). Going to Circuit Makati, the shuttle also fetches passengers from the loading areas near Ayala Triangle Gardens, Smart Tower, and Zuellig Loop, Circuit Makati’s transport terminal, and Circuit Lane. Conversely, from Circuit Makati passengers are dropped-off near Glorietta and the BPI Head Office, before heading back to the main station.

“This is one of the ways we are linking passengers to new developments in the city, and it is part of our objective to provide convenience to those who want to explore the different offerings of Circuit Makati,” said Manny Blas, Ayala Land Inc. Vice President

. . .

Recently, the two-storey Circuit Lane opened featuring new initial offerings such as dining outlets Torch, Backyard, and Steveston Pizza, as well as a Power Mac Center and Nike store. Slated to open this October are Miracle Art, Palm Corned Beef Corner and Seafood Island. The retail strip is likewise home to Power Mac Center Spotlight, a 300-seater black box theater that is currently showing #NoFilter 2.0 by Sandbox Collective and will be showcasing Maria Isabella by Bit by Bit Productions in December.

==

> http://www.ayalaland.com.ph/2015/10/23/free-shuttle-to-entertainment-district-circuit-makati-offered-to-the-public/

[drbubb]

Wow. the sale of AFT has gone... like hotcakes, with 60% Sold in "just 2 days"

 

 

/ Alveo Financial Tower will form a major component of City Gate,

Ayala Land’s P20-billion masterplanned mixed-use development strategically located at the rejuvenated northern tip of Ayala Avenue.

City Gate will have a 2.2-hectare core area containing 81,000 square meters of gross leasable office space and 14,000 square meters of premium retail space, as well as featuring upscale residential developments, green open spaces and a 312-suite hotel. /

 

‘Signature’ Ayala building to rise - 363 office units / 49-stories

Quote:

At P240,000 per sq. m., Alveo Financial Tower will be the ati most expensive office development along the MakCentral Business District.

One office unit with an average size of 116 square meters will cost P27.8 million. The tower is slated for turnover in 2020.

. . .

Tupaz said 80 percent of the office unit buyers were local investors, while 20 percent were taken up by foreign investors.

“Including the acquisition cost, we will spend a total of P6 billion for the project,” Tupaz.

Alveo Financial Tower is envisioned to be a signature office building in the heart of Ayala Avenue.

“With its much-coveted location on Ayala Avenue, Alveo Financial Tower has become a rare investment opportunity for high-powered businesses and organizations wanting to be part of the country’s premier financial center,” said Tupaz,

http://manilastandardtoday.com/2015/...lding-to-rise/

PRIME OFFICE. By the turnover in 2020, the tower will have retail components on its ground, 2nd and 3rd floors, as well as business activity area on its 5th and 17th floors. Photo from Ayala Land

MANILA, Philippines – The upscale subsidiary of property giant Ayala Land Incorporated (ALI) is expecting to generate P10.7 billion ($228.19 million) in revenues from its new Alveo Financial Tower, set to be the most expensive office space in Makati City.

 

2 /

Alveo Land marks record P5.8-B sale of Financial Tower office units
by James Loyola | Manila Bulletin | Tuesday | September 29, 2015

Alveo Land, a unit of property giant Ayala Land, Inc., has sold 60 percent or P5.8 billion worth of the premium office spaces of its new flagship office tower, the Alveo Financial Tower in just two days after its launch.

--- SNIPPED ---

After acquiring the former JAKA Tower site, Alveo commissioned internationally awarded and Seattle-based structural consultant Magnusson Klemencic Associates (MKA) and prominent local engineering firm Sy^2 + Associates to conduct structural integrity tests on the existing structure.
Read more at http://www.mb.com.ph/alveo-land-mark...wSe1lbyXtoz.99

[drbubb]

Greenbelt Hamilton (on Legaspi St.) - going up fast

 

The neighborhood will change, become more crowded.

The mall at City Gate (2016-17?) should have loads of customers

Photo

Update : Reached the 28/floor, of 31 floors

Map : Legaspi St., in Legaspi Village

 

Height of Offices, & New buildings in the area:

.
==============: height: stories: units: launch: start: compl: orig. price :
Alveo Fin'l Tower: 186 m. : 49 st. : 0,365* : 09/12 : 20?? : 2020 : Php 189-230k
GT Tower Int'l------ : 217 m. : 43 st. : Cl. A* : 00/00 : 1999 : 2001 :
Ayala Life FGU---- : 126 m. : 33 st. : Cl. A* : 00/00 : 20?? : 1998 :

RCBC Tower------- : 192 m. : 46 st. : Cl. A* : 00/00 : 1998 : 2001 :
AXA Life Center--- : 095 m. : 25 st. : Cl. A* :
Kroma Tower------- : 157 m. : 52 st. : 0,821 : 12/11 : 2013 : 2017 : Php 120k :

Alphaland Mak 1-3 : 180 m. : 55 st. : 0,000 : 11/09 : 2009 : 0000 :
GB Hamilton T1/2 : 111 m. : 31 st. : 0,601 : 05/11 : 20 -- : 20 -- : Php 105k :
One Central-------- : 195 m. : 50 st. : 0,708 : 00/00 : 2010 : 2013 : Php 104k :
Two Central -------- : 125 m. : 29 st. : 0,000 : 00/00 : 2012 : 2016 :
Three Central------ : 200 m. : 51 st. : 0,000 : 00/00 : 2013 : 2016 :
Eaton Tower-------- : 156 m. : 41 st. : 1,200 : 00/00 : 20 -- : 20 -- :
The Rise (2019) - : 210 m. : 59 st. : 2,800 : 05/14 : 2014 : 2018 :
===============

> Heights, etc : http://www.emporis.com/buildings/1210076/two-central-makati-philippines
> Office Bldgs : http://kmcmaggroup.com/building/Alveo-Financial-Tower/
*-Office units: AFT is the "most expensive building on Ayala Avenue"