# To Buy Condo in B Global City



## Aussie Pete (Jan 9, 2014)

Hi, has any one had experience buying a Condo in B Global City. What are the traps to look out for regarding contracts, titles etc. Do properties in this area have a good ROI ? Is there high demand for re-sales?


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## MartinA7 (Nov 14, 2013)

Aussie Pete said:


> Hi, has any one had experience buying a Condo in B Global City. What are the traps to look out for regarding contracts, titles etc. Do properties in this area have a good ROI ? Is there high demand for re-sales?


Hi Pete

BGC is a good place if you're looking into buying property to live in or to invest in. Better than anywhere else in Manila, in my opinion (and experience). Just taking a walk around and you'll immediately see the difference between BGC and the surrounding areas. 

There are a few (2 or 3) good developments that you can look in to for investment. I suggest finding a good property consultant that will present you will ALL the details for each property for comparison. 

There are a whole lot of buildings going up at the moment and I'd say most of them are NOT market driven therefore will have an oversupply and a huge price drop when the construction bubble bursts.

About the deeds, contracts, titles, etc... your consultant can help you through them step-by-step but please do your homework.

Good luck! Cheers


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## Aussie Pete (Jan 9, 2014)

MartinA7 said:


> Hi Pete
> 
> BGC is a good place if you're looking into buying property to live in or to invest in. Better than anywhere else in Manila, in my opinion (and experience). Just taking a walk around and you'll immediately see the difference between BGC and the surrounding areas.
> 
> ...


Thanks for the input. What area do you live ?


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## MartinA7 (Nov 14, 2013)

Aussie Pete said:


> Thanks for the input. What area do you live ?


Makati but I have made some investments around.


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## Aussie Pete (Jan 9, 2014)

MartinA7 said:


> Makati but I have made some investments around.


Getting mixed messages regarding purchasing/ ownership issues etc. Seems to be a lot different to purchasing in Aust - as with a lot of things. Will certainly do more home work before rushing in. I still haven't ruled out Makati either.


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## MegInAUS (Mar 25, 2014)

*Purchase of Condo*

Hi Aussie Pete,
Where have you gone to for legal advice for purchasing a condo?
My brother (who visits the Phillipines regularly) is signing contracts (that he doesn't understand and neither do I) for one and he hasn't sought any advice. I'm worried for him as he's already had another developer over there do the wrong thing by him.
Meg


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## Aussie Pete (Jan 9, 2014)

MegInAUS said:


> Hi Aussie Pete,
> Where have you gone to for legal advice for purchasing a condo?
> My brother (who visits the Phillipines regularly) is signing contracts (that he doesn't understand and neither do I) for one and he hasn't sought any advice. I'm worried for him as he's already had another developer over there do the wrong thing by him.
> Meg


Hi Meg, I have decided not to buy as yet. Forfeited my deposit on one property as I couldn't get definitive answers on my concerns from the developer nor a local lawyer(?). Will continue my research and possibly rent for a while or even just invest in Australia and rent here in the Phils seems the best option.
Your brother should be very wary if he has already been bitten - "once bitten , twice shy". hope he does his homework this time. Let me know if he finds a good, trustworthy lawyer. Will do the same.

Are you and your brother both residing in the Phils? 
Pete


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## billygoat993 (Jan 18, 2014)

Condos in BGC are quite pricey. With a lot of developmens going on I am quite skeptical if it can easily be sold fast. The rent is quite high compared to otyer condos in Makati. Had invested in condos but not in BGC, I opt for cityland so I can still rent it out fast. So far I have not encounter problems yet both condos and the house and lot in Sta Rosa.


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## Aussie Pete (Jan 9, 2014)

Hi Billy G, What or where is cityland and why can you rent it quick? Do you buy condos and house & lot in your name only (are you a foreigner)? Did you seek any legal advice or have some one acting on your behalf before buying?? Is your property in Sta Rosa in Ayala development?

