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BARGAINS#1, Cheap: Under P 4 million: in Makati & BGC

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Bargains#1: Cheap Properties Under PHP 4 million:

includes Older & secondhand units




I have real problems accepting the (high) prices that I am seeing on new projects being offered nowadays

- like P170k to 200k per sqm, and higher.

I have my reasons for resisting, and I think that the reasons are sound and logical


SUMMARY : why I am resisting high prices: (full explanation on the Over P 4mn thread )


1. Prices of new projects have moved up too fast; there's oversupply (with vacancies estimated to be 16%!! by Colliers)

2. Rents falling - According to Colliers, Average Rents (for 3 BR flats) are now down to P830 psm. Last time we saw that, mean capital values were P 100k psm. But there remains strong Rental demand at P10-15,000. If you can buy cheaply, you can still make a decent yield

3. I bought my own properties on 2014 and 2015, and on three properties, I paid an average of P109k psm (126k, 105k and 96k). ...Why should I accept a lower return on new purchases. dilluting my overall returns?

4. Many properties for sale cheaply in the secondary market. Agents are telling me that there are good properties in good locations which are offered for P120-125k psm, ...I see no rush to buy when vacancies are rising, rents falling

5. Friends of mine are buying cheaply, and finding bargains - with potentials yields at 7-10%, Gross

Having said this, the market is opaque, and it is not easy for a non-agent to see what is on offer.

I have started this thread, to capture information on apparent bargains, as I see them. Some of the properties that I mention may be more than 3-5 years old. I think the older properties, even beyond 10 years should be suitable for investing, so long as they are in/or near prime locations, and the buildings are well-maintained.

Readers here are encouraged to add to the discussion, and post any sales opportunties they think may fit the "prime location, bargain price" criteria




Some agents I have spoken to, including some whom I like and respect, are reluctant to serve the low end of the market.

They say that commissions are low, and there is often as much work or more in closing and documenting the cheap end of the market, They are also concerned that they will lose their reputation if they are seen to be helping "bottom fishers" - who are looking to "undermine the market."


I may not like to hear this, but I think we have to respect honest people who want to develop the business that appeals to them most. And I wish them good luck. But we may need to consider how to document and process cehap purchases on a DIY basis, and that will be one of the discussion points on this thread.

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PERLA Residence : Older building, Great location


Perla Mansion Makati
117 C. Palanca St., Legaspi Village, Makati City

Built: 1994 / Renovated: 2012
Floors: 22 / Total Rooms: 248
Facilities: Health Club, (Gym??). Health Spa/Massage
Pool (Outdoor) and Pool (Indoor)
Common area internet access

Review on Trip Advisor : https://www.tripadvisor.com.ph/Hotel_Review-g298450-d584319-Reviews-Perla_Mansion_Makati-Makati_Metro_Manila_Luzon.html

The rental function is in-house under the condo association, so they association earns fees from this activity.
They can also assist in the sales of properties for existing owners.

Standard published rates: per Perla's in-house agent

Single occupancy : Php 3,110 net / night
Double occupancy : Php 3,450 net
Triple occupancy : Php 3,750 net
Extra bed rate : Php 1,000 net
(note: all rates are inclusive of 12% VAT and 0.75% Local tax)

There were also two properties for sale within the building:
Example: 33 sqm units, offered at P 3.3 million - that's P 100k psm


In-house contact: ("Lisa") : (02) 831 0049 /

email: reservationsperlahotel@gmail.com

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PERLA Residence : Rental & Sales listings


xlD8MOr.jpg : "studio type" (38 sm, 18th/fl.) was listed at P25,000 /mo... PB.
Rentpad : For Rent
1 BR : 44 sqm : P 28,000/ mo. = P 636 psm
1 BR : 43 sqm : P 40,000/ mo. = P 930 psm
1 BR : 38 sqm : P 25,000/ mo. = P 658 psm
1 BR : 37 sqm : P 25,000/ mo. = P 676 psm
1 BR : 34 sqm : P 25,000/ mo. = P 735 psm
> https://rentpad.com.ph/long-term-rentals/perla-mansion--makati/apartment
Lamudi : For rent
1 BR : 35 sqm : P 45,000/ mo. = P 1,286 psm
> http://www.lamudi.com.ph/for-lease-studio-in-perla-mansion-legaspi-village-makati-358827-84.html

