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COMMENTARY - A Testing Year for Makati in 2015? .. ( before less growth in supply thereafter )


Will there be a Slowdown or even Correction for Makati Rents in 2015 ?


Colliers' view is: "In the next 12 months, rental growth in these locations is expected to be between 4.0 and 5.0%.". However...

The numbers presented by Colliers (post#109), suggest a rental price correction is possible - especially for studio and 1 BR flats, but it is by no means certain. The correction seems more likely for two large properties on the "fringe" of Makati, with dense layouts and many units, like Jazz and the Linear.




The Jazz Residence on Jupiter St. in Makati, with more than 5,000 flats will be a key (lower end) project to watch for signs of slowdown:


Jazz Residences, will have to compete with better-located and less dense developments


Jazz layouts




+ From 2015 to 2018, a total of 30,935 units will be delivered in the major business districts in Metro Manila, 40% of which are scheduled for completion in 2015. In the four year delivery period, close to 75% of the units are studio and 1 bedroom units with unit sizes between 18 and 90 square meters. In Makati, there are expected to be 10X as many flats completed in 2015 (4,608 flats), as there were in 2014 (454 flats, a "small supply" year.)


+ Overall residential vacancy in the Makati CBD ... decreased by 4 basis points in Q4-2014 to 8.1%, due to strong take-up by Grade A and Grade B projects. In 2015, Leasing activities were high in the lower end of the market. The Makati. CBD remained one of the more preferred locations during the period, evidenced by a 60 basis point decrease in vacancy - and that was helped by the small number of completions (just +2.6% in Makati during 2015). Meanwhile, premium residential projects experienced a decline of 17 basis points in vacancy, to 4.4%


+ Properties purchased between the end of 2011 (PHP 109.2k) and end of 2012 (PHP 118k) reflected the lower market prices at that time (see averages), and so these properties would have a sizable prices advantage (24.4% and 18.3%, respectively), compared with end 2014 (PHP 144.5k) properties. Some of the buyers with flats being completed may decide to take profits by selling into the secondary market, particularly if they experience or expect delays in finding good tenants at reasonable rentals.


+ In Jazz, a 46.72 SM 2BR flat might have cost PHP 5.435 Million (Php 116k per SM) in 2014. Right now, Jazz landlords are asking Php 30-35,000 for such flats. If these small and cramped 2BR flats can be rented at Php 30k per month, that's a yield of 6.62%, Gross. At Php 35k, it would be 7.73%. (Note that Jazz is on Jupiter Street near Lerato, not the most prime location in Makati, that and the less than luxury build specs would explain why the Php 116k Price is a 15.9% discount to Collier's mid-price for June 2014 of Php 138k


05%20Jazz%20Residences%20Makati%20-%20lo : Footprint: 2.5-hectares


Other data shows that expected heavy completions for Makati, and BGC are clustered in 2015 : source


Location : End2013 / 2014F: +Pct. / End2014/ 2015F: + Pct. / 2016F : + Pct . / 2017F: + Pct. / 2018F

Makati - : : 17,656 / 0,454: +2.57% / 18,110 / 4,608: +25.4% / 2,017: +11.1% / 1,485: +8.20% / 1,072

B.G.C. -- : : 17,513 / 1,914: +10.9% / 19,427 / 5,433: +28.0% / 4,895: +28.0% / 2,979: +15.3% / 1,010

Ortigas-- : : 11,921 / 1,711: +14.4% / 13,633 / 2,756: +20.2% / 1,227: +9.00% / 0,573: +4.20% / 0,422

Rck+Ewd :: 10,548 / 1,159: +11.0% / 11,706 / 0,000 : +00.0% / 0,908: +7.76% / 0,346: +2.96% / 0,914

Total-of-5: 57,638 / 5,238 : +9.09% / 62,876 /12,797 +20.4% / 9,127: +14.5% / 5,383: +8.56% / 3,628


After the torrid +25.4% pace of 2015, the supply additions will slow down markedly, with a much smaller number of expected completions in Makati beyond 2015 : (+11.1% in 2016, +8.2% in 2017). In 2016 the focus for a possible property correction may then shift to BGC, where completions will continue at a high level for the next three years, at least. (+28.0% in 2015; +28.0% in 2016, +15.3% in 2017 - note: percentage of growth is off the 2014F base.).

Some larger Properties where Rentals and Sales could be monitored most closely might be: Jazz Residences (now, with over 5,000 flats in total!) and Lerato (with 1,289 flats, starting in 2015's second half). I have investigated the anecdotal information via the web. SSC has some chat about 2BR flats in Jazz being offered at PHP 30-35,000 per month for a fully furnished flat ot perhaps XX SqM. And there seem to be regular postings concerning renting out of flats there. Followng the posts there, should give some indication of what is happening to rents as the year progresses.


If Makati can make it through 2015 without a correction and/or huge jump in vacancies*, then the prospects beyond 2015 look much brighter going into 2016 and beyond. A factor which will limit supply is that there is limited land for new projects, unless prices are high enough to permit purchase of older, less tall properties for demolition and replacement. But those types of projects may not be completed before 2019-2020.


*NO BIG DROP? in 2015-16:
I have some ideas why we can/should NOT get a big drop in Rents, despite the really big supply coming in 2015 (+25% for Makati, and +20% for overall in 2015.) The main thing is that nearly ALL the FLATS have been sold already, and many paid for, or have solid financing in place - Probably in many cases: The buyers will intending flats for own-use and/or Tenants have already been lined up. I will say more about that below, in post #110 and #119. But we still need to monitor the completions and rentals achieved, to see what the actual absorption rate is for the new supply. Clearly, it will be a testing year for the market in 2015.



Key New Makati area Estates:

Jazz Rs: 5,347 flats in 4 Towers : http://www.cool2invest.com/jazz-residences/

------------------ orig.sch.: A: 783 4Q-2013; B: 1,758 3Q-2015; C: 1,077 2Q-2014; D: 1,749 4Q-2014 = 5,347 flats

Lerato : 1,289 flats in 3 Towers : http://www.theleratomakati.com/

Mak.Pl : 0,494 flats in 2/3 Twrs : http://www.makatiplace.com.ph/ : brochure

Linear : 1,734 flats in 2 Towers : http://www.thelinearmakaticondos.com/

EtonTw 0.786 flats in 1 Tower- : (delayed): http://www.eton.com.ph/etontowermakati.htm

Kroma : 0,821 flats in 1 Tower- : http://www.alveoland.com.ph/condominium/makati-city/kroma-tower/construction-updates

Signa- : 0,702 flats in 2 Towers : http://www.robinsonscondominium.com/designer.html

GB.Ham.: 601 flats in 2 Towers : http://megaworld-makaticbd.com/projects/greenbelt-hamilton/

==== : 11,774 flats: 15/16 Towers


CityGate and Jaka Tower / CityGate's Footprint: 2.2-hectares




CiryGate : slideshow


Ayala seals Jaka Tower buyout

Property developer Ayala Land Inc. has closed the deal to acquire the unfinished Jaka Tower, a long-time eyesore in the Makati central business district and owned by the family of Senator Juan Ponce Enrile.
. . .
Dy said the newly-acquired property would be a part of the P65-billion redevelopment plan of Ayala Land within the Makati CBD.

