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CITY GATE, KROMA Tower, & AFT (photos)

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(N., see my private message to you. re: petition / private KTO thread)

Kroma Rents & Prices. 1BR: 450 units + studios, 2BR= 820+ units in total - CGK7

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*NEW* High Floor 1BR UNIT at Kroma Tower - Available Soon For Lease

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Floor plan for upper floors.

This 59sqm - 1 Bedroom unit faces Dela Rosa, Legazpi Leisure Park & Manila Bay

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1BR "Unfurnished" w/ balcony: Should be good for tenant seeking long term lease arrangement,

And wants to choose own furniture, & stay for at least two years : 2-3 year term available, at fixed price.
Bare unit of 59sqm = 55sqm inside + 4sqm balcony

High floor, sensational view towards Manila Bay.

P 58,000 per Month
Available from Feb. 2019 (provisionally, depending on turnover date)

Text message / Or questions to: "HiFloor Kroma" @ +63 995 298 5718

====

Note: Rents on lower floors average P1,100 psm, Fully Furnished

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Kroma is one of ONLY TWO CONDOS on the walkway - the other is Eton Tower

Stay "high & dry" in comfort in Kroma Tower, on the beautifying "Artsy-end" of Ayala Avenue

> LINK to here: https://tinyurl.com/kroma-ckg7

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KROMA TOWER, Listed for Sale, 1BR's 11 units (Dec. 2018)
=============
2BR x4: 20,000K / 98.0 = 204.1k psm : 2BR, 2ba
Stu.-x2: P5,650K / 28.0 = 210.8k psm :
1BR --  : 15,805K / 58.0 = 272.5k psm : 1BR, 1ba
1BR --  : 14,500K / 56.0 = 258.9k psm : 1BR, 1ba
1BR --  : 13,000K / 59.0 = 220.3k psm : 1BR, 1ba
1BR-x4: 12,000K / 56.0 = 214.3k psm : 1BR, 1ba,
1BR --  : 11,600K / 56.0 = 207.1k psm : 1BR, 1ba, ??
1BR --  : 11,000K / 54.0 = 203.7k psm : 1BR, 1ba, 46fl
1BR --  : 10,900K / 56.0 = 194.6k psm : 1BR, 1ba, 46fl
1BR --  : 10,200K / 56.0 = 182.1k psm : 1BR, 1ba, 25Fl
===== : 
10 units 119.2 k / 56.E= 212.9k psm (threw out High)
Parking: P 760k / 12.5 = P60.8k psm : podium parking
Median: 11,920k / ave.= 212.9k psm : Dec. 2018 / 10x 1 BR's
Prior --  : 10,375k / ave.= 185.3k psm : July 2018
=====
RENTS : 1BR : P65,000 /56sqm = P1160 psm, aver.9 units
(source: DotProperty - early Dec. 2018) +14.9% since July

We have a seller on this website, go the prior page: CKG7

1BR, hi fl. corner: P208K psm x 56sqm = P11,650k

compare: when I update to Q3.2018, it will likely be over P200K psm

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"Stay High & Dry at Kroma Tower"

Kroma is one of only two condos on the Dela Rosa walkway, connecting to Greenbelt and giving easy access the high-paying jobs along Ayala Avenue. The other walkway access Condo is Eton Tower with mostly tiny units.  Measured space inside studios there is only 19sqm, tho' Eton (falsely) reports them as 22sqm

Possible Rent Squeeze is dead ahead at Kroma & Makati North.  Why?

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Basically: three new office buildings have completed within 1-2 minutes walk of Kroma, and tenants have started to move in.  I estimate perhaps 20-25,000 employees will be working in those three, and some of the employees will want to live very near their offices.  The Rise & Air Residences were partly timed to cater to these workers (and their bosses), but these buildings are not completed yet, and are unlikely to be allowing their first turnovers until mid-2019, at the earliest. 

