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"GREAT DEALS" for Chinese Bulk buyers?

Are maybe not so great, if you compare with (cheaper) Secondary market prices


video: MP4

"one bedroom 26.5 starts from 7m" - at RED residences, that''s P 264 k psm - a (false?) Billboard price?

"SMDC and Megaworld are working with Chinese brokers on "special bulk purchase deals".

Example: In Dec 2017, SMDC remaining Jazz inventory were valued at ~240k/sqm. Chinese brokers started distributing "special cash deal" with discounts of 30%-35% that lowered the selling price to ~160k-170k/sqm.

This allows Chinese brokers to market "great deals" to their customers.

This allows developers to get higher prices for their inventory (Jazz are going ~130-140k/sqm in resale market).

This makes the Chinese buyers feel happy that they got a big discount and a great deal. "


Note: Go to bottom of the previous page to find a real bargain at The Rise (4.3m / 28 = P153k vs. P200k+ from the developer)

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The Rise is now topping out - work is progressing on the Top floor

That's West End Square above the Caltex station:

" The high rise building, Eton’s fifth condominium project in Makati City, is strategically-located along Malugay Street near Chino Roces Avenue and steps away from Ayala Avenue and Sen. Gil Puyat Avenue.

In the pipeline are studio, one-bedroom and two-bedroom units which 8F Allied Bank Center 6754 Ayala Avenue, Makati City will be complemented by retail spaces at the lower ground floor of the building. Within the mixed-use development is a planned boutique mall and a Business Process Outsourcing (BPO) office building, which will cater to professionals in the outsourcing business.

>more at http://www.mb.com.ph/eton-sees-stead...0tQbAEMgW3U.99

zCw7r3n.png : planned: 46 floors in the Towers

I wonder if the finished project will look anything like the render, above. As a knowledgeable cynic on SSC put it:

" Rest be assured that the final product would be a downgrade in terms of façade design, quality of finishing and certainly a delayed turnover of more than a year."

Some tenants at the Rise will find part of their open view is blocked.

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  • 2 weeks later...

Where it's At !


Corner of Ayala and Guy Puyat is the place to be. A real crossroads.


Better use the pedestrian bridge(s) to cross Guy Puyat at rush hour.

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  • 4 weeks later...

Rise is now on! But Bargains can still be found


The Rise from another angle - along Guy Puyat / Buendia.  Bargain Prices can still be found... in the secondhand market.

I am hearing reports from a friend in another SE Asia city, that a friend of his has just agreed to Sell his 1BR unit at a (cheap) P 4million.

He had tried to sell at a higher price (P4.3 Million) for 3-4 weeks.

But then decided to accept a low-ish bid at P 4 million, or so I am told.

I believe there are other potential Buyers monitoring this site who might have paid somewhat more

(and I even offered to post an Ad here for 1-2 weeks.)  Evidently, the Seller was in a hurry and decided to "hit the bid."

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Lush Residences, now being launched next to Air and Rise

Prices reported to be: P235-280k psm, for: 23sqm, 24-31, and 24-37 sqm
"8 meters away from Meralco" so worth every centavo.
You will never have to worry again about forgetting to pay your electric bill 

(haha. there will be a reminder on your doorstep everyday)


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You can now easily visualize the completed buildings


ssc posters claim:

Q : the transfer fees for The Rise, is it still 50k or 250k?

A : 150k

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  • 2 weeks later...

With Prices Up in so many locatons... P 4.5 Million @ The Rise?

Bids in the secondary market are firming along with a stronger primary market.


P 4.5 million / 28 sqm = P 160.7 k per sqm

Excerpt on the Rise thread:

" Secondary market is offering to buy a one-bedroom unit at around 4.5M.

I bought mine from the developer at 5.2M including tax.

If I want to resell, then I need to wait for more years to at least have a little profit if not break even. "

/ 2 /

Maybe you have mixed up transfer tax with capital gains tax.
As buyer, you are only obliged to pay the transfer tax. The developer is probably collecting the transfer tax; not the capital gains tax.

> ssc: http://www.skyscrapercity.com/showthread.php?t=1723515&page=82

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  • 3 weeks later...

In response to Comment: "AIR IS NOW at 7 Million" / 26sqm = p 269k psm (!! wow)

- someone on SSC wrote:

" This is developer’s price. Secondary market’s price for a 26sqm is roughly at 3.8M to 4.2M.
Yep, I also feel that there is a glut (albeit pundits, like Colliers say there isn’t). Despite that, I don’t want to sell yet.