Ayala Land said it was redeveloping three huge blocks of property at the corner of Ayala Avenue and Buendia Avenue, to be called City Gate.

The first development of City Gate will be Ayala Land’s pioneering stacked mixed-use tower located at the Amorsolo Parking lot.

It will vertically combine retail on the first three levels with two office buildings above, and finally a Seda Suites Hotel on top of one of the office buildings.

The project will have a total of 120,000 square meters of gross floor area consisting of :
+ 53,000 square meters intended for business process outsourcing firms;
+ 28,000 square meters intended for traditional headquarter-type offices;
+ 25,000 square meters, or 312 keys, for the Seda Suites Hotel; and
+ 14,000 square meters for the mall.

Once completed, City Gate will cover a land area of three blocks with a total of 2.2 hectares.

Other components of P65-billion Makati’s redevelopment plans are phase 2 of the Ayala Center makeover, which includes the area of Intercontinental Hotel and the parking lot at the back of the hotel.
=== ===
CityGate Makati: web search : images : SSC-thread
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Greenbelt Hamilton - by Megaworld ... larger-map



Legaspi Village - larger photo



RCBC- : 192.0 m : 46 st = 4.17m

Eton T : 156.0 m : 41 st = 3.80

Kroma : 156.9 m : 52 st = 3.01 (prev. rpt. 198.5m) (c.ht. 2.75m)

Midori- : 145.0 m : 38 st = 3.82

GrHam: 107.0 m : 31 st = 3.45

-tower2: 111.5 m : 32 st = 3.48 (stated 2.7m & 3.05m?)



Greenbelt Hamilton, T1 & T2 : http://megaworld-makaticbd.com/projects/greenbelt-hamilton/



Amenities podium, 6th fl.: v Tower 2 shares with v Tower 1 (425 units, 31 levels, & completes in May 2016)



T1 - Pricing, at May 2011, was:

Studio : 28.3 SQM at Php 2.98M : php 105k (index Q2-2011: 106.0k)

Exec.St: 41.6 SQM at Php 4.38M : php 105k

2 BR : : 54.6 SQM at Php 5.70M : php 104k


T2- Pricing, at Sept. 2014:

Smallest Studio 28.3 SQM is around Php 4.2M : php 148k

Exec Studio 41 SQM around Php 6 - 7M : php 146k - 170k7855820_orig.jpg



SSC- GB. Hamilton thread :: http://www.skyscrapercity.com/showthread.php?t=1376381&page=8

Q : I am torn between Kroma and Greenbelt Hamiton. Anyone can provide tips on which one is better in terms of location, etc.?

A1: Between MW and Ayala/Alveo/Avida, i will always choose ayala

A2: I would say Hamilton with 10-15 mins leisurely stroll to Greenbelt ,,,,BUT take top 3 floors of GBH these having low density per floor

AND HIGH ENOUGH for open view over ayala ....anyway this is what i did :}

> source : http://www.skyscrapercity.com/showthread.php?t=1376381&page=3


=== ===


The Linear. in Makati - a property from Filinvest: higher density, on Makati's fringe


Tower 2 turnover was delayed into 2015, when it missed the Dec.2014 turnover / overall: 1,734 flats in Two towers







Original description: source

(2012-13?): Php1.8 to Php4.6 million / Sizes: 22 - 49 SQM = PHP 82k - 94k per Sqm

Targeting the younger generation working in Makati, Filinvest Land, Inc. (FLI) has come up with The Linear, a master-planned mixed use residential and commercial development that enjoys a superior location bounded by Yakal, Mayapis and Malugay Streets in Makati City.
Two L-shaped residential towers will share a common podium with recreational amenities, landscaped gardens, and retail shops for daily needs. It offers dynamic, accessible and affordable condo living just 5 minutes away from Makati CBD with units from Php1.8 to Php4.6 million.


> Linear thread on SSC : http://www.skyscrapercity.com/showthread.php?t=836324&page=32

On SSC, you will find posts like this:
Z---- / Jan.27, 2015:
Market rental rate: Hi guys, anyone here renters or are renting out their place?
Any idea how much a 1 bedroom fully furnished should be priced excluding monthly dues? I'm putting mine out for rent but I'm unsure about how to price it. Agent says it should be between 18-22k but I checked online and it's between 25-28k.

N--- / Feb.3, 2015:
Hi, any insider info about the upcoming tower 2 transfer? Dec 2014 and Jan 2015 are history. Thanks.
S--- / Feb14, 2015:
Same delays were in the turnover of tower 1 . We were told our condo will be ready in Dec. 15 2013. Came back to philippines but the transfer was on Jan, 27 2014 and only because we insisted to ready it for us before leaving the country. Remember to prepare 49,500 ph if you have 1 br condo if prices didn't go up since then. Sales agents doesn't have a clue when the transfer will take place as each cobdo has a differebt date according to the finalizing by the construction team.

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AVIDA TOWERS, 34th St. in The Fort


(This place in BGC look pretty interesting, given proximity to the coming MTR station nr Market-Market):


AVIDA TOWERS 34th Street Bonifacio Global City : image




Located in the burgeoning central business district, Bonifacio Global City, Avida Towers BGC 34th Street lets you experience the perfect balance between work and play, business and leisure - all with your family in mind. With a family leisure park across your home, and various amenities such as a swimming ool, play area and a built-in retail center, it is designated to nurture family lige amidst a busy city.




Size of Units: 36.75 - 117.46 sqm
Available : 1 BR, 2 BR, 2 BR Loft, 3 BR loft
Price range : (1BR): Php 4.2-4.6M (2BR): 6.4-9M (with VAT)
Example: Php 7.5M / 62.61 sqm = Php 119,789 psm, for spot cash (with 5-10% discount?)


+ Pool area: Lap, Lounge, Kiddie pool
+ Clubhouse, with function hall
+ Reflection Pond
+ Indoor Garden, landscape areas, Children's play area
+ Outdoor gym, Roof deck lounge






> http://www.avidatowers.com.ph/2012/03/avida-towers-34th-street.html


Bonifacio Global City (BGC) Rendering & Maps







> More: http://www.skyscrapercity.com/showthread.php?t=302340&page=445




1BR: 76 - 83 sqm; Php 10.9 – 14M = Php 143k - Php 167k
2BR: 108 - 161 sqm; Php 17.5 - 23M
3BR: 169 - 193 sqm; Php 29 - 34M
4BR: 244 - 256 sqm; Php 41.1 – 55.8M

Flex 2: 81 - 86 sqm; Php 12.4 – 17.1M
Flex 3: 137 - 142 sqm; Php 23.1 – 30M
Skyrise: 420 sqm; Php 68 -173M
Villas: 648 sqm; Php 122 -125.4M

*Inclusive of parking slot/slots / *Turnover: 2019


Price Rise in BGC - from April for East Gallery :


Greetings from Ayala Land Premier!