The last possible Rent squeeze I spotted was near Techzone on Yakal st.  Rents nearby rose by perhaps 20-30%.  I am not expecting that much at Kroma, but it could push rents up by maybe 10-20% over the next 6-12 months. Let's see what happens

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Possible Budget for furnishing a 1BR flat - An illustration

P500k Budget "sounds about right"
Major items, & categories below... shift to tastes/ requirements
====
+ 100K : Air Conditioning. 2 units, costing total P100k
+ P50K : Condensing washer/drier, around P45-50K
+ P25K : Refrigerator
+ P32K : Range, hood & strong fan (7k)
+ P10K : Tiles & Tiling work
+ P40K : Sofa, or Sofa Bed
+ P40K : Bed & mattress
+ P30K : Wardrobe?
+ P40K : Dining table and chair
+ P25K : Desk and chair
+ P20K : TV
+ P10K : Water heater, mirrored cabinet
+ P 6K : Microwave (4k) & Rice cooker
+ P 4K : Kitchen accessories
+ P20K : Lighting, curtains
+ P20K : Paintings or other artwork
+ P28K : Labor, installation, delivery

> 500K - Sub-Total
+ Other: Coffee table, end tables, shower enclosure etc./ missing?

> Some photos, etc: (members only):

Kroma Private Discussion - for KTO Group

MEET-UP : Sat. Mornings (10am normally, this week @ 9am: SBC, DelaRosa)

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A's One Bedroom Unit - rented in Dec. at P65,000 a month - that's about 1,100 psm

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More Photos : #2 : #3 : #4 : On the Private KTO thread

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SEDA MAKATI at City Gate is opening soon

Pay P,6,000+ a day at Seda... Or pay much less at Kroma Tower, almost next door

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(old photo) SEDA is on the top floors of City Gate, Tower 1

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SEDA is on the top floors of City Gate, Tower 1

Ayala Land (ALI) will be spending P8-10 billion on its Seda Hotels until 2020,
exoanding the brand.  In 2019, three new units are coming
+ 342 additional rooms in a second tower at Seda-BGC
+ 214 rooms at Seda Cebu
+ 293 rooms for Seda Residences in Makati
These are the first hotels to feature residences, and Ayala is aiming for guests
who stay longer than 2-3 days, and want larger than standard rooms

Overall, SEDA's hotels are experiencing 80% occupancy.
In BGC room rates are P6,000 to 8,000 per day
By 2020, SEDA expects to open two more hotels and have over 3,268 rooms across
eleven locations.

> https://business.inquirer.net/262365/ali-unveils-p10-b-seda-expansion-plan

upcomingHotels6-SedaAyalaNorthExchangeMa

Seda Ayala North Exchange, Makati
Ayala Avenue cor. Salcedo Street
Legaspi Village, Makati
Reach new heights at our first property in northern Ayala Avenue with 312 serviced residences from studio to 3-bedroom apartments. See the city from a fresh perspective as our express elevators take you up to our sky lobby on the 19th floor.

SEDA Hotels : https://www.sedahotels.com/

Seda-BGC-Hotel-Philippines-Lobby1_lo-102

Hospitality News : https://hospitalitynews.ph/3108/our-cover-seda-hotels-rising/

MORE : Seda Hotel photos : architect photos :

 

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Create-a-Group-Chat-in-Viber-for-Smartph

MOBILE CHATS : WhatsAp & Viber

For my "future neighbors" in Kroma (whom I met, or might meet):
If you have not yet joined the Kroma Tower Owners chat on WhatsAp,
and you are using whatsap, send me an SMS message at: +63 995 298 5718
And I will gladly pass your name onto the Founder of the WhatsAp Group.
(Or join this GEI forum, using the p@ss code: Admiral Byrd : Join here, post#2 )

This could be very useful for those whose Top Floor flats have not yet been turned  over

"StrayCats" chat on Viber:
Also, if you want to join a more general chat on Viber about property investing for experienced
investors, let me know your Viber number through one of the above contact channels.

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LATEST BUYING interest  @KT: P190-200k per sqm for larger Units

According to those "on the inside" who have moved into their flats.

Buying interest for 2BR units at Kroma is now at P17-18M (17.5M/90 sqm = P 194k psm)

That must be on lower and middle floors, since the Top floors have not yet been turned over

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"ALVEO's next project will be in Makati" / The "park" & the green platform at Kroma

(this was discussed on the Kroma viber chat)

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Next to the Novartis Building, on Gamboa street, a building is being torn down.

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AK : Alveo will have new launch in Makati this year. I can only imagine 250k per sqm ...

