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RISE Makati.com - Update and Marketplace

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"GREAT DEALS" for Chinese Bulk buyers?

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

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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. "

> SSC

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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S1dGEmD.jpg

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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Where it's At !

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

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

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Rise is now on! But Bargains can still be found

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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

xsxihJu.jpg
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

vHtZPa2h.jpg

ssc posters claim:

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

A : 150k

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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.

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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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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

mwXkuYX.png

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 !

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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:
ONLY WHEN A FOREIGNER IS BUYING FROM A LOCAL.


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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