Pete


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## billygoat993 (Jan 18, 2014)

Aussie Pete said:


> Hi Billy G, What or where is cityland and why can you rent it quick? Do you buy condos and house & lot in your name only (are you a foreigner)? Did you seek any legal advice or have some one acting on your behalf before buying?? Is your property in Sta Rosa in Ayala development?
> 
> Pete


I am Canadian married to filipina. Cityland is in Makati, tagaytay etc. didn't seek advce of lawyer its different here. No lawers involve just brokers lawyers just notarize Deed of sale. I can rent it fast since rent is only 25-30k for a bedroom in pasong tamo tower cheaper rent faster ROI and cityland has good developmens so far. 
My property in Sta Rosa was developed b Britanny bought 450sqm lot and built 7,000sqft house. Ayala developments are good but to be honest all builders have flaws during construction and once it gets turned over the Association will be the one to protect your investment. Ayala developmen is so pricey but at times not worth it. When ou resale a property here even f its Ayala but then the Association had failed to do their duty and it turns crap value goes down.


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## billygoat993 (Jan 18, 2014)

Btw, its tedious to buy a property from a reseller you need to check for its taxes at Cityhall and registry of Deeds. Some people double sell properties.


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## MegInAUS (Mar 25, 2014)

Thanks Pete,
We are both in AU - my brother visits the Philippines regularly.
I came across a Filipino lawyer practices in Melbourne yesterday who virtually told me that most of these developers and their contracts are dodgy yet she would be happy for me to send her a copy of my brothers contract and his phone number then for $400 tell him not to proceed. When I advised that he has already paid 2/3rds of their payment and only just now received a contract which we can't make sense of she said - too bad - very much trouble. (Sounds as dodgy as the next).
My brother is the type to get taken advantage of easily and has been before over there.
Cheers
Meg


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## M.C.A. (Feb 24, 2013)

*Buyer beware*



Aussie Pete said:


> Getting mixed messages regarding purchasing/ ownership issues etc. Seems to be a lot different to purchasing in Aust - as with a lot of things. Will certainly do more home work before rushing in. I still haven't ruled out Makati either.


There are some real helpful tips on Youtube a guy called Seantheresortrebel, he talks about the various pitfalls to condo's and business he also gives help on how to protect yourself and your investment, tricks before you get tricked.


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## Aussie Pete (Jan 9, 2014)

mcalleyboy said:


> There are some real helpful tips on Youtube a guy called Seantheresortrebel, he talks about the various pitfalls to condo's and business he also gives help on how to protect yourself and your investment, tricks before you get tricked.


Ok found him Sean ResortRebel. Seems like he has definately been around a bit. Yes has some interesting info to share. Thanks


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## marilyn555 (Oct 5, 2013)

found this thread informative ^.^ as im looking into a tiny studio unit now in salcedo village, makati. it is a resell unit and is approx 98k per sqm which i would consider still reasonable compare to those new development which hikes up to 110k per sqm.


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## simonsays (Feb 11, 2009)

how much is the down payment?

how many years after paying up will the project start?

or is it again, the developer takes a risk free ride on investors, i.e. start work only when there is enough deposit / down payment collected?

do feel free to enlighten


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## 808 Engineer (Sep 15, 2012)

Aussie Pete said:


> Getting mixed messages regarding purchasing/ ownership issues etc. Seems to be a lot different to purchasing in Aust - as with a lot of things. Will certainly do more home work before rushing in. I still haven't ruled out Makati either.


We bought a condo at Azure in Paranaque Love it.


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## George6020 (Apr 18, 2014)

Lots of good info and experiences here....I stayed in Field Residences in Sucat, Paranaque for 3 months last year. I was renting a 2 bedroom, 68sqm, for 25k per month, but was required to pay an additional 5000 monthly for Association dues. While there, I obtained lots of brochures on other condos in Manila, Makati, Pasay, Pasig. I was really impressed with "all-inclusive" condos that have shopping, gym, pool, park area....and easy to get bus or taxi.
I was also considering buying a condo............BUT there were too many "good faith" promises that I was skeptical about. Pre-sale gets you the best price, but it will be under construction for YEARS, even after people start moving in. Amenities like gym and pool and park and walking trails take long time to build. Association FEEs can be extremely high, and no guarantee security and maintaining grounds will be good. Location is very important, because NOISE pollution is everywhere in the city. Maybe not during move in, but check the area for discos, nightclubs, karaoke bars just over the privacy wall. 
Don't get me wrong, these all-in-one condos are really nice and convenient. I saw condo construction EVERYWHERE, and as posted here earlier, I also doubt condos are a good investment. I also see a saturation of the market, and very hard to sell or rent. 
The only ones I see making profits are the builder and the agent.