Realty Homes : For Sale
Studio : 46 sqm : P 4,000,000 / 46 = P 87.0k psm
> http://realityhomes.ph/property/2932-perla-mansion-legaspi-village-makati-city/
Mitula : For Sale
2 BR : 94 sqm : P 8,000,000 / 94 = P 85.1k psm
1 BR : 33 sqm : P 3,200,000 / 33 = P 97.0k psm
> https://homes.mitula.ph/homes/condominium-perla-mansion-makati

Sample Yield calculation:
If 650 psm x 12 = 7.8k / 90k = 8.66%

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DMCI captures the second spot. DMCI overdelivers. Yes you bought an Ayaland property but there are many complaints about delays which

I have read on SSC regarding especially Ayala, -- all their subsidiaries -- sometimes up to 2 years, and those delayed years you really have to add

to your cost price. This is called "underdelivery". But DMCI overdelivers, so they finish the building one year earlier than scheduled.

And if you were only paying PHP67H on the fringes, then it suddenly becomes PHP60K.


And I believe there's the BRIO tower and they're about to launch another project Fortis Garden.

Expect that to be "oversubscribed" 3times when it hits the market with their "below market" prices.



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Capital gains success stories:

The Rise rose in price


> see also: The Rise thread: http://www.greenenergyinvestors.com/index.php?showtopic=21503


The Rise Makati by Shang Properties, is a unique, new living concept now rising at the heart of NOMA, or North Makati – the city’s burgeoning art and creative center with it’s unique mix of galleries, delicatessens and bistros, indie music venues, and one-of-a-kind retail experiences. Located conveniently just North of Ayala Avenue along Malugay and Yakal St., Makati City.


1 tower, 59 floors w/ 3 wings (North, West and East)
2 levels of Shang Mall w/ 51 retail shops and restaurants
3 levels of basement parking


A project that I am watching closely now is The Rise, developed by Shang properties.

It was a true bargain when I bought it about two years ago. It is in a "new" prime location, very near Citygate, which is rising on the Left of this photo... PB.



The Rise looks surrounded in the middle of this photo that I took last week.

(AXA Tower is to the left, and Air Residences is to the right.)

In reality, the view from high floors may be pretty spectacular. My own place should have a view down Ayala Ave. and up Guy Puyat.


Yes, The Rise is late - but that is because Shang had to replace the original contractor. It is now moving up fast, and they are adding about three floors a month.

The expected completion date is now in the second half of 2019, over 12 months late.


I was told by an agent, that the small 1BR's are now priced P 5 million! - that's : P 5,000k / 28 = P 178k psm.

That's a huge jump for those buyers who got their units at under the P 3.2 million VAT 2-3 years ago./

Anyone who can sell at a gain like that - P 1.8 million, +56% , in just 2-3 years would be very happy, and would not complain about a one year delay.


If this price is truly available in the secondary market, I might consider selling my unit, and replacing it with one of the "prime location, bargain price" units that I am looking for in this thread.


DMCI units are interesting, but they are generally not at prime locations.

The best locations that I am aware of are the one near Boni station (is it called Flare?) and a new one called Fortis Gardens, near Magallanes station, just a walkable one station from Ayala. I do not know the pricing on Fortis, because it has not been released yet.


I think most of the buildings I highlight hear will be older buildings in the secondary market.

But sometimes there may be bargains in the primary market too. like at The Rise, and Kroma - which was about P125k psm when I bought there. Now, it is probably P 160 psm or more, if you can find one. I am told that Kroma has now hit the 40% ceiling on flats that can be owned by foreigners. Assuming that is true, then a foreigner can no longer buy from the developer. They will have to buy from a foreigner - or when a foreigner releases a unit back to Alveo.

