Jump to content
Sign in to follow this  
Euro Chocozone Buyer

BGC / The Fort: Uptown, Park Avenue, etc... How Bullish?*

Recommended Posts

PHP200,000 per square meter for Avida's "military-style" units.

http://www.skyscrapercity.com/showthread.php?t=1856899&page=3

 

Well it was reported by Avina on SSC that tower 2 of Avida Towers Turf in BGC was recently launched and the price is approx 200,000 per square meter. At least I could understand Federal Land getting into PHP200,000+ per square meter flats -- Federal Land tries to be on par with Megaworld/Alveo --

but Avida??? -- Many commentators say they deliver sub standard units with too small windows,

an almost non existent kitchen and a bathroom with tiles in the shower that stop halfway the height of the walls.

leaving half of the walls without tile protection from the shower water??? 2 windows and only 1 opens.

In short, "military" units. In Europe the window size must be at least 1/8 the floor size,

I don't know about PH...

So Avida has joined the madness. I just wonder if rental rates have doubled as well???

I bought a 2br flat in Verte for about PHP105,000 per sq meter late 2013, -- it is almost double now.

I have a feeling that many investors at these price levels are going to be slightly disappointed.

(and that's perhaps an understatement).

The only thing that could save them from taking a loss if the rental return drops below

the expected rate -- leave alone a bank loan because that's probably suicide -- is to sell it to a bigger fool.

Are Avida's flats liveable?

... Some people live in these flats... I think so, but they require substantial investment, like a normal kitchen, more tiles in the shower area, more electric wiring... This will no doubt add greatly to your cost.

Share this post


Link to post
Share on other sites

Well it was reported by Avina on SSC that tower 2 of Avida Towers Turf in BGC was recently launched and

the price is approx 200,000 per square meter. At least I could understand Federal Land getting into

PHP200,000+ per square meter flats -- Federal Land tries to be on par with Megaworld/Alveo --

but Avida??? -- Many commentators say they deliver sub standard units with too small windows,

an almost non existent kitchen and a bathroom with tiles in the shower that stop halfway the height of the walls...

. . .

Are Avida's flat liveable?... Some people live in these flats... I think so, but they require substantial

investment, like a normal kitchen, more tiles in the shower area, more electric wiring... This will no doubt

add greatly to your cost.

- ECB

YOU cannot Sell these flats at P 200k - maybe Avida can, but a reselling buyer cannot get that much.

I bought an Avida unit two years ago for P95k psm (by paying cash & getting a 10% discount - so P105k, was then the "normal" price.)

And a friend of mine is seriously considering buying an Avida unit at ARCA south, for something like P130K per sqm. (+23.8% higher than P105k in 2 years) but I would not be happy to pay more than that

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

7hUtHIf.jpg

Avida Towers San Lorenzo
Avida Towers San Lorenzo is a two-tower condominium development that rises to 29 stories. Developed by Avida Land, Tower 1 was (offered for sale) in 2008, while Tower 2 was (opened for sale) in 2012. With the aim to provide residential units that are spacious and affordable, Avida Towers San Lorenzo should be a rare find for any value-seeking resident. Tower 1’s offerings include studio-type units with sizes of 22 to 25 square meters...
Visit Chino Roces thread - ATSanLo is next to Waltermart
Visit Development page

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

IMG_0141.jpg

This sparsely furnished studio in AT-SanLo is asking P 16,000 monthly

- the cheap ones go fast. Last time I checked, Avida leasing had leased out 250 of its 260 units in AT-Sanlo.

That leaves just 10 (3.8%), the sort of minimum number you might expect would be generated from normal turnover.

BTW, I am happy in my SanLo small unit. It suits me better than a hotel room - maybe I should take a photo - it is much more live-able than the above one.

Because it is only a 12 minutes walk from Greenbelt mall, I do not mind slightly small windows.

I have invested an extra amount of money in extending the kitchen counter, and adding a nice mirrored wardrobe to make the flat brighter.

When my (larger) unit is completed at Kroma, I will probably move there, and will then either SELL or Rent out my small 22 sqm Avida studio.