Please be informed that we will be having an 8% Price Increase effective April 1, 2015 for East Gallery Place in Bonifacio Global City. Launched in October 2013 with increasing values and sustained demand, the market is anticipating more activities to happen within the BGC city center primarily the retail / mall component opening of BGC Shangrila and retail stores located at One Bonifacio High Street (retail podium under The Suites & the future Philippine Stock Exchange building).

To know more about East Gallery Place and would like to see our Showroom in BGC ...

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MEGAWORLD's The Venice Luxury Residences [7T|28F|mix|res]
@ McKinley Hills, Taguig City, Metro Manila










> http://www.skyscrapercity.com/showthread.php?t=302340&page=447

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Something different: Acqua Private Residences, on the water








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PLANS for new International Airport (2030) and expansions on Manila Bay


"Gateway Asia" 2030 Manila in Philippines.



We hope that their will be a New airport that can be a true pride of Filipinos. An airport that is free from issues of corruptions and properly planned. An airport that will not take ages to be initiated, to be constructed and to be OPERATIONAL. A state of the art airport that not so lavishly made, but can accomodate the current and FUTURE tasks of a successful international airport.

The airport can be competitve if it will be built outside Metro Manila (Cavite, Bulacan ect. - to avoid congestion and to spread economic progress; but, the airport must be properly connected to Metro Manila and cities of Mega Manila by the help of "wide roads and rail ways". Maybe the above plan is right, placing an airport near Metro Manila, proximal to current and future ecomomic zones of productions of our possible exports, and along a wide space that can serve as functional site for logistic - truly, all of these can generate a positive effect.

Having economic zones of productions for possible exports can attract foreign investors/manufacturers. If possible, an uncongested pier, will be built or already present, is near the future airport and the economic zones.


The Future City Masterplan of Mall of Asia Comlex and Manila Bay


Top Philippines Listed Developers


Developer: Capex-Php: USD-2015

Ayala land : PHP100 bn : US$ 2.2 bn

SM Prime. : PHP 60. bn : US$ 1.3 bn

Megaworld: PHP 46. bn : US$ 1.0 bn

Vista Land : PHP 23. bn : US$ 0.5 bn

Filinvest -- : PHP 23. bn : US$ 0.5 bn

Robinsons : PHP 17. bn : US$ 0.4 bn



Location Q3-14 : QonQ : CapRt. : Rent - Price 60m : per SM

Makati. : 773.0 : + 0.6 % : 6.8 % : 46.6k : 8.18 mn : 136.4k

BGC--- : 880.6 : + 0.7 % : 6.3 % : 52.8k : 10.1 mn : 167.7k

Ortigas : 700.6 : + 0.8 % : 5.7 % : 42.0k : 8.85 mn : 147.5k


Note: Developer focus shifting from luxury to low end

BGC will almost double in supply in 5 years

All sectors benefitting from current economic growth

Local developers very cash rich, and hoarding cash


Presentation : http://www.slideshare.net/kmcmaggroup/2014-real-estate-market-update-and-2015-forecast-philippine-real-estate

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Newer Condo Properties : The Rise, Air and Light Residences


TheRise: 2,822 flats in 1 Tower- : http://www.therisemakati.com/

Air ------ : 3,642 flats in 1 Towers : http://www.smdcpremier-airmakati.com/ (1h-2020)

Light---- : 0,000 flats in 3 Towers : http://www.lightresidences.com/ (Boni Sta., Not Makati)


The Rise - by Shang Properties / completion : late 2017 - early 2018 ?







Comments on The Rise, from SSC - may 2014, L----tat
This is Avida / SMDC sizes, which is marketed like ALVEO.
The price is reasonable, some units below 95k/sqm as of now.
More so adjacent condos are now priced higher, and there are few 30sqm below units in the inventory for this area.
Choose the 20% annual payments only. If you can buy 17 units, they can open a floor for you. Bulk discounts are also available, even if different buyers,

so long as they are reserved in batch. If you and your friends will buy together, you can ask for the bulk discount.
> http://www.skyscrapercity.com/showthread.php?t=1723515&page=4

PrimePropertyFinder (PPF) - May 2014
Thank you! I am the owner of the company in the link above, I'm also an investor, The Rise still has very good inventory left. This is a very promising project because of the below market price/sqm. You can still enjoy around 8-9% gross annual rental rate of return even at just Php650 rental/sqm (Makati rates are around 800-1000/sqm) planning to get one for myself also but still considering many fctors since I'm heavily invested in Rockwell properties at the moment
> http://www.skyscrapercity.com/showthread.php?t=1723515&page=8

Cyrusal - May 2014
At its current price, this may be the only residential development selling less than 100k/sq.m for levels 50 and above. I suggest to those who are willing to get a unit here to go as high as possible. This is a rare opportunity.

spoke with their head of sales yesterday and I found out that the initial units that were released was 300, but they were compelled to open up a few more floors to accommodate the demands of the bulk buyers. The present inventory now is actually 450 Units already but the velocity of sales is very fast that they are now almost 60-70% sold. I have spent more than 7 days at the showroom and I can see the movement is very aggressive, my for myself I close atleast units a day just from friends alone, one of my investors is considering to get 2 floors all to themselves > http://www.skyscrapercity.com/showthread.php?t=1723515&page=9

PPF - dec.2014:

There are very few 1BR units left, according to The Rise Management there will be another set of price increase as they finally release the East Wing on January, all my 140 clients and friends are very happy with their investment here.. Almost 40% up in less than 6 months, most of my clients earned a Million for each unit. Congratulations on those who have already invested. The Rise still has a lot of room for Capital appreciation specially now with the CityGate development coming in.

> http://www.skyscrapercity.com/showthread.php?t=1723515&page=45

re: subway

375b is still an acceptable budget. It's a small portion of the 2 trillion infrastructure budget allocation.

The problem is not the budget. Under the PPP, the private sector proponent will should the costs. The question is whether the winning bidder (e.g. Ayala/San Miguel/SM) can earn an acceptable return on it, despite the high investment costs and risks (e.g. think MRT fiasco).
I am still cautiously optimistic that this project pushes through, but the window to get the project approved, bid out, and awarded before 2016 is slowly closing.
For potential investors in the Rise, they should just assume the subway never gets built. For many, subway or not, the value of investing here should still be compelling. If the subway does get built, it will just be the icing on the cake.

> http://www.skyscrapercity.com/showthread.php?t=1723515&page=47


Rise-SSC : http://www.skyscrapercity.com/showthread.php?t=1723515&page=48



Air Residences, by SMDC, next to The Rise ?



Situated besides the Makati Fire Station and bounded by Malugay and Yakal Sts. is the upcoming 59-storey Air Residences by SMDC Premier. With just a short walk residents will find themselves in the financial corridors of Makati along Ayala and Sen. Gil Puyat Avenues.


New Render for The Air


Prices: for the Air:

"130K per sqm, entry level. smile.gif the prices have really gone up. Gone are the days..."