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Antel Spa Suites






Please type Antel Spa Suites on olx.ph and many ads pop up and most of them mentioned foreclosed units.



Hi I have been following the posts of Ronald Bart on SSC. Apparently he has -- amongst others - (also) units in Brio and Century Spire.

Now Brio I can understand, that's probably PHP70K per square meter, -- he s not going to lose money on that investment

but I find the Century Spire price that he paid --, it was about 200K per sq m when it was launched that he paid, --

probably and possibly problematic.


In any case, I have always kept a close eye on Antel Spa Suites, because now I am suddenly seeing a lot of

foreclosed units in this building, -- and they can be had for about 110K per square meter???


In any case, Ronald Bart could easily buy 2 units for the same investment as one single Century Makati unit for the same size.


I like it because


1. An antel unit most likely can be rented out on a very short term basis, meaning you can operate it as a hotel room

for very large short term rental income -- and the hotel is inside the same building(s).

(it is at the same time a bet on the growing tourist industry)

2. It is located close to makati CBD and the Century Mall which is my favorite mall in Makati

3. Some units in some buildings have wood flooring and even a bath which is very rare -- even most higher end

units from other developers do not have a bath, -- only a shower is available. So it gives me a higher end feeling.


So this is what I have noticed.


I also see properties for sale on the BDO website... Perhaps these are all foreclosed properties or properties

which might have long arrears... so it might be a good idea to contact all the financial institutions in PH

and help them relieve of their deadbeats,

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Buying Foreclosured properties sounds like an interesting idea, but...


I have heard that banks now have to wait one year before they complete the foreclosure process, and then they are required by law to sell "at market price".

Thus, when you look at BPI's magazine offering their foreclosed properties, you are seeing properties at market price rather than genuine bargains.


A better price might be obtained during that one year pre-foreclosure period, by purchasing from the owner, who may be selling before the bank grabs the property - & then remarkets it at full market price.

So long as the price is above the bank debt, the selling owner can get some of his equity back.


I wonder if P110k psm is actually the market price - of post-foreclsoure properties at Antel suites?

If so, that would suggest that units at Century City, which is very nearby, might not fare so well, if they are also sold post-foreclosure.

How much of a premium will CC get: P10k psm? P20k psm?

I reckon we will find out in the months to come.

=== ===


(The following are NOT foreclosures - they are sales by/for previous owners in buildings by Shang Properties)




Can units at The Rise really be sold at P 5 million? (P 178 psm)

They may need to be high floor units to achieve that, or anything close to it -

Because lower floor units are still offered at much lower prices through OLX

- here are some examples:



The Rise

Unit N/A - 1 BR 27.17 sm : P 3,704k / 27.2 : P136.2k psm (unit not specified) 27 jan 17
Unit 22H - 1 BR 27 sqm : P 3,900k / 27 : P144.4k psm "assume balance" 24 mar 17
Unit N/A - unknown---- : P 4,500k / 27? : P xxx,xk psm? (unit not specified) 24 mar 17
34th Fl. - unknown---- : P 4,900k / 27? : P181.5k psm (unit not specified) 24 mar 17: 10% DP. +10% +80% @ completion


I reckon the cheap units will get snapped up - and perhaps they are still a good buy now (?)

I would expect that resale prices will rise over time, as they have done so far.


(Here's another property in Salcedo Village, with a unit which could be more like a bargain price)


OFFERED at P 4.35 Million - but maybe a lower price can be negotiated




Salcedo Square

37th Fl.? - unknown---- : P 4,350k / 37 : P117.6k psm? (unit not specified) 04 apr 17


(the following description leaves me confused):

The Salcedo Square/ Vista Prime Development
L.P Leviste Street, Salcedo Village, Makati City

1 Bedroom 1 Toilet and Bath
37 sqm / Price: P4350000

Salcedo Square is a thirty storeys of edgy gloss and glamour rising emphatically into the Makati Skyline. It is a hip, urban condominium designed not just to provide a place of residencce near work for the city's native, but more to give them a venue to express who they really are.