I want to try airbnb regardless kung marami nang unit available for rentals in two years’ time. "

Compare with the Makati Prime Index - at Q1-2018


Calculations: 3800M / 26 = 146k psm ... to ... 4200M / 26 = 162k psm : Mid: 154k - that's -43% discount !

A much bigger discount, I think, than you will find at The Rise, which is a better product imho.

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The 40% limit has been reached at The Rise !


What Next for Foreign Buyers : they are unlikely to go away - the building is too hard to miss

NOW... does that mean that Foreign Buyers will now turn more aggressively to the secondary Market?

RULES (per Condodoc - here )

During the pre-turnover phase, the sale happens through a transfer of rights which is administered by the Condominium Developer. They keep track of the local vs foreign ownership and they can stop the sale (or postpone the sale until such time that there is opening in the quota).

After the turn-over phase, the Condominium Corporation will track these according to the changing of hands. So part of the due diligence if one is foreign buying from a local is to check with condominium corporation (and it should be so, as there could be other issues such as unpaid taxes and maintenance dues).

Do take note that there is unidirectionality to this rule:

A local buying from a local is okay.
A foreigner selling to a local is okay.
A foreigner selling to a foreigner is okay.

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  • 1 month later...

Rise Neighbors


West End Square (from Eton) approaches completion


Tiara Hotel (yellow colored) maintains a "protected" position near Rise.

Probably this building will stay there for years and years, and the view of Rise flats looking over it will remain un-disturbed

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Update: Rise BGC Showroom Now Closed... and More

THE RISE SHOWROOM in BGC is now Closed, with effect from Today (July 31st)

A new show unit onsite at the Rise will open soon, probably in September

I took some photos of the model ... before it was moved


The Rise model in its (former) glory at the BGC showroom


The Rise Poolside (in the model)


Poolside Close-up


The Rise at Poolside, A Closer Close-up of the Amenities Model


Amenities Model, from another angle

As for sales, The Rise is now 94% Sold, I discovered.

Assuming 2,800 units total ... x 6% Left = only about 168 Units remaining at The Rise.

I was also told about 20 units can still be sold to foreigners. This seems to be a change (reopens?),
since it was reported that the 40% "for Foreigners" limit had been hit approx. one month ago.
20 units is not many, so foreigners should move fast, unless they are willing to bet on
more reopened units in the future.  But prices are bound to go higher.

In terms of prices, the cheapest remaining units is P5.5 Million, a unit on a Lower floor.
- I am hoping to get details soon, and will plan to post them here.
Most expensive 1BR is P 6.3 million / 28 sqm = P225k - on a high floor.

Compare that to some bargains in the secondary market, where recent sales are at about
P 4.5 Million / 28 = P 161k (recent secondary market price.)
But in the 2nd market, you may have to pay cash, or take over someone else's payment terms.
There may also be additional costs, like commissions or P 150K for a transfer, payable to Shang.

I expect there are buyers for both types of transactions, and sales will continue strong in
both the primary market (from Shang) and in the secondary market -  which we are aiming to
develop through this website.


Month: RISE- (No.) : Type-Size : PerSq. / AIR R (No.): Type-Size : PerSq./ Ratio
12/'17: 4,600k (06) 1BR-28sm: 164.3k / 4,035k (27) 1BR-26sm: 155.2k / 1.059 : Rise/Air
01/'18: 4,975k (06) 1BR-28sm: 177.7k / 4,174k (28) 1BR-26sm: 160.5k / 1.107
07/'18: 4,977k (15) 1BR-28sm: 175.9k / 4,838k (45) 1BR-26sm: 186.1k / 94.5%

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  • 2 weeks later...

AIR's NEW DEAL ... is a Bad Deal (for foreign investors)


Posts on the SSC thread suggest:

+ No Freehold for (new) foreign buyers : To get around the 40% limitation, new foreign buyers are being offered Units under a 50 year Leasehold... at least for the Bulk Buyers seeking a pricing discount

+ Higher price for foreign buyers : Foreigners now being asked to pay as much as P 7.? Million, vs. P X.? Million for locals.