MJ : (for Kroma) I always liked the WALKWAY to GB, and the Enterprise Lounge. This is why I paid P126k psm, rather than buying two studios at Lerato for around P100k psm

I have heard this year's "new launch" for Alveo will be near Burgos or Century City.  They are still doing the teardown on Legaspi Park. I dont think HLURB will allow them to start selling until the teardown is done

Wud be nice to see Kroma with a (newly dubbed) "prime" location, and have my own cost (P125k psm) be just HALF of what Alveo is getting for its next prime location

#--28 : Legaspi park is where D. had his "prawns with sprite" ? (i.e. the Sunday market)

MJ : Maybe D's prawns are on the "dog-leg" while the new Alveo project will be on the Prime part of the park (Legaspi Active Park)

#--28 : The sunday market is an attraction..hope it doesnt go away

MJ : Alveo's teardown is next to this:Asian Reinsurance Building, Salcedo Cor. Gamboa Sts., Legaspi Village, Makati, 1229 Metro Manila

AK : How's the location?

MJ : A good location, on the park, near GB.  Similar to Senta. Kroma might be "equally prime" if Ayala North Exchange / CityGate proves highly popular.  Kroma has No park (ie no big park), but better access to a (likely) popular spot - ie the restaurants, shops, & platform at City Gate.

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The small park right next to Kroma Tower. The walls have just come down... revealing this (it will get cleaned up)

DS : Don’t say anymore that kT has no park. They were busy earlier. Look!!!

MJ : Better than nothing.  But that is almost a"pocket park".  I reckon Alveo got permission to build the floors for the "unfavored few" by agreeing to handover this small park.  If so, the upper floors views may be somewhat unique for Dela Rosa st

#--28 : City gate has a civic space and elevated green area. It should be almost like a park.

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MJ : The City gate green platform is an interesting concept.  it will have some great views over Ayala Avenue, and should be very popular

#--28 : Lots of upside for kroma. Aft , city gate , kroma completion itself.

 

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Kroma - End Jan. 2019

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> source, DotProperty: Kroma (1BR: 214k) / Nearby: Gr.Midori (205k) : GB.Hamilton (198k) : Senta (240k)

KROMA, AVERAGE ASKING PRICES, Using the above figures:

Stu. : P33,000 / 27 = 1222 psm / (x7) Price: P  5.5 M = 204.K pst
1BR : P65,000 / 56 = 1160 psm / (12) Price: P12.0 M = 214.K pst
2BR : P93,000 / 90 = 1033 psm / (x5) Price: P18.0 M = 200.K pst

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Grand Midori / floorplan above
Stu.:  P35,000 / 39 = 1000 psm / (x2) Price: P 5.9 M = 151.K pst
1BR : P45,000 / 39 = 1154 psm / (18) Price: P  7.2 M = 185.K pst
2BR : P65,000 / 65 = 1000 psm / (x6) Price: P13.3 M = 205.K pst
3BR : P ???     / 122 =  N/A  psm / (x1) Price: P26.7 M = 200.K pst

GB.Hamilton
Stu.:  P30,000 / 28 = 1222 psm / (x1) Price: P 6.5 M = 232.K pst
1BR : P42,000 / 42 = 1000 psm / (x3) Price: P8.3 M = 198.K pst

Senta (Alveo)
Stu.:  P41,667 / 36 = 1157 psm / (x9) Price: P   7.1 M = 197.K pst
1BR : P67,500 / 54 = 1250 psm / (x2) Price: P13.0 M = 240.K pst
2BR : 100,000 / 82 = 1219 psm / (x1) Price: P26.0 M = 317.K pst

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This City Gate neighbor was advertised back in 2010

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Grand Midori is 1 minute walk from Kroma

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The drive-in entrance seems to anticipate the curves of City Gate / Alaya North Exchange

GRAND MIDORI.  I had a visit & viewing there yesterday. 

Saw a very Nice 2BR flat of about 55sqm, the same size as Kroma's 1BR's.  The seller wanted more than P250k psm.  That's too much! 

There are two 2BR Midori units offered at P9Million / 55sqm = P164k psm.  Obviously, those will have  to be gone first before buyers will leap up and pay over P200k psm

(Assuming, of course, that those adverts are Real, and still valid. Sometimes they are "dated")

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tIBf0lc.gif

Graceful?  Should look even better when the plants and greenery are added / thanks to D.S. on KT Owners WhatsAp chat

The curves help redeem the dark and boxy design of the upper building. This place should be popular

Soft opening this month, I have heard.