"30 storeys? ... on the 37th floor? " - that's some trick

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West of Ayala Tower : I am not familiar with the Building.


Sen. Gil Puyat Ave., Makati City

(near Chino Roces)


Rush sale




Slightly more than PHP100K per square meter...


This 1 bedroom condo unit for sale is located on the 14th floor of West of Ayala, Makati City and has a total floor area of 57.85 sq m. This unit is fully furnished and has a big living room and bed room. It also comes with 1 parking slot located in basement 3. The selling price of this property is P6,800,000 and is negotiable. If interested, kindly advise at least 1-2 days prior notice to schedule viewing of the unit.

West of Ayala is a 38-storey residential condominium developed by Century Properties, Inc.


(Note: a friend from Hong Kong bought at Skyland Plaza, an older building, right after the GFC, in about 2009.

I think he paid something in the region of 50-60k psm. Prices are higher now, and "low ball" bids rarely work these days, he tells me.)


(said to be "nearby", this one is along Chino Roces/ or Pasong Toma, almost halfway to Circuit - also low-priced, well below P100k psm):


4 Bedroom Condo for Sale in The Palm Tower A, Makati City
77, 6 sqm
Condo for Sale | 4 Bedrooms | Php 5,500,000 / 77.6 = P 70.9k psm
In theory, projects at West of Ayala and Palms could get a boost, if/when Eton completes Eton West End Sq
The completion of buildings at Citygate and near TechZone might also help:
But at this moment, the area near GuyPuyat and Chino Roces, is not really "prime", in the way that Palanca St is.
Proximity to Greenbelt is a real plus.

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BARGAINS in the Secondhand market... and Makati Prime Tower (no relationship to this website!)


(I had this conversation with "MDS" elsewhere - he reads this website, and has posted here):


...I think the bull market is maturing. Investing in pre-selling is not attractive anymore

...given the sharp price increases, the long wait, the supply and the yields (after tax, fees etc) are unattractive for Pinoy setting. I have learned this also from W---, but the money lies in the properties which are under the radar of foreign investors, 10y old, in location where it floods 3-4x a year etc.. They come at sharp discounts. The rent is way cheaper then in all other new places and therefore easy to find tenants. Yields are >10%
What surprises me.. Liquidity seems pretty bad.. We have been purchasing 2 studios this month RFO,

Rush sales, one 15% gross yield and one 12% gross after negotiating..

And they have been sitting in the market for a few months.. We did the due diligence and hopefully we won't have bad surprises. Just surprised how long it took for those people to sell...

"properties which are under the radar of foreign investors" Makes sense. Can you be any more specific of the kinds of opportunities you like?

Found them on OLX, no broker involved so no broker fees, you just have to process everything yourself.

There are many buildings which can be interesting.. Generally I like the ones of the early 2000s.. Just because that was near the through in the market, the early buyers bought really cheap and some are just happy to get out with the price they paid back then.. They made enough money over the years renting it. It's just very important to really look at the building well because some are very badly maintained and you don't want to end up paying for renovation.


Dr B:
Makes sense. If the seller bought cheap, they can sell cheap too. That is a serious matter - the erratic quality of building mgmt
(he goes on to talk about a specific building, and so I will pick up the conversation on the BARGAINS thread):



Makati Prime Tower, P. Burgos St., Bel-air Makati City / Example: 1 BR: P23,000 / 40 = P575 psm
MakatiCondo website > http://www.makaticondo.com.ph/condo-for-rent/makati-prime-tower-ad470.html


Location: How prime is that?