"130k per sqm is high considering the location"

> post #205, etc : http://www.skyscrapercity.com/showthread.php?t=1456032&page=15




Light Residences, by SMDC (near Boni Station)



The Light, Price : about php 100 - 120 k p SqM

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The Stiles Enterprise Plaza
at Circuit Makati


The first office tower offering in Makati’s new lifestyle hub – Circuit Makati, The Stiles Enterprise Plaza is a 2-tower office development designed as a hub for vibrant organizations in Makati. Locators benefit from an Ayala-built community that is designed as a lifestyle destination.

Events, retail and entertainment options are all part of the Circuit Makati story.


VIDEOs : Circuit Makati: The New Lifestyle & Entertainment Playground (2013)

" " > On Ayalaland's idea : Ayala unveils plans for Circuit : (2013)

" " > Solstice and more : Solstice at Circuit Makati on Modern Living TV : (Oct. 2014)



2 /



Price Range : P10M - 25M / Sizes: 79 - 180sqm = P126,600 - 138,900 /SM


Property size: 4,920 sq.m. | 54,120 sq.ft.
Development Type: Grade A, LEED-certified, office building with retail spaces
Unit Size Range: 79 to 180 sq.m. | 869 to 1,980 sq.ft.
Completion Date: 3Q 2018
Turnover Date: 3Q 2019


Pricing, etc. : http://www.alveoland.com.ph/condominium/makati-city/the-stiles-enterprise-plaza

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Research & Forecast Report | 4Q 2014 | Philippines | Colliers International


SUMMARY, and Excerpts


3 BR Condos Prices
------------------- : -4Q-2012- : -4Q-2013- : %chg.'14 : -4Q-2014-: -USD- / HKDpsf /vs. Mak.
Location ------ : PHP / SQm : PHP / SQm : Yr-on-yr : PHP / SQm
MAKATI, CBD : p- 117,950 : p- 134,908 : + 7.11% : p- 144,500 : $ 3,284 / $2,364 :: 100.0%
ROCKWELL-- : p- 125,720 : p- 138,768 : + 7.01% : p- 148,500 : $ 3,375 / $2,430 :: 102.8%
BGC/The Fort : p- 118,690 : p- 131,760 : + 7.20% : p- 141,250 : $ 3,210 / $2,311 :: 097.8%
(USD=PHP44, HKDpsf x $7.75/10.76 = x72%)

RENTS: Mak-Mid %Yield : YronYr / L - Makati - H / L-Bonfacio-H / L-Rockwell- H /
4Q /2012 : 0,720 : 7.33% : +7.0E% / 0,525 - 0,915 / 0,570 - 0,865 / 0,686 - 0,912 :
4Q /2013 : 0,805 : 7.16% : +11.8% / 0,550 - 1,060 / 0,610 - 1,010 / 0,720 - 1,020 :
4Q /2014 : 0,838 : 6.96% : +4.10% / 0,575 - 1,100 / 0,640 - 1,045 / 0,750 - 1,055 :

Smaller-sized units to dominate condominium supply

Three residential condominiums comprising 2,030 units were completed in the five major locations that Colliers monitors
during the fourth quarter. These were The Venice Luxury Residences – Alessandro Tower (332 units) in Fort Bonifacio,
Eastwood Le Grand Tower 3 – Monet and Renoir Wings (718 units) in Eastwood City, and The Pearl Place – Tower A (680
units) in Ortigas Center. For 2014, the total number of units delivered amounted to 5,238.


From 2015 to 2018, a total of 30,935 units will be delivered in the major business districts in Metro Manila, 40% of which are
scheduled for completion in 2015
. In the four year delivery period, close to 75% of the units are studio and 1 bedroom units
with unit sizes between 18 and 90 square meters. The majority of these units will likely cater to young professionals and to
investors who would like to diversify their investment portfolios. As such, the influx of these smaller sized units is expected to
create pressure on rental rates and resale prices. Meanwhile, the larger units, from 3 to 5 bedroom units, account for 7.0% of
the new supply with unit cuts of between 100 and 500 square

Makati CBD vacancy slightly declines amid strong take-up
Overall residential vacancy in the Makati CBD remained stable in the fourth quarter, decreasing by 4 basis points to 8.1%,

due to strong take-up by Grade A and Grade B projects. Leasing activities were high in the lower end of the market as the Makati
CBD remained one of the more preferred locations during the period, evidenced by a 60 basis point decrease in vacancy.
Meanwhile, premium residential projects experienced a decline of 17 basis points in vacancy, to 4.4%. It also helped that no
completed projects were recorded in the period. In the next 12 months, however, vacancy is expected to increase

by 260 basis points as more units are slated for completion

Residential rents in the prime locations of Makati CBD, Rockwell, and Fort Bonifacio experienced a more stable growth
in the fourth quarter. In the Makati CBD, average monthly rent amounted to PHP 838 per square meter, translating to PHP
209,500 per month for a 250 square meter unit. Rockwell and Fort Bonifacio rents grew by 1.1% QoQ to PHP 903 and PHP 843
per square meter per month. The stable rental growth can be attributed to the increasing developments in the fringe areas
of these locations, thereby providing additional competition for landlords while benefitting potential tenants. In the next
12 months, rental growth in these locations is expected to be between 4.0 and 5.0%.

Capital value growth to keep pace with rental growth
After a surge in values in the previous quarter, residential capital values have normalized during the period. While capital values

continued to outpace rental growth, Makati CBD and Fort Bonifacio values appreciated by a modest 1.2% QoQ to an average

of PHP 144,500 and PHP 141,250 per square meter. On the other hand, Rockwell values grew the fastest in the period by
1.6% QoQ, ranging from PHP 117,000 to PHP 180,000 per square meter. Colliers predicts that residential capital values will grow
between 4.0 and 6.0% in the next 12 months, as values start to reflect rental growth

Condominium sales return to normal levels
Close to 39,600 units were sold in the residential condominium primary market in Metro Manila in 2014, a 7.1% decline from
42,600 units sold in end-2013. Considering that primary sales dropped by 17% in 2013 after an all-time high of around 51,000
units in 2012, Colliers sees that sales levels have normalized to more rational levels. The number of new launches also affected
2014 sales figures as 35,500 units were added to the inventory in 2014, a decrease of 33% YoY. Megaworld, SMDC and Ayala Land
led in terms of the number of new units launched.


The Manila Bay Reclamation Area emerged as the top location for condominium sales in 2014, with projects such as Shore
Residences by SMDC and The Radiance Manila Bay by Robinsons Land. Condominium projects in the fringe areas of the

Makati CBD, such as those in Rockwell Center, Century City, Circuit Makati and Bgy. San Antonio, were also very
popular with investors
. Homebuyers seeking more affordable residences also drove condominium investments in Northern
Quezon City. Meanwhile, average prices on a per sqm basis for new condominiums in Metro Manila rose by 6.5% by the end of 2014


> http://www.colliers.com/-/media/Files/Marketing%20Reports/Knowledge_Q4_2014

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=== Quote ===

*NO BIG DROP? in 2015-16:
I have some ideas why we might NOT get a big drop in Rents and prices, despite the really big supply coming in 2015 (+25%, +20% for Makati, and overall respectively.) The main thing is that nearly ALL the FLATS have been sold already, and many paid for, or have solid financed in place - Probably in many cases: Tenants have been lined up too. I will say more about that below, in post #110. But we still need to monitor the completions and rentals achieved, to see what the absorption rate is.