I reckon, if I can net P 120k per sqm (P2.6mn) or more by selling, I will be very happy. The units have all been turned over, and are renting well.

There seems to be an almost unlimited rental demand for cheap flats, a short walk from Greenbelt, so a buyer can be found at P 2.6mn or more.

One thing I found very surprising as that Avida was reported to have bought a large plot of land, 3 minutes walk from where I live at P 2 billion pesos.

If they construct 2,000 units there, which seems like a lot for me - then those units will have to be sold at P150k or more, to include an average of

P 1 million per FLAT - for the LAND cost only!

I started a thread on the area, when I read about that Avida land purchase:

Visit Chino Roces thread - focuses on the area between Waltermart and Magallanes MRT station - where San Lorenzo Place is located.

Share this post


Link to post
Share on other sites

How bullish?????

 

VERY BULLISH.

 

Federal Land announces another massive price increase. starting august 1st 2017.

(I think they increased the prices of the units in the already launched towers to the same level as Park Avenue --

Park Avenue already had those high prices I believe when it was launched late january this year).

This is what I have read on www.preselling.com.ph

 

HOT TIP
MASSIVE PRICE INCREASE
Massive 24% price increase for Federal Land condos in BGC on August 1, 2017!
  • From ₱170-190k per sqm to ₱210k per sqm
  • Almost 24% price increase!
  • Get an instant increase in your investment!
  • Hurry! Reserve before August 1, 2017 to take advantage of the current rates!

Massive 24% price increase for Federal Land condos in BGC on August 1, 2017!

  • From ₱170-190k per sqm to ₱210k per sqm
  • Almost 24% price increase!
  • Get an instant increase in your investment!
  • Hurry! Reserve before August 1, 2017 to take advantage of the current rates!

Share this post


Link to post
Share on other sites

"VERY BULLISH.

Federal Land announces another massive price increase. starting august 1st 2017."

I have noted elsewhere that Ayala and other developers are raising prices fast,

but I still see signs of weak demand for secondhand sales.

And even Avida, which is experiencing strong demand for its units below P20,000 is not raising rents

 

So the gap between rising new property prices, on one side, and stagnant Rents and secondhand prices, is widening.

Since you and I cannot sell at the developers' prices, I regard Rents-and-Secondhand as the real market.

If you have any data on Rents or Rental rates, please share it

Share this post


Link to post
Share on other sites

Hi

 

 

The high price phenomenon also exists in the bay area now, with most SMDC 1-Br flats under construction now

already costing 190K+ per square meter. This is absolutely insane. I have found a facebook page

that only offers resale units, so we can somehow gauge the secondary market - in action.

I just wished they had doubled the residential stock in the Bay Area, to keep prices down.

Why has SMDC raised its prices soo much with all this new supply?

 

Yes I am getting the impression that the price level in BGC and the Bay Area is higher than that of Makati.

 

The facebook page is called: BEST OFFER from SMDC Resale Condo Units

https://www.facebook.com/search/top/?q=BEST%20OFFER%20from%20SMDC%20Resale%20Condo%20Units%20%20

Share this post


Link to post
Share on other sites

Are there TWO REALITIES in PH property?

On 7/23/2017 at 4:05 AM, Euro Chocozone Buyer said:

Hi

The high price phenomenon also exists in the bay area now, with most SMDC 1-Br flats under construction now

already costing 190K+ per square meter. This is absolutely insane. I have found a facebook page

that only offers resale units, so we can somehow gauge the secondary market - in action.

I just wished they had doubled the residential stock in the Bay Area, to keep prices down.

Why has SMDC raised its prices soo much with all this new supply?

Thanks for that.
I think we have TWO Separate Realities, and you seem to be focused on the one that is "less real" to me.
1 / Future Dream : Prices asked by Developers for Properties to be completed in the future
2 / Today's Reality : Rents asked, and concluded & the actual prices achieved when selling in the secondary market
==
You and I can BUY in the "future dream" market, but we cannot sell there. Only the developers can & do.
Moreover, their "future dream" prices are supported by advertising, massive marketing teams, and financing structures.