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Makati's LEGASPI VILLAGE at Dawn. 180 degrees from high floor at Kroma

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#1 starts from Shang Grand

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#2:

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#3: That is Grand Midori, standing in front of Kroma Tower, on Legaspi St.

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#4:

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#5: At the right is... Exportbank Plaza, in the area I call "Little China"

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KROMA BUYER, for 20 units!

There is a message going around,,, A broker is aiming to Buy 20 units in Kroma on behalf of a client

(I am still trying to ascertain the target price.)

In edit, a message on the social media chatboard:

"The 20 unit buyer is willing to pay 180-190k psm it seems. 

Here's what I want to know: Is it a foreign Buyer, or a Local?  If Foreign, it is too low.  At The Rise, foreign owned units, which foreigners can buy, are worth about a 10% premium.  I can find a few units in the Rise (owned by foreigners) at under P5M, net to Seller."

That P5000M at the Rise is: 5000M/ 28= P179k psm, but selling costs (& 5-10% EOC) will take it up to P200k+ probably

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TRANSACTION SUMMARY - based on reports & the KT owners chat, etc

+ 1 BR (above 30th floor) sold at just over P11.5 Million = P220K psm (all-in)

+ 1 BR, maybe several being sought by a “bulk buyer”, whose agent has offered one seller P190k psm

+ Seller of a high-20’s 1Br unit made listing (on Property 59 website) 59 sqm at P 179k, = P 10.56 Million
… reportedly got a quick verbal offer at P11 million = P 186k psm

RENTAL Decision:
1 BR’s are getting 50-55k Psm, which is like P10k less than Fully furnished.

+ if owner spends P400k on the fit-out , that investment gets recovered one a Longish 40 months
+ but some agents are saying the Corporates who rent Bare units may put in bunk beds, so there could actually
Be MORE wear and tear,

 

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Ayala North Exchange (City Gate mall) has opened

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Kroma Property values "Going Up" - from a posting on the KT Owners thread:

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Average prices for Kroma Tower 1BR units  on DotProperty: ₱ 12,000,000 (15 units)
Cheapest : Cheapest 1BR: 10,900,000 /    56 m2 =     ₱ 194,643 / m2
KROMA TOWER UPPER LEVEL CORNER UNIT.
Looks like plenty of opportunity for Kroma Owners to exit with a decent sum, if they do not want to hold long term.  I reckon prices may go on rising as Ayala North Exchange becomes better established and better known.  Our neglected end of Ayala Avenue will gain some real panache.  And the immediate area will go on gentrifying.  More restaurants, bars & coffee shops.  Better shops.
Remember Property values are driven by location, location, location... and this will matter more than some unsightly beams and support columns.  A completed gym and amenities will also help rental values.

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A PRICING REPORT from one of the chats I participate in:

"Spoke a random broker at glorietta and got two bits of info: 

1. Alveos reopened kt units are now being sold for 220k per sqm. 

2. The launching of the new alveo proj unofficially at 350k persqm or above.

Maybe try selling after the launch"

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MAKATI HUBS may be connected someday with a Covered Walkway

(Will copy this here too):

23 hours ago, Guest Xris said:

^ Will there be n elevated walkway from Rise going to City gate? I hope there will be as walking around Malugay street seems unpleasant as of the moment. 

I believe so... eventually.

Both Air & Rise will want that for their malls.

But that may come after the Ayala buildings between City Gate  and AXA Tower are rebuilt

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Here's the plan there

Some agents have also been saying the walkway will eventually be extended down Guy Puyat to 100 West and Dela Rosa station.

If true, that may be a real game changer for the TechZone area, that I call "Little China"

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haha.

That's right,  Very possibly it is Kroma. Maybe just one floor away from me.

(And the agent in the video, Heidi S., is a friend.  Readers Let me know if you want an intro.)

=====

Alveo auctioning 1 BR unit at P 200k per sqm

"We are pleased to announce that we have one unit in Kroma Tower in Makati that re-opened in the market.

This re-opened unit will be raffled off to interested parties who are willing to send in their entries by providing the following:
 
1. Duly filled up Reservation Agreement
2. A reservation check worth 200K pesos 
3. Proof of Billing/Mailing
4. Duly filled up Lottery Agreement 
5. Government Issued ID with specimen signature
and other pertinent documents that may be needed to show clear intent to buy."

 

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