=== Unquote ===


Colliers' view is:
"In the next 12 months, rental growth in these locations is expected to be between 4.0 and 5.0%... "


Here are my ideas about how the new supply can be absorbed:


Many owners of these flats are PREPARED to take them over, either for own-use, or they may have friends or family who are planning to move in. They may have planned their return to the country, to coincide with the completion of a new flat. (In fact, the "returning Filipino/Filipina is the core target for Ayala's marketing strategy.)


Here's an example from the SSC thread for the Linear project; a post written by someone who was prepared to move into their new flat, and returned to the country to live in their property, and then had to find alternative accommodation to cover a delay in the turnover date:


Same delays were in the turnover of tower 1 . We were told our condo will be ready in Dec. 15 2013. Came back to philippines but the transfer was on Jan, 27 2014 and only because we insisted to ready it for us before leaving the country. Remember to prepare 49,500 ph if you have 1 br condo if prices didn't go up since then. Sales agents doesn't have a clue when the transfer will take place as each condo has a different date according to the finalizing by the construction team.


> source: http://www.skyscrapercity.com/showthread.php?t=836324&page=32


This type of moving back to the home country, to live-in-the-new-flat situation is far more likely in a country like the Philippines, where something like 10% (!) of the Philippines population, or about 2.3 million people working outside the country. Over their years overseas they save money, and buy properties to live in one day, after they return. Of course, only a few of these people will be able to afford to live in new flats in the Makati area. But the total expected supply of new flats reaching completion in Makati and related areas is "only" 12,797 flats in 2015, and 9,127 flats in 2016.


There is also the ongoing job creation in the Philippines, which should be strong in a country growing at perhaps 6% per annum. And new jobs will be created in the area, as large new buildings like those at Citygate are completed.

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Top Philippines Listed Developers


Developer: Capex-Php: USD-2015

Ayala land : PHP100 bn : US$ 2.2 bn

SM Prime. : PHP 60. bn : US$ 1.3 bn

Megaworld: PHP 46. bn : US$ 1.0 bn

Vista Land : PHP 23. bn : US$ 0.5 bn

Filinvest -- : PHP 23. bn : US$ 0.5 bn

Robinsons : PHP 17. bn : US$ 0.4 bn



Location Q3-14 : QonQ : CapRt. : Rent - Price 60m : per SM

Makati. : 773.0 : + 0.6 % : 6.8 % : 46.6k : 8.18 mn : 136.4k

BGC--- : 880.6 : + 0.7 % : 6.3 % : 52.8k : 10.1 mn : 167.7k

Ortigas : 700.6 : + 0.8 % : 5.7 % : 42.0k : 8.85 mn : 147.5k


Note: Developer focus shifting from luxury to low end

BGC will almost double in supply in 5 years

All sectors benefitting from current economic growth

Local developers very cash rich, and hoarding cash


Presentation : http://www.slideshare.net/kmcmaggroup/2014-real-estate-market-update-and-2015-forecast-philippine-real-estate


Ayalaland replaced Megaworld as the top developer (MW was at 2012):


MANILA, Philippines - Upscale property developer Megaworld Corp. emerged as the leading residential condominium developer in the Philippines for over a decade with 16 percent of the market, results of a recent study by real estate advisory firm CB Richard Ellis showed.
Megaworld has rolled out the most number of residential condominium units during the 12-year period from 2000 to 2011, totaling more than 40,000 units, the study noted.
The units account for an estimated total aggregate saleable area of about 1.9 million square meters or 16 percent of the market, according to CBRE.
The figures reinforce Megaworld’s continued leadership in the tightly-contested condominium market, it pointed out.

> (Jan.2012) : http://www.skyscrapercity.com/showthread.php?t=1376381&page=3

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Somebody on SSC had trouble believing that an Avida flat could be priced at more than PHP 20 mn / 44 = USD 454 k


It seems it is true, for this new property on 8th Avenue in BGC:


Avida - The Montane current pricing is 5.2M - 20.2Mn
> http://www.avidaland.com/condominium...ty/the-montane




Available units for sale:

1 Bedroom unit: 37 sq. m.

2 Bedroom unit: 55 / 65 sq. m.

3 Bedroom unit: 84 sq. m.

2 Bedroom Bi-level unit: 80 sq. m.

3 Bedroom Loft: 106 / 121 sq. m.

4 Bedroom Loft: 136 sq. m.

Price Range: Php5.2-20.2M

PHP 20,200k / 136 Sqm = 148.5 k per SqM


Inspiring Lives at 25 Years

Avida's mission is to make affordable dream communities a reality for middle income Filipinos.

With 25 years of developing and enriching communities, Avida has become a springboard for creating life's possibilities and opportunities.

Avida prides itself with providing sure, secure, and sensible developments. More than just the basics, it provides lifestyle essentials: quality and intuitive designs that are grounded on what enriches people's lifestyles.

With the belief that inspired living means happier living, Avida's vision is to inspire and affect eveyday moments and to portray the Avida lifestyle as one that inspires endless possibilities.

> http://www.avidaland.com/news/2015-01-23/inspiring-lives-at-25-years


Avida's target customer range must have expanded somehow

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This photo shows the street in front of Skyland Plaza and Escobar, near The Rise.

Note the difficulty of the car pushing through Malugay street



The comment that goes with the photo says:

"Can confirm that the flooding only reached ankle or gutter deep on this area (Yakal/Malugay Street). These photos were taken at around 11am on September 19 during Typhoon Mario. My cousin also bought a unit in this project."


> http://www.skyscrapercity.com/showthread.php?t=1723515&page=40


Another flooding comment came up, in relation to Avida Towers, San Lorenzo

" Went to Avida last Thursday to visit my unit. Unfortunately, it started to rain during the afternoon (circa 15:00 - 15:30) and caused the streets by Avida to become flooded (Chino Roces was knee-deep and Estacion was around 6 inches deep or so). The only good thing is that the water subsided after 0.5 - 1 hour after the rain stopped or became a drizzle as well as the flood never got in to the compound. But I can't even get to Waltermart taking the Chino Roces exit from Avida due to the flood. Hopefully, the government of Makati will do something about this."

> http://www.skyscrapercity.com/showthread.php?t=702832&page=37


Map: (On the opposite side of Makati)



Avida Towers, San Lorenzo



2008 Description:

Some info:
-will be launched when they secure license to sell
-two towers connected by a podium
-looks like avida towers makai west and the columns legaspi village
-it has different layouts esp. for 1 BR units
-land area 8,070 sqm.
-compared to makati west this has an outdoor gym
-3 elevators
-30 storey (28 residential floors)
-it has commercial spaces
-turnover of tower 1 around 2012
-joint venture with MGPI
-22 units per floor (2 2BR, 12 1BR, and 8 Studio)
-around P80,000 per sqm (subject to change)

> http://www.skyscrapercity.com/showthread.php?t=702832


Feb.13th update:



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ABOUT SELLING Before Completion


(this Excerpt is from the SSC thread for The Rise):


Q: Compared sa current prices, magkano ba prices ng studio/1BR before?