Compare Shang Salcedo, where locals can buy at P 6.4 M, and foreigners at P 7.1-7.6 Million

Comments from SSC:

" Honestly, I think it is a garbage arrangement for the foreign investors. Don’t think foreign investors will buy into this.  Instead of trying to sell more to foreigners at inflated prices, SMDC should consider giving more discounts to local buyers so that they can fulfil the 60% local levy.

Quite confident it will hold up in court because existing laws allow foreigners to lease land on 50 year lease with another 50 year lease renewal.
Perpetual ownership is a key attraction for foreign investors. I don’t think foreigners will pay 200k/sqm for 50 year lease assets.

" It sounds like a bad deal for everyone- foreigners and locals alike. If the developer controls the voting rights of the 40% of units allocated to foreigners, then the developer will maintain significant control over the entire condo. Want to replace the developer-appointed property manager? Good luck... "

"Was looking around articles about Air residences and found this! Bought a unit here 2 years ago, surprised to see the list price went 50% up. I think a good choice seeing how it is now. I just hope that Makati gets cleaner as the streets on both sides (mercury drug) and (Axa*Post office) are so grubby."

> SSC- Air : https://www.skyscrapercity.com/showthread.php?t=1456032&page=25

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The  Superbowl Contest on Yakul Street- who is Winning?


In the Race between Rise and Air Residences to see which building is finished first, Air seems to be winning... slightly:

+ Air topped out first

+ The Rise's mall, Assembly, is scheduled to open in January, and turnovers may start within six months of that


The final livery of the Rise is getting painted on. Yellow of the Tiara Hotel provides a nice contrast.

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  • 3 weeks later...

Secondary market on The Rise is now pushing up to P5Million

For "Foreign Units" (ie now owned by Foreigner), the Bid/Offer looks like this

P 4.8M bid / P 5.0M offer - for a high floor unit

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"Honest Analysis" from a Viber chat

"Marketing price" vs. REAL Price (ie Price realizable if you are not the developer.) This came up at a Meetup and on a Viber chat


Rise & Air Residences at night

The Rise and Air Residence are two large new properties near the corner of Guy Puyat and Ayala Avenue. Between them they have over 6,000 units, and they will be completed in 2019-2020. The look a bit similar, and have the same architect, even though Rise is being built by Shang and Air by SMDC.

If you Buy direct from the developer(s), you will pay something like P6.8-7.2 Million, so call it P7Million, for a unit of 26-28 sqm. P7,000M / 27 = P 259k per sqm. That's not cheap imho, But reflects the fact that the projects are right on the edge of the jobs-rich Makati CBD, and a short walk from the area around TechZone that I call "little China."

The question: Is P259k per sqm, the "real" price?

... That is, the one that you and I as sellers might be able get? Now it happens that I am an owner of a high floor unit in The Rise, and friends of mine own a total of close to 10 units there. So I have been following these projects closely. And I have been collecting data online and from conversations with various agents about what prices can be achieved by selling. I will share data shortly. But I can tell you, reselling owners will NOT get anything like P259k per sqm for their units.

Before going to 2nd market prices, let me point out that Rents are likely to be about P25,000-30,000 monthly, based upon what other properties in the area are getting. It could be lower, because there will next year be a FLOOD of supply, and that might depress rents for a while. Anyway, if I use P1000 per sqm, that that's a Gross Yield of p28kx12/p259kx28= 4.6% > not very good. But this is pretty typical for some new properties in Makati now. Will secondary market buyer accept such low yields??

Second hand vs. "Market Prices" at Rise & Air.
Dotproperty tracks properties listed for sale (as secondhand resales online).  Here's some recent data, these are asking prices.
Rise : P 5,226M ave (#12) / 28sqm = P186.6k psm
AirR : P 4,900M ave (#34) / 26sqm = P188.5k psm
If we compare this with an estimated P7,000M or P259K psm...
This is a 28% and 27% discount to developer prices - that's massive!

These big discounts should be a big warning to anyone who thinks they
Buy New from the developer, and are making money every time the developer
raises prices.  The reality is, only the developer gets those high
"marketing prices." If you want to cash a profit, you have to accept
a lower discounted selling price, and pay other costs, such as agent's
commission, transfer charge and capital gains tax, if relevant.

The good news seems to be two-fold:
+ Buyers at the 2ndhand price get a higher yield, like 6.4% Gross
+ The Secondhand price is creeping higher month by month, as the sellers
who want to cash a profit, sell - so the cheaper offers disappear.
(when buyers take them, or offers get raised.)