I strongly recommend that you TRY TO SELL one of your properties in the secondary market, so you can see how different prices in the "today's reality" market are from the "Future Dream" market. I think it will be very eye-opening for you.

I am watching people trying to sell properties, and they are finding it hard-going. My own experience is limited. One of my properties I bought for cash at about P 3million two years ago, when the "normal" price under a payment scheme was P3.8 million. Today, the developer is selling something very similar one floor lower at P5.2 million (/28 = P186k psm). I found an agent who claims to have buyers for such flats, and was willing to pay P3.7 million - ie P100k below the developers price of two years ago. I sent him a message offering my flat at P 4.95 million. I did not even get a response.

What is maintaining the illusion of the strong market?
As best as I can tell, there are many mainland Chinese buyers, who are buying in their own names, or through friends, families, and business connections. They seem to like the monthly payment schemes offered by developers. And like some OFWs seem to focus on getting "low" monthly payments, and seem less aware of the total price, and the sort of actual yield they will achieve in the future.

BTW, I would really like you to tell us something about the Rents you are achieving on your properties. To me, that is what we should all be focusing on, not the artificially high prices that developers are pasting on their new projects.

Share this post


Link to post
Share on other sites

Is this project real?

I stumbled across this video, which talks about an iconic new tower planned for BGC

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

 

The Icone Tower - The Light of Manila (in Fort Bonifacio Global City BGC)

 

Published on 23 Jun 2017

This a new upcoming project in Bonifacio Global City beside UPTOWN MALL by BCDA and Henning Larsen HongKong - THE ICONE TOWER MANILA. This would give the neighborhood community in Uptown Bonifacio a sense of prime location to WORK-LIVE PLAY & SHOP. This will serve as a new benchmark to the skyscrapers in Metro Manila and would revolutionize the way we picture the skies.

Claude Bojer Godefroy (Partner and Design Director) - Bonifacio Global City will soon work on a very special building it will transform its image and become a new focal point of Manila. I think its a good idea to add more character in the business district that have few distinctive buildings, I think its a good idea to make a statement about building in Manila today, a statement about being generous with public space, about giving back to the city and of course to its people, a statement about filipino architecture is about, but first we have to understand what makes the ICONE successful.

Invest NOW in Uptown Bonifacio, BGC!!
1BR unit starts at P15k per month!!
2BR/3BR starts at P20k per month!!

 

"We call the top part, "The Light of Manila".

How, er, Luciferian can you get?

=== ===

 

18920330_1726812127334583_89052711669136

 

There is a SSC thread:

 

BGC | Icone Tower - The Light Of Manila (BCDA's Iconic Tower ...

www.skyscrapercity.com › ... › Metro Manila Projects on the Rise › Taguig
Jun 6, 2017 - 20 posts - ‎17 authors

Wow, this will surely be one of the icons of Manila once built. Witty din ng name, ICONE Tower, hehe. Now PNOC has to level up the design ...

Comments:

Grand Hyatt's ground to roof deck height is 258m while Icone Tower's height is 301m. The former's official height including the spire is 318m while the latter is yet to be known but may challenge Eiffel Tower at 326m since the upper most level will serve as the observation deck and topmost will be the location of searchlights to illuminate at night time

/ 2 /

Can they build that icons tower in the huge lot between montane and Turf. It's better location and more in the center of bgc

 

20687153_470728313292378_134134727327508

Location for Icone Tower

 

picture2.jpg?w=1050&h=&crop&ssl=1

On 11th Street and 11th Drive - hmm. 11/11

Share this post


Link to post
Share on other sites

SERENDRA, in BGC - seems to have enduring popularity

jljqATB.jpg

Serendra One, from the Sky (or at least a high floor)

This video may help to show why

A walk through Serendra, Bonifacio Global City.

Share this post


Link to post
Share on other sites

Another price increase for Avida Towers Turf starting on September first.

All other Avida projects in BGC will now have the same pricing as Avida Turf.

As per facebook see link:

https://www.facebook.com/avidagoldwynlopez/?hc_ref=ARQsUjVLXDwMtGCYLNjpdctkMPhlGoxHGOxd-uga10nl35TcUciqu0IOl__lbAlcJDM

LATEST NEWS UPDATE:

Turf Tower 2 update:

Heads up!