A: 2.7-3.0M vs 3.8M now


Q: Has anyone successfully negotiated amendments to their contract to sell?
I am concerned about this clause:
"11.2. The BUYER shall not sell, assign or transfer any of his rights, interests and obligations in and under this Contract to any person or entity without the prior written consent of the DEVELOPER. Any sale, assignment or transaction entered into by the BUYER in violation of this condition may, at the option of the DEVELOPER, be considered null and void, without prejudice to the right of the DEVELOPER to consider the BUYER in default under this Contract."

Even though the developer is unlikely to unreasonably withhold consent to sell, I don't really like the idea of being legally bound to that clause. The unit is mine, I paid for it, and should be able to sell it whenever I wish.


A: That clause is in effect during the "selling" and "buying" period of your relationship with the developer and terminates when the property becomes "yours" which begins when you are fully paid up.
Note that it's called a CONTRACT TO *SELL*. It isn't YOURS if you haven't actually paid for it yet in full.
A similar clause will be present in your mortgage contract with your bank if you plan on acquiring the property through a loan.
Makes sense?


> http://www.skyscrapercity.com/showthread.php?t=1723515&page=48

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My friends from Ayalaland, Manila will be in town next Thursday (5 March) thru Saturday (7 March), and I am arranging some small group meetings in Kowloon and on HK Island.

There is one particular property they are now suggesting in the Makati.

If someone wants to join a small group meeting, and/or hear more about it, please me a PM (with your email), and I will provide more detail.

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Top Philippines Listed Developers


Developer: Capex-Php: USD-2015

Ayala land : PHP100 bn : US$ 2.2 bn

SM Prime. : PHP 60. bn : US$ 1.3 bn : Henry Sy

Megaworld: PHP 46. bn : US$ 1.0 bn

Vista Land : PHP 23. bn : US$ 0.5 bn

Filinvest -- : PHP 23. bn : US$ 0.5 bn

Robinsons : PHP 17. bn : US$ 0.4 bn


Ayalaland / ALI-PH ... update



Philippine's top property developer - hitting new highs. Along with others


SM Prime Holdings Inc. / SMPH-PH ... update



SM Prime has become one of the largest real estate conglomerates in the country and in Southeast Asia with interests in malls, residences, office buildings, resorts, hotels and convention centers. SM Prime is the Philippines' largest mall developer, both in terms of gross floor area (GFA) and geographical reach where it operates close to 50 malls. In China, the company’s five malls are thriving in second- and third-tier cities, a strategy that the company will maintain as it grows further in umbers. A dominant player in the Philippine residential business, SM Prime has offerings mainly in key cities in Metro Manila - Quezon City, Mandaluyong, Pasay, Pasig, Makati, Paranaque and Taguig.

> source: http://www.sminvestments.com/corporate-profile


Megaworld / MEG-PH ... update



Vista Land & Lifescapes Inc. / VLL-PH ... update



Filinvest Land / FLI-PH ... update



Robinsons Land / RLC-PH ... update



Here's one not doing so well, the developer of Century City


Century Properties ... CPG-PH ... update



Century Properties Inc. (CPI) is the Parent Company of CPGI. Today, CPGI through its subsidiaries and affiliates, is one of the few publicly-owned property firms that offers a full-range of services, including property development, sales and marketing, and property management.
As one of the most highly experienced real estate companies in the industry, the Company has built over 22 buildings (with over 4,200 units) and 720 homes, with a 100% completion rate of all its projects. ... In 2007, it started the development of the 3.4-hectare mixed-use project called Century City in Kalayaan Avenue, Makati. Comprising Century City’s master plan are a retail center, office buildings, and residential buildings. To date, 5 projects are under development including Gramercy Residences, Knightsbridge Residences, Milano Residences (partnership with Versace Homes), Trump Tower Philippines (under license from the Trump Organization), Centuria Medical Makati (with a partnership with GE) and the retail center.

The main competitors are Ayala Land, Inc., DMCI Homes, Filinvest Land Inc., Megaworld Corp., Robinson Land Corp., Rockwell Land
Corporation, SM Development Corp. and Vista Land & Lifescapes, Inc.

> source: http://www.century-properties.com/investor-relations/

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CENTURY CITY ... complaints


(Take this with a grain of salt - it might have been written by a competitor):

    • Gramercy, Century Properties, Home Owners Survey

      Here were the most common complaints from the survey results and what I think Century should do:
      #1: Customer Service
      According to owners: communication is poor, slow, unresponsive, "they don't even reply," "they avoid calls and emails," "they need to be more efficient handling concerns," etc.
      I think Century should: replace all inefficient employees, notably in the PMO, turnover group, leasing office, resale office, accounting office, engineering, security, and IT. Implement a more efficient system to manage calls, emails, and tasks.
      #2. Misrepresentation
      According to owners: many broken promises, they felt misled or scammed, "bait and switch," promised turnover date not delivered, actual unit different from ads and brochures, purchased 1 bedroom unit but received a studio, promised furniture not delivered, etc.
      I think Century should: fulfill promises or compensate owners if they cannot.
      #3. Poor Materials and Workmanship
      According to owners: poor quality finishings and furnishings, poor workmanship, lots of problems with furniture and appliances, problems with flooring, faulty water heaters, engineering slow to make repairs, etc.
      I think Century should: replace defective flooring, appliances, and furniture. Re-train or re-hire engineering staff to ensure quicker and better quality repairs.
      There were many more complaints (over 100) but these were the most common.
      I'll be sending this list as well as the survey results to Century's Customer Service Group.

    • anon36.png

      Century Properties, Gramercy Unit Owners, Complaints Ignored by Gramercy Property Management Operation...

      Dear Century Properties,

      Please address our complaints. We know that your company accomplished a feat in constructing and managing a great number of units (especially in the tallest building in the Philippines). We know no developer is perfect but we believe that your miscellaneous fees (we weren't given options on our TV/Internet subscription and many are not residing in their respective units) and association dues as well as parking fees are involuntary, exorbitant, unfair and unjust. When we tried to ask the rationale of added subscription fees, your DCG department based CTS Section 12(d) stating that – "BUYER hereby agrees to reimburse the SELLER for all expenses incurred by the SELLER such as but not limited to insurance premiums, fees, deposits and charges for installation of connections of the Unit’s electric and water meters, telephone line, cable TV/internet and its pro rata share in the assessments for common expenses including but not limited to expenses for maintenance, common electrical and water consumption, security, administration and janitorial services, unpaid association dues, which are payable and outstanding or which the SELLER may have advanced at anytime prior to the turnover of the Unit.” The statement is by itself vague, indirect and secondary and was proven to be contrary to the interests of residents. The primary responsibility of having such added facilities on the contrary, will shy away prospective buyers or tenants. Giving us an option to practically choose promotes transparency, healthy and open competition among providers ...