Yea.. Makati prime tower is a catastrophe for example, there s a studio selling for 1m there at the moment, less than 50k|sqm and that's before negotiating but the building quality is just really really bad and cockroaches everywhere. Tho this is the Philippines and I m sure you can rent it for 8-9k given location. That's a better yield then any new project in town. But there s a real risk also that I can't really measure about renovation cost at some point, mold, tearing down etc etc
DATA - also from MDS:
Hi guys, try to check if you can open this link: https://neo.ubs.com/shared/d1waL0PS39f9JGp
It's the latest UBS proprietary database analysis of online property in Asia (incl metro Manila),

it looks at trends of

1. Inventory, 2. avg days on market, 3. property discount/premium relative to first asking price,

4 avg asking price per sqm

(DrB: this site should also be noted):

#MakatiCondo is the newest condo broker website data base based at Makati City., it is specifically designed to list all Condo for rent and for sale listed here at #makaticondo. this is the place where you can find the best condominium unit offered for sale and for rent. in Makati area

.#MakatiCondo : http://www.makaticondo.com.ph/

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Peter from the Property Club talks about his investments in Makati,

he has bought a 10 to 15 year old property in Makati at around PHP60k to PHP80K per square meter some time ago,

yielding net around 10pct I believe -- at least that 's what I understand.

He's resisting these higher prices // like others on this forum.



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I came across to this topics while I were searching an agent to market my unit at Makati.

I am an direct owner from Hong Kong. My unit is at Palm Towers, Makati.

I want to sell it asap and don't know if you are interested to add it to your investment portfolio.

Here are the basic details.


Palm Tower, Makati

43sm, 1 bedroom + living area + toilet and kitchen

Recently renovated

Asking: P2.3M negotiable.


Please feel free to contact me if you're interested at hellooo12333@gmail.com




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Hi Chan,


Thanks for that. I may send you a message to get more info on this property.

Such as:


+ How old is it? (1996, is it?)

+ Is it rented? If so, what what rate, and if not what is the likely rental?

+ Do you have photos, showing the interior?





Palm Tower, Saint Paul Road, Makati, Metro Manila



Map - Palm Tower is at the top of the map------------------------------------------------------------------ V


Palm Tower is "on the way" towards Circuit


Condominium Description

Managed by FCP Group of Companies and Makati Prime City Towers Condominium Corporation (MPCTCC), this eye-catching modernistic building offers cozy and spacious studio, one-, two-, and three-bedroom units that are designed with the typical urban family's needs in mind. Letting residents and their guests relish the beauty of the city is The Palm Towers roof deck that provides breathtaking views of the Makati and Ortigas skylines.

. . .

Professionals will also find a home at The Palm Towers as it is a short walk from the Makati central business district and major arteries like Chino Roces Avenue and Sen. Gil Puyat Avenue.


> source: http://www.makaticondo.com.ph/condominium/palm-tower-ad191.html


(added in edit):


Palm Towers, viewed from Yakul St, near The Rise

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Hi DrBubb,


Glad to read your reply. Sorry I thought you might email me if you are interested so I haven't came back to this article.


Yes you are right it is the building and it was built in the 1996 era.

We recently did the renovation and sure I can send you photos by email as I don't know how to attach them in there.


The unit has been rented out to a lady for more than10 years and the rental was P15,000/month before renovation.

I guess the current rental rate should be above P18,000/month now.


Even though it is an older type of building but the current management company is doing a great job to keep the building well mantained and operational.


Please email me for the photos if you are interested.




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Personally, I am not investing right now, but other readers may be.

So I am happy to have you share your information here.


I know at least two people who have lived there, and one used to cycle around to anywhere in Makati from there, so the location may suit many -if not all.


Do you have any opinions about whether the completion of properties under-construction at Circuit, will enhance the value of the location of Palm Towers.


If you are able to figure of how to use this website : http://www..photobucket.com/


To convert your photos into URL's, I would be happy for you to post photos of the interior here.

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Thank you very much for your advise. We are not aware of the any impact of the new project so far.


I copied the photos to url as below and hope it works. If anyone interested please contact me at hellooo12333@gmail.com


Thank you again for your help.


Photo #1 ... pb



Photo#2 ... pb



Photo#3 ... pb.



Photo#4 ... pb.


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Nice photos.

You seem to have done a good job with the renovation - I like the tiled floor more than old wooden floors.

And it seems very clean, with the work done recently.

If you have a floorplan, it may be suitable to post that also.