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## simonsays (Feb 11, 2009)

George6020. +1

btw, what about the news that Manila is on some fault line and a rattler maybe due?

are the buildings made to earthquake proof standards?








just trying to brighten the day ...'


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## pcarlos (Jun 10, 2014)

ecureilx said:


> George6020. +1
> 
> btw, what about the news that Manila is on some fault line and a rattler maybe due?
> 
> ...


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## Eza (Mar 27, 2014)

Theres one hotel like condominium that will be ready for occupancy this year u might want to check it out Grand reviera suites in front of US embassy. *<Snip>*


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## jakbolo (Jul 17, 2014)

*a little more details please*



808 Engineer said:


> We bought a condo at Azure in Paranaque Love it.


Azure.....how much for a typical condo unit.....general ball park .....will do. thanks...just looking around Makati....any advice would be appreciated.:hippie:


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## pcarlos (Jun 10, 2014)

jakbolo said:


> Azure.....how much for a typical condo unit.....general ball park .....will do. thanks...just looking around Makati....any advice would be appreciated.:hippie:


Azure would be at the south. from what I remember its about 10-20+ Million Pesos depending on the unit. Dues might be a little higher because of their Amenities. What are you looking for in a condo?


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## thuautif (Aug 3, 2014)

*I am planning to buy a condominium*

Hi everyone! I am expat worker in the Philippines and planning to buy a condominium. Does anyone have experiences about that? If yes, could you please share with me where is good to invest in? What I need for that invest process? And can I easily sale it after 1,5 years.

Many thank.


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## Asian Spirit (Mar 1, 2010)

thuautif said:


> Hi everyone! I am expat worker in the Philippines and planning to buy a condominium. Does anyone have experiences about that? If yes, could you please share with me where is good to invest in? What I need for that invest process? And can I easily sale it after 1,5 years.
> 
> Many thank.


For the time that you plan to have or keep a condo I would advise you -do not buy. There is and would be no advantage in doing so. Resale value in selling would likely not be seen. If anything, there are far too many condos in and around the metro now. Many have been leased out as office space and still many more sit vacant due lack of sales.

Take your time, look around and find a good place to rent---but do not buy...


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## thuautif (Aug 3, 2014)

Hi! I pay 20k/month now. So I think I rent my own and sale after. It maybe save more my money? Is it true?


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## Asian Spirit (Mar 1, 2010)

thuautif said:


> Hi! I pay 20k/month now. So I think I rent my own and sale after. It maybe save more my money? Is it true?


Could be but that would be a gamble. Selling a condo in Manila (especially a used unit) would be the same as selling a downing man a lead weight...


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## cvgtpc1 (Jul 28, 2012)

Sorry guys, I still don't understand why someone would buy a place in the PI unless it's dirt cheap and you can easily pay cash? You don't have the mortgage interest deduction like in the US and sounds like selling for a profit is unlikely but I assume that happens?


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## George6020 (Apr 18, 2014)

After my research of the markets here, I fully agree that buying a condo doesn't make sense, especially if its connected with the SRRV requirement. 
There has been International speculation that the Philippines has "some" of the signs of an emerging market, which I believe is the reason for all the construction going on. People generally want to invest near the beginning of a project in order to make the most profit.
But, in my honest opinion(IMHO), I just don't see this happening here. With the population now at 100 million people, and still so much poverty and chaos within the government and non-enforcement of the laws................BUT, saying all that, there does seem to be some selective markets here that are prospering.


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## juzkc (Aug 15, 2014)

What about retail yield? Is it a good idea to buy a condo unit in BGC or QC and rent it out?


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## Gary D (Oct 28, 2013)

juzkc said:


> What about retail yield? Is it a good idea to buy a condo unit in BGC or QC and rent it out?


The impression I get is that it's an over saturated sector. The are many empty units and many more bought off plan by OFW who have been sold the line that they can make a fortune renting with no gaurentee they will ever be built. To me it look like a whole big bubble that has got to burst, a bit like the many subdivision that are no more than road plans on the hillside.