    • Century Properties, Gramercy Unit Owners, Complaints Ignored by Gramercy Property Management Operation...

      :To stop Century Property keep lying to clients.

      Especially people like us. A foreigner. ... I wasted my life's savings due to coercive and deceptive sales tactics of Century. Too expensive. Too good to be true promises. Poor construction quality. Expensive add-on charges. Bait and switch....

      I have had a lot of issues with Century Properties and ny grievences are ignored....

      Century is the worst company I have ever dealt with. I would sell my unit even at a loss to get some money back. 6 and a half years until turnover, unit size decreased at last minute, terrible client support, most expensive dues, bogus charges, mandatory internet and cable subscription with no freedom to choose, low quality products use. seriously century, your door knobs cost 300 pesos retain at the hardware, and your unit numbers are made out of cardboard! CARDBOARD FOR CHRIST SAKE! the public and media need to be made aware and this BS company needs to be exposed...


      > http://whaddaheck.blogspot.tw/2012/04/top-5-residential-condos-in-philippines.html#.VPaztuGvTIU

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ARGUMENT for Lerato, and Ayala - from SSC thread:

F--- / post #453
I am from Canada. I am not rich, just have an average paying job, so I can only afford to purchase a 31 sqm Studio unit at Lerato Tower 3 last November 2014. The cost per sqm is PHP103,225. NONVAT.

I made several researching on the internet about buying condo's in Metro Manila. My only purpose of buying a studio unit is not for investing but for my own vacation place in Makati.

Below is my list of items I needed to consider before I decided to purchase Lerato Tower 3 (# 1 being the most important)

1) Location - Makati is the richest city in the Philippines. A lot of rich people invest in Makati. As far as infrastructures are concerned, any renovations, additions, beautifications in NCR, the Government and Private Sectors (like Ayala, SMDC, Shang, Alphaland, etc) would definitely start in Makati.
2) Developer/Quality - Ayala has been around since 1970s. Generally, they never fail because they do not want to ruin their brand. And because Ayala does not want to ruin it's brand, their after-sales service, building quality, and building management must be expected to be of the highest rate compared to other developers.
3) Close to a Hospital - Because I am close to getting old, I need to make sure that the condo I am buying is very close or walking distance to the most reputable hospitals in Metro Manila like Makati Medical Centre and the New Ospital ng Makati which is just beside The Lerato Tower 3. You do not need to worry about traffic.
4) Price - I bought a unit that is a NONVAT unit (less than 3.2 million)
5) Entertainments - Along Ayala Ave, within 20 minutes walk to Greenbelt, Glorietta, Ayala Triangle. And if the Bus Rapid Transit along Ayala Avenue would materialize, then that's a big bonus. To think that City Gate is around the corner. The planned subway (if it ever happens) will have a subway stop less than 2 minutes walk from Lerato.
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Why that crazy increase in "available flats" in Makati may be absorbed



In a soundbite : BECAUSE of Manila's serious transport problems, transportation times are very high.

(Makati is where a majority of the highest paid jobs in Manila are.)

There are about 18,000 condo flats now in Makati, and something like 6,600 flats will be completed in the next two years. That means about 1/3 more condos to rent.

But consider this, there are estimated to be over 500,000 jobs* now in the Makati area. And more jobs will be added as new office buildings will be completed in places like CityGate in the next 2-3 years.

Suppose someone is commuting 2 hours (each way) from somewhere like Queson City, and they get a PHP 10,000 a month raise (after tax). Might they consider putting most or even all of that raise into renting a new flat in Makati?
Yes! Here's why:

(Consider the case of someone who stops renting at PHP 20,000/mo., and shifts to a 30,000/mo flat in Makati:
+ they get rid of 4 hour a day (of ugly) commuting, and replace it with a 30 minutes walk, or whatever
+ the extra 3 1/2 hours would increase their free time during the week - that's the time when they are not working,
eating, or sleeping by 50% or more. For someone who sleeps 8 hours a night, works 10 hour days: they only have 6 hours left, and some of that will be spent eating. That leaves them less than 6 hours a day of "free" time, and if 4 hours is spent commuting, that's 2/3rds of their "free" and personal time wasted on commuting - what a miserable life!

+ By cutting commuting time to 30 minutes, "Free" time would jump from 2 hours to 5 1/2 hours. They get their life back !

( I put these figures and the example together after talking with an agent from Manila, who was visiting HK.)


*Other Info Sources:


+ "With a population of 609,123 Makati is the 16th-largest city in the country and ranked as the 41st most densely populated city in the world with 19,336 inhabitants per square kilometer. Although its population is just half a million, the daytime population of the city is estimated to be more than one million during a typical working day because of the large number of people who go to the city to work, shop, and do business"
+ Makati City includes a population of 510,383 residents, based on the 2007 (!) Census:
+ Number of Households: 103,981 / Average Household Size: 4.5 people / Median Age: 25 years old
+ Makati is the country’s premier business district. It has the largest concentration of commercial activities in the Philippines, and is
the country’s primary link to international finance and the global economy. With 2.75 million square meters of prime office space
as of the end of 2010, the City’s business district is 5.56 times larger than the second largest (Bonifacio Global City) in the country, and accounts for 60% of Metro Manila’s prime office space inventory of 4.5 million square meters.
+ The number of (business) establishments showed an increasing trend from 2007 to 2010; from 55,129 to 60,304.
+ Makati Population at May 1, 2010: 529,039
+ Growth rate: +3.41% pa (20110): + 18,040 people; so by 2015, should be over 600,000 people

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SBC (Security Bank) has come out with a report suggesting...

Because of the declining inflation rate, the Philippines is "entering the Rate Cut Zone."

In the Feb. CPI report, Core Inflation is down to just 2.54%.

"The BSP remains one of the few central banks in Asia that has not cut rates... India recently surprised with an unscheduled move as well as China, which lowered its policy rate in response to easing inflation and slower growth.

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Signa Designer Residences, Makati




29 storey, 2 tower development on 2,570 sq.m. lot
702 residential units
1BR, 2BR, and 3BR flat units
402 parking slots


(Prices: oct 2012, when Index was Php 117.95k psm)
Tower 1: based on 5th and 6th floor
1 br- 32.85- 45.91 sqm, Php 3.8M to 5.1M : 115.7k-111.1k
2 br- 56.80- 67.36 sqm, Php 6.3M to 7.5M : 110.9k-111.3k
3 br- 90.22- 93.88 sqm, Php 10.1M to 10.5M
Tower 2: based on 5th and 6th floor
Studio- 37.20- 40.86 sqm, Php 4.3M to 4.8M :
Exec 1br- 39.60- 47.06 sqm, Php 4.6M to 5.5M :
1 br suite- 50.40- 59.56 sqm, Php 6M to 7M : 119.0k-117.5
2 br suite- 72.10- 75.85 sqm, Php 8.5M to 9M :