One of the advantages of this, is at 43 sqm, there is more space than the small studios we are seeing

at these sorts of prices in newer buildings.


Asking: P2.3M negotiable. / 43sm, 1 bedroom + living area + toilet and kitchen

= P 53.5k per sqm

That's like 1/3 of the mean price of the index, after my adjustments.

The lower price reflects the age of the building, and the location.

It may be a bargain for the person who needs that much space.


I am also curious about the view. Is it anything interesting?

And, what time of day might you have direct sun.

Those are the usual questions that I would ask.

Oh! Also, how much is the monthly association fee.


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Floor Plan - image#1 ... pb



image#2 ... pb



image#3 ... pb



Sorry to get back to you late and thankyou very much for your insightful comments which I found interesting. Glad that you like the renovation. We just finished it a couple of month ago and the unit is now for sale with vacant possession.


Yes the price reflects the age and location of the unit but as you said it will suit buyers aiming for bigger internal area without the price tag.


You can have a slice of view to the city from the window outside the bedroom but basically the unit is facing the opposite block and don't have much direct sun as it is located at lower floor. Here is the floorplan we made hope it helps.


Monthly association due is Peso 2,160


Should you have further question please feel free to ask me.


Again thank you for your help.

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Dear Dr. Bubb,


Thank you for letting me posting the information of my unit in this forum.


May I also ask if you can refer me some reliable local property agents to market my unit as I found it very hard to find someone while I am living overseas.


Thank you again.




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Sure, Chan.


I will talk to 1-2 agent friends, and ask them to look at this thread, to see if they can help.

BTW, have you considered renting it out?

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Jazz Residences opportunity







There's a second hand flat available in Jazz Residences, now for 3,2Million



That's way lower than the market price of Jazz Residences, as advertised on manilacondostore.com

which is probably around 4,5Million now if bought from the developer.




At P3.2 million / 23 sqm ... that's P 139k per sqm


I do not think that is cheap - probably just a decent asking price,


The P 4.5 million price / 23 = P 196 k per sqm, which is VERY high, and represents the total purchase price (all installments)

with expensive developer financing

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Peter from the Property Club explains how to use olx.ph to search for second-hand properties.

In this video he explains that most properties listed are just scams, developer scams,

and it takes a while to find good deals. Incidentally he also shows ads for second hand units

in Leaurano di Trevi, Avida San Lorenzo, Soho, forclosures and others so it is informative.

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From the comment section in his youtube channel:


"+Philippine Dreams - asleep to believe it And yes its disgusting! These websites are pathetic. I would like to start a website/app just for resale property through out Asia where people can post for free (eventually charge fees once cornered the market). Wanted to do that thing for a long time. In fact! I pitched to a private equity firm i worked with in China/HK. They agreed to give me 500K USD to do it! BUT the $@!?!$@ guy named "Tian" who was "hijacking" ahemmm managing the fund LITERALLY misappropriated the funds and embezzled it before I even saw $1. Funny story. Welcome to China! Then people say Philippines is corrupt If they only know. China is the worst! Especially for investors.

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Haha. A better title might be, how NOT to pay Above Market Value


I have a problem with how many people define "Market Value"

Is it:


+ The high price that many developers LIST their properties for?

+ The (much lower) price you get if you pay Cash?, or

+ The (still lower) price you would get if you resell the property?


I AGREE with Peter, that if you buy from the developer you are paying the HIGHEST price.

To get a better price, PAY CASH and/or BUY IN THE SECONDARY MARKET, and negotiate well


Here are some comments from Youtube, under the video


In order to negotiate that hard you need to have the full amount not installement. 20% or more with the developer but he gives payment plan on 3 or 5 years. great advices anyway, had a good laugh...
Yes old saying is true CASH IS KING! You must be a "cash buyer". BUT there are many ways to raise funds so you can appear as a cash buyer to vendors. For example get and increase mortgage on your home back home (like i did), borrow privately (can be done in Asia 8-12% P.A.) or simply buy within your means.

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