1. Foreign allocation for Turf T2: 27 units to go as of today
2. Price increase for all Bgc projects by Sept 1.
3. Turf 2 will have 5% price increase and all other BGC projects' price will be aligned with new Turf 2 price. Parking is also included.
4. ALL AVIDA LAND PROJECTS:
SEPT 1,2017 INCREASE IN OTHER CHARGES:

1BR - approx 132K increase
2BR - approx 180K increase
3BR - approx 200K increase

PLEASE READ CAREFULLY NUMBER 3.

Last chance to catch the old price!
Invest in Ayala Land start with AVIDA!!!.
Reservation is Only 20,000.pesos.
1br /36sqm/28k monthly
2br/55sqm/45k monthly
3br/60sqm/ 48k monthly

FYI!The Last Tower of Avida Land Corp in BGC!!

AVIDA LAND CORP. ( an AyalaLand company ) Offers Condominium, House & Lot Projects and lot only. Invest when everything is with in your reach in every Development ( near Hospitals, Hotels, Malls, Offices and Restaurants/Retail Shops )

Investment Wise! Location Wise! Maintenance Wise! And Expect High Value Investment Appreciation!

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

 

How bullish? Well according to this salesperson, extremely bullish.

Excerpt:

Expect High Value Investment Appreciation!

 

Share this post


Link to post
Share on other sites

That site has found a new way to advertise property, it seems.

But how reliable is the data there?

Property Price/SQFT Gross Yield Ranking Submarket
Avida-Towers-Verte-1
Avida Towers Verte

₱14,487
PHP

8.2% Sold Out Taguig City
Avida Towers 34th Street 2

₱15,654
PHP

6.22% Sold Out Taguig City
Park Triangle Residences 2

₱18,785
PHP

6.68% #15 Taguig City

Share this post


Link to post
Share on other sites

 BGC Uptown "Transport Hub" :

This article has an interesting Footnote
Megaworld to build 25-storey tower for JPMorgan Chase Bank  /

jpmorgan-chase-tower.JPG

" The new development, strategically located along 38th Street corner 9th Avenue in Uptown Bonifacio, is a few meters away from the future Uptown Transport Hub beside Kalayaan Avenue, the proposed Skytrain monorail system that connects Taguig’s Fort Bonifacio to Makati, as well as the future Kalayaan Station of the Mega Manila Subway and the Fort Bonifacio Bus Rapid Transit System. "

> more: https://www.megaworldcorp.com/megaworld-build-25-storey-tower-jpmorgan-chase-banks-philippine-global-service-center

Share this post


Link to post
Share on other sites

ART - OR CON ART ????

https://www.skyscrapercity.com/showthread.php?t=2125418

And a warning.

 

"Don't wet your pants just yet hm.gif

OLX is not that a reliable source for example it still lists park suites tower 1 condos at 180,000 per sqm I think the initial pre-selling price. They are also selling condos with take over payment options meaning that some poor guy has paid for a few years but fallen behind on payments and are willing to let go without compensation. 

This is very worry some to me as it means that the future owners cant sell those condos even at the low pre-selling price they got 3 - 4 years back. 

As long as I can get rental income to cover the mortgage interest I will be fine though but I suspect a lot of people will suffer when all of this inventory turns over and the main business around are call centers which is minimum wage.

 

Share this post


Link to post
Share on other sites

...when all of this inventory turns over and the main business around are call centers which is minimum wage...

Right, and experienced Call Center working might get P30-35,000 per month in BGC or Makati. New hires make less. maybe P18-20,000

If they spent 1/3 of their income on Rent, that's P10-12,000 per bed for experienced people, and maybe P6-7,000 for new hires.

If they pair up, they might pay rent of just P15-25,000 month for a studio or 1BR.

This is NOT a decent return for someone who spends P5-6 Million or more for a studio or 1BR.

The numbers do not work on these expensive flats at P180-200k in BGC, unless the owner is targeting a different sort of tenant - but where are they??

Share this post


Link to post
Share on other sites
Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×