> http://www.robinsonscondominium.com/designer.html

> SSC : http://www.skyscrapercity.com/showthread.php?t=624775

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Lerato vs Jazz:
Originally Posted by p--c--
I have yet to find that out 2016 pa kasi turnover.
Do you guys think rental yield will be bigger in Lerato? I am really thinking how this will turn out as I have soo many things in mind (financial decisions, getting married, other investments etc)

== unquote ==
With regards the rental yields, it depends on the rental rates in Makati come 2016. As Lerato also have some competitors in the same area such as SMDC's Jazz and Air residences which has 60 and 76 units per floor and Shang's The Rise Residences. They also offer units with the same size as Lerato's. Studio units are also 23 and 25sqm...
- z---88
You can also register your unit with Ayala Property Management. They can help find tenants for you. Then aside from APMC, get your broker as well to market your unit It also depends din sa look of the unit, sometimes expats are picky (mostly expats would be your target tenants) they mostly like modern furniture. Not necessarily you need to spend a lot or hire an interior designer, but the unit should look nice since there's a lot of unit competition out there in Makati.
- j---88
Q: I see. How much would it cost tho if I have Ayala or some brokers search tenants for me?
A: Usually about 1 month's worth of rent.
Q: Wow that's pretty big. I am guessing this should be contract of at least a year right?
A: Correct
> http://www.skyscrapercity.com/showthread.php?t=1002701&page=24

Re: Jazz, Air... SMDC projects

AIr : "130K per sqm, entry level. smile.gif the prices have really gone up. Gone are the days..."

To all prospective buyers of any SMDC projects: Save yourselves from the hassle of dealing with their very high fees, very lame after-sales customer service and very inconsiderate billing department. I, for one, am a client/victim of SMDC projects and I am now regretting buying one from them. Also, don't believe their scheduled turnovers because, as far as I know, all of their projects so far are delayed compared to their original target delivery date....
True. I got a unit at jazz residences and all I can say is they suck big time. I would never consider anything again from them unless the location is really good, which given their current track record would be never.
> http://www.skyscrapercity.com/showthread.php?t=1456032&page=15


(one of many possible co's to assist - no recommendation. I don't know them):

Any unit owners here who is in need of a leasing property manager? We currently manage 15 units in Jazz Residences are still looking for owners who need help in leasing their unit. We take care of everything from 1) Market Analysis, 2) Viewing, 3) Negotiation and Contract Signing, 4) Move-In and Move-Out. If interested, please PM us you contact details. Thanks!

> fortbgc Real Estate Brokerage : http://www.skyscrapercity.com/showthread.php?t=1343265&page=184


JAZZ: Q: How much is the monthly rent for a 2br?(xx sm)

A: 30-35k for a fully furnished unit.

> http://www.skyscrapercity.com/showthread.php?t=1343265&page=183


KROMA: Does an Asking price mean anything ?

I've been offered unit resales in Kroma for 148,000 a meter.
Does anyone think this is worth paying now that completion is is due in Q4 of 2017?

It's still 2.5 years away but it's probably worth some premium compared to the guys who signed up in 2012.

> http://www.skyscrapercity.com/showthread.php?t=1471414&page=11

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The, er, Boom in Condos continues...


Megaworld to build 3 more high-end condos in Mkti
by Richmond S. Mercurio | The Philippine Star | Friday | Updated March 13, 2015 | 12:00am

MANILA, Philippines - Megaworld Corp. will launch three more residential projects in the Makati central business district (CBD) until next year.

--- SNIPPED ---
“As Makati continues to establish itself as the top location for real estate investment, Megaworld is poised to aggressively expand its residential condominium portfolio in this premiere city,” he said.
. . .

Eugene Em Lozano, Megaworld vice president for sales and marketing for Makati CBD, said the new residential towers will be part of the company’s efforts to increase its portfolio of property developments in the country’s premier financial hub to more than 30 towers by 2016.

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11 Filipinos in Forbes' 2015 world billionaires list


By Camille Diola (philstar.com) | Updated March 3, 2015 - 11:41am


The 11 Filipino billionaires have a combined fortune of $51.9 billion or P2.28 trillion—a little less than the Philippine government's P2.6 trillion national budget for 2015.

Forbes Magazine reported Sy's 10-digit growth in fortune was due to the expansion of SM Investments Corp. in real estate development, shopping malls and banking the past year. Sy also invested in City of Dreams Manila resort and casino.

JG Summit Holdings' John Gokongwei Jr. with $5.8 billion landed #2 in this list, followed by ports king Enrique Razon Jr. with $5.2 billion.


World 2015 NW : Billionaire======== : =Source= Affiliated Brands======================
##73 14.8 bn : Henry Sy and family : diversified SM Investments Corp. City of Dreams Manila
#254 $5.8 bn : John Gokongwei Jr. : diversified JG Summit Holdings, Cebu Pacific, Universal Robina
#291 $5.2 bn : Enrique Razon Jr.---- : ports International Container Terminal Services, Solaire Resort
#330 $4.8 bn : Andrew Tan ----------- : diversified Megaworld, McDonald's, Emperador Distillers, Resorts World Manila
#369 $4.4 bn : Lucio Tan and family - : diversified Asia Brewery, Fortune Tobacco, Philippine Airlines, Philippine National Bank
#369 $4.4 bn : George Ty and family : banking GT Capital, Metrobank
#405 $4.1 bn : David Consunji : construction DMCI Holdings
#690 $2.7 bn : Tony Tan Caktiong : fast food Jollibee Foods, Greenwich Pizza, Chowking
#810 $2.3 bn : Lucio and Susan Tan : retailing Puregold Price Club
1054 $1.8 bn : Robert Coyiuto Jr. : power Prudential Guarantee & Assurance, PGA Cars, National Grid Corp.
1190 $1.6 bn : Manuel Villar : real estate Starmalls, Vista Land & Landscapes

Stocks of Gokongwei's holding company shot up significantly the past year despite hiccups in Cebu Pacific airline's operations with a $1.2 million fine.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Construction czar David Consunji, 93. also made the list due to DMCI Holdings' jump in stocks. Consunji's son, Isidro, has invested in power and developed the 150-hectare Acacia Estates in Taguig.

Lucio and Susan Co, founders of Puregold and Cosco Capital, re-entered the list this year with a 2015 net worth of $2.3 billion. Their Puregold supermarkets now have 200 branches nationwide.

> http://www.philstar.com/business/2015/03/03/1429620/11-filipinos-forbes-2015-world-billionaires-list

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Philippines set for factory boom as costs rise in China - SCMP, Mar. 16, 2015, B5


Already six major co's from Japan, Taiwan have picked factor sites nr. Manila


+ Had been overlooked, is now benefiting from rising costs elsewhere

+ Phil. advantages are: English languages, tariff elimination to Europe

+ Co's see Phil. as a "backup" to China

+ Products for Southeast Asia will also be manufactured in Phil.:

: electronics, bicycles, processed foods

+ China has had a 13 percent rise in labor costs, Phil. is cutting corruption

+ Factories are in industrial parks in three provinces, w/in 2-hr drive of Manila

+ Phil. is expanding seaports, adding expressways, to ease traffic congestion

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