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## George6020 (Apr 18, 2014)

Gary D said:


> The impression I get is that it's an over saturated sector. The are many empty units and many more bought off plan by OFW who have been sold the line that they can make a fortune renting with no gaurentee they will ever be built. To me it look like a whole big bubble that has got to burst, a bit like the many subdivision that are no more than road plans on the hillside.


Yes, I agree. You summed it up pretty accurate. Too much hype and too many promises...........but small, very small chance you will profit.


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## geandc (Jul 27, 2014)

cvgtpc1 said:


> Sorry guys, I still don't understand why someone would buy a place in the PI unless it's dirt cheap and you can easily pay cash? You don't have the mortgage interest deduction like in the US and sounds like selling for a profit is unlikely but I assume that happens?



You pretty much have to pay cash for properties in Manila. There are short term loans from 2-10 years but the interest rates are ridiculous. That being said, a couple of years ago buying a property was an very good investment. Prices compared to places like Singapore and Hong Kong were very reasonable and the economy was heating up. I bought my house and lot for 21 mil in 2010, and now my neighbor sold his 2 months ago for 45 mil. The real estate market has cooled down a bit, but prices are still appreciating, just not as fast as several years ago. My concern with buying in BGC area is the amount of units that are being built. A news paper article stated that from 2013 to 2016 there will be 25000 condo's built in Makati, as compared with 58,000 units built in the 40 years prior. The article does mention that they expect condos in that area to appreciate by 8% for this year. Prior years had appreciation of 10-14%. Walking around there seems to be a lot of units that are still empty. Also, the other main factor is who will be president in 2016? A lot to think about


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## cvgtpc1 (Jul 28, 2012)

geandc said:


> You pretty much have to pay cash for properties in Manila. There are short term loans from 2-10 years but the interest rates are ridiculous. That being said, a couple of years ago buying a property was an very good investment. Prices compared to places like Singapore and Hong Kong were very reasonable and the economy was heating up. I bought my house and lot for 21 mil in 2010, and now my neighbor sold his 2 months ago for 45 mil. The real estate market has cooled down a bit, but prices are still appreciating, just not as fast as several years ago. My concern with buying in BGC area is the amount of units that are being built. A news paper article stated that from 2013 to 2016 there will be 25000 condo's built in Makati, as compared with 58,000 units built in the 40 years prior. The article does mention that they expect condos in that area to appreciate by 8% for this year. Prior years had appreciation of 10-14%. Walking around there seems to be a lot of units that are still empty. Also, the other main factor is who will be president in 2016? A lot to think about


I need to get out more as the only side of Manila I know is its one big polluted traffic congested mess to be avoided, besides inside Mall of Asia haha


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## oldntired (Aug 19, 2014)

I say this from personal experience: first, do not buy properties that have a mortgage. We bought one, paid fully, made sure the bank loan of the seller was settled, yet the bank BDO would not release the title, saying that they need to check the other loans of the borrower to make sure there is "no conflict". In other words, if the seller has other loans with the same bank, the buyer cannot get the title. So why bother with buying any property with a mortgage. You cannot tell what the seller's other obligations.
second, if you buy from the developer, you do not get to see the contract to sell or deed of title to see the exact obligations that the developer and the buyer will have. It is a very unfair practice. We are buying a property with spot cash from Avida, and they said we could only review the legal documents after we pay fully.


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## Asian Spirit (Mar 1, 2010)

oldntired said:


> I say this from personal experience: first, do not buy properties that have a mortgage. We bought one, paid fully, made sure the bank loan of the seller was settled, yet the bank BDO would not release the title, saying that they need to check the other loans of the borrower to make sure there is "no conflict". In other words, if the seller has other loans with the same bank, the buyer cannot get the title. So why bother with buying any property with a mortgage. You cannot tell what the seller's other obligations.
> second, if you buy from the developer, you do not get to see the contract to sell or deed of title to see the exact obligations that the developer and the buyer will have. It is a very unfair practice. We are buying a property with spot cash from Avida, and they said we could only review the legal documents after we pay fully.


That's good information and something than many of up probably knew nothing about. Old and retired? Stick around here and in the Philippines and you'll feel younger every day.

Welcome to the group...


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