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  • 2 weeks later...

RISE & AIR EXTERIOR FINISHING - glimpse of the Future


Another asking P5 Million?  How long before these Offers get taken out?

North wing / 1 bedroom unit / high floor
5M negotiable

... Or are only available for Local Buyers

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  • 4 weeks later...

RISE & AIR secondary prices - : Makati price Update> DATA thread :

Month: RISE- (No.) : Type-Size : PerSq. / AIR R (No.): Type-Size : PerSq./ Ratio
12/'17: 4,600k (06) 1BR-28sm: 164.3k / 4,035k (27) 1BR-26sm: 155.2k / 106% : Rise/Air
07/'18: 4,977k (15) 1BR-28sm: 175.9k / 4,838k (45) 1BR-26sm: 186.1k / 94.5% psm
10/'18: 5,252k (14) 1BR-28sm: 187.6k / 4,980k (40) 1BR-26sm: 191.5k / 98.0% psm

> Dotpr.Rise: https://www.dotproperty.com.ph/condo/8004/the-rise-makati-by-shangrila
> Dotpr.AirR: https://www.dotproperty.com.ph/condo/345/air-residences

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  • 2 weeks later...

A VISIT TO THE RISE - Revelation of "Lower-than-expected" Prices for (Local) Cash Buyers

I was Inside The Rise (at last)


East Tower, 8th floor. Where the show units are located

I visited The Rise this week with an Agent friend.
We saw the new showroom with the model etc which had previously been in BGC. And we were also able to visit actual units on the 8th floor. Some Photos follow.

One Bedroom unit. Note ceiling height

Kitchenette area

The Comfort Room's shower area.

The Agent, J., gave me an update on pricing.  To be honest, the prices were lower
than I had expected, especially for the prices for Cash Buyers, paying 95% within 30 days, and 5% on completion.

The Rise still has over 100 units available, but only for Local buyers (just now.)  In one way of reckoning, there was even a recent small PRICE CUT for cash buyers.  Previously, the cash discount was 10%, but recently the discount has been boosted to 12% discount for those who transact prior to the of the year.  I suppose Shang Properties would like to reduce the number of units left to Sell to a tiny number before 2019 begins.  That 2% difference is like a P100k price cut on middle floors - but only for cash buyers who are Locals buying from the developer.

Following are some sample prices. I chose the same unit (E) and different floors so you can easily see the premium paid for a higher floor.  In general prices go up by something like P7,000 per floor.


Rise & Air, taken from inside Coffee Bean with City Gates (future) Garden platform in the Left foreground.

Recent Pricing - for Local Buyers only. Foreigner units (temporarily?) Sold out.

Fl-Unit: Full Price: PerSqm : Disc12%: Cash Price: /SQM: Per Sqm vs.18Fl
 53 -E : P 5,884.5K: P210.1K: (706.1K): P 5,178.4K: 28.01: P184.9k + 4.11%
 43 -E : P 5,801.6K: P207.1K: (696.2K): P 5,105.4K: 28.01: P182.3k + 2.65%
 37 -E : P 5,753.4K: P205.4K: (690.4K): P 5,063.0K: 28.01: P180.8k + 1.80%
 28 -E : P 5,728.8K: P204.5K: (687.5K): P 5,041.3K: 28.01: P180.0k + 1.35%
 18 -E : P 5,651.5K: P201.8K: (678.2K): P 4,973.3K: 28.01: P177.6k  ======
(note: Prices rounded to nearest P 100.)

Can Foreigners Buy at these prices?
I asked that question. The answer was: "Maybe, but you will need to wait".  If a Foreign buyer wants to purchase at the above prices, they can file the paperwork, and wait for a Foreign Buyers' Slot to open up. This may or may not happen. And Shang will not guarantee it, so a prospective buyer may get stuck on the Waiting List and find they never get the chance to buy... A better alternative may be to buy from a Foreign seller who has decided to sell his/her unit.  I know owners of 4-5 flats, who are Foreigners looking to resell, and can help to make some matches.  This may be at the same Cash price as above, or perhaps a premium, depending on the Seller's Target price.

If you want more information on units and pricing,
+ You may send an SMS message to  : +63 (0) 99 5298 5718
+ Or contact a friendly agent friend : Jocelyn's email is: therisemakati88@gmail.com

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  • 4 weeks later...

UPDATE on the Rise /  Local Buyers get the Low Prices


Here's a recent representative price For a 27-28sqm 1BR flat from Shang.
Around the 20th floor ---- : P 5.7 Million / 28sqm = P203.6k
Minus 12 Cash discount :   - P 700,000 / Approx. (actually 12%)
Shang Cash Buyer price* P 5.0 Million / 28sqm = P178.6k > near 20th floor
*Only for Local Buyers, under 100 units of all sizes still available

The 40% available for Foreign Buyers is now sold out, unless there are reopenings.
Agents tell me that transactions are getting done for Local & Foreign Buyers through
the secondary market.  Some recent price examples (thanks to friends who transacted):

+ 4.5M all in, Filipino seller to Filipino Buyer
+ 4.8M all in, Foreign seller to Foreign Buyer

The still-relatively-cheap properties are getting snapped up, and
the "CHEAPEST available unit", adjusted for floor, seems to be rising fast.
In fact, some Sellers are now asking for a P50k-100k premium to the indicated
prices, if they are Foreign Owners and can therefore resell to a Foreigner.
I know of 2-3 cases like that.  
Here's one real life example:
Above the 50th floor - : P 5.9 Million / 27sqm = P218.5k
Minus 12 Cash discount : - 700,000 approx. (actually 12%)
Cash Buyer price** -- : P 5.2 Million / 27sqm = P192.6k > above 50th floor
ie Shang would be selling this unit to a local buyer at P5.2 million cash
(Actually: 95% would be in cash, with about 5% at End Of Contract.)

I know a foreign seller who wants for his similar unit:
Cash payment: P4.8 Million / 27sqm= P177.8k
But the buyer is also asked to pay: P150k for the transfer + about P150k
at the end of the Contract.  In addition, the BUYER will pay the agents
commission, which I estimate at 3%. say P150k.
Thus, the Foreign Buyer will pay: 4.8M +150K +150K +150k = P5.25 Million
That is P50,000 more than the local buyer pays.
How else can a Foreign Buyer get a unit at The Rise?

If you are interested in this, I suggest you contact me directly through this
and we may be able to get a transaction done at a lower Commission cost.

Also, If you are a SELLER at below the prices listed here, let me know, and I will
aim to match you up with a BUYER


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  • 2 weeks later...


Official Opening was Nov,. 19th. Many who viewed had positive comments

+ A few do not like the hallways, finding them narrower than expected, and the colors & finished look to be a bit "dormitory-like"

+ Apart from this, the comments were reasonably positive

(per PP on SSC):

Since 3rd week of October, viewing of actual units at the 8th floor of The Rise has been made available to public. Unit owners and buyers can go anytime for viewing. They also have their sales office at the 2nd floor where you can also see the mall being constructed and dressed up. I was there last week with my agent and quiet satisfied with what I saw. Only the east wing is open so you can only see 1br, 1br core and 1br corner. There is also a bridge connecting the 2nd floor mall of The Rise to the 2nd level parking of Air Residences. The center of each residential floor is where the service elevator and garbage collection facility are located. You can also use this to access other wings.
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RISE Update


The Rise's Crown at night.

Latest report on the Mall is that it will be opened in late Q1-2019.


CityGate is very near The Rise & Air Residences. I actually saw a few plants on the first floor of CityGate near the construction

The 8th floor showflats in the East wing of TheRise are now open for viewing

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  • 1 month later...
Guest Edward

The hallways are absolutely horrible, cheap looking NOT what I expected at all. I have seen projects costing considerably less with finished hallways. I would NEVER have purchased in this building if I knew from the beginning this would be the look.

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Yeah, I was disappointed too.

The hallways made me think of college dormitories I saw decades ago.

Having said this, the rooms themselves are decent, and the project may be redeemed by the excellent Amenities, & the location

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  • 1 month later...

QUICK UPDATE - after visit to The Rise on Friday
+ No more Foreign units available
+ Discount for Cash is now just 5%
+ First turnovers expected early Q2
+ The Mall area is mostly complete and looks great!

I think the mall will be finished in a few week - March?

When people see it, there may be increased interest in living at the Rise.

The Aura-like mall next door at Air will also help Rise - giving grocery shopping, and more choices

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  • 4 weeks later...

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