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SECONDARY Property Sales: Great Transformation Coming?

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New Efforts to Develop the Secondary Market - in PH Property

(Notes of my own & from Investor friends & agents)

Don't frustrate yourself trying to read this on a mobile phone - use a computer

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Makati 10 Property Average is : 176.9k psm @ July 2018

SUMMARY : from a post made in early August 2018 ..... :  see also: RISE thread

(July'18)
Project ----- : Ave. Pr. (No) Type-Size  : PerSq./ v.Q1'18 : Rental: PerSqM (No) - Est.Y ::
The Rise ----- : P4,977k (15) 1BR-28sm : 175.9k /  97.5 % : ?? completion 2019-20
Air-Resid.---- : P4,838k (45) 1BR-26sm : 186.1k / 103.2% : ??    "       "  
One Central- : P9,660k (12) 1BR-54sm : 178.9k /  99.2 % : P45,760= P  847 (06) - 5.68%
GBHamilton : P8,000k (02) 1BR-41sm : 195.1k / 108.1% : P45.000= P1098 (07) - 6.75%
GrandMidori : P7,390k (19) 1BR-38sm : 194.5k / 107.8% : P40,000= P1053 (29) - 6.50%
Kroma --------  : 10,340k (06) 1BR-55sm : 188.0k / 104.2% : P60,000= P1090 Est.- 6.96%
Senta ---------- : 12,750k (05) 1BR-61sm : 209.0k / 115.9% : P66,500= P1090 (19) - 6.26%
Shang Grand : 16,000k (02) 1BR-81sm: 197.5k*/ 109.5% : P90,000= P1111 (18) - 6.59% : *adj.P from 176k
Trevi, Laur.di: P3,320k (08) 1BR-23sm : 144.3k /  80.0 % : P25k* > = P1086 (01) - 9.00% : *adj.R from P30k
 == 9 Props :  P8,348k (116) ave-45sm: 185.5k / 102.8% vs. P180.4k (see chart, below)
CL.ExecTw3.: P3,400k (13) 1BR-34sm : 100.0k /  55.4 % :
 = 10 Props :  P7,784k (129) ave-44sm: 176.9k / 98.1 % vs. P180.4k (see chart, below)

Above 10 Properties were compared with:

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==========

These Efforts might go nowhere,  if the banks are unwilling to Lend against 2nd Hand Condos
(1)
I have found a substantial property related group, which shares with me an interest in developing the secondary-resale market. If people are interested, I may share from time-to-time things that we are learning, as we make efforts to develop that market.

KEY SUCCESS FACTOR
One of our critical Success Factors may be finding banks which are willing to finance Buyers who purchase secondhand properties.  Traditionally banks have been more willing to finance NEW properties built by top class developers in preference to secondary market properties, even when the new properties are more expensive (in Pesos per sqm).  This seems illogical to me - since financing a more expensive property might mean a greater risk of loss to the bank, since a larger loan at a higher percentge, means a small equity cushion to protect the bank.


Interested in this issue?

Please Say so, and I may post more info here as this effort develops

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(2) Financing: I don't need it, but I have explored the availability of loans for 2nd Mkt Buyers


Spoke to a Local bank with which I have an account, thinking that a PRA-SRRV Visa might make me a target customer.  They are holding a US dollar deposit from me worth over P1 million.  They were polite, but not really interested in making a mortgage loan to me, because: they do not like lending to foreigners, and my age (at over XX) meant they probably would not want to lend even if I was a Filipino. They suggested I look for a local "co-borrower", and then they would consider a loan.
The reality is that I present an excellent credit risk, since I have debt-free Condos in PH.  But the wealth factor seems to be ignored - it is not an important consideration, and I do not fit very neatly into the standard salary-based lending criteria that they do use.  My overall conclusion was: maybe I should forget about local banks.  But I want to try one or two more before I give up.


I also spoke to a foreign bank with a good sized branch in PH.  They were much more interested in my business. They said they used to make foreign FX loans, but have now stopped doing that.  They now make mortgage loans only in PHP.  They could lend with a fixed rate for rate-locked periods between 1 and 5 years.  They would restrict their loan to a maximum of 60 percent of collateral value. My age was a negative factor, but fortunately I have a sizable relationship with the bank outside the PH. The person I spoke to thought that I would be able to get a loan in the size I mentioned (it was less that 8-figures in Pesos.) 

As for interest rates, I said I probably would not take the 5 year loan, since the fixed interest rate would be about 7% (!), and I would not be able to repay it until the fixed rate period was over in 5 years. That seems both too expensive and too inflexible to suit my requirements.


(I am not really sure I will want to borrow anything.  But I do not want to bring more funds into the Philippines and have to take the risk on a weak currency.

As an investment exercise, I am looking at a possible property investment which might yield 7-8% Net.  I do not want to take on leverage, if it will reduce my overall return.  So it might only make sense to take a loan, if I can borrow at less than 7%.  Before the meeting,  I was thinking that a PHP loan costing just 5-6% might be reasonable for this investment.  If I can find that, I might even consider going ahead with the investment.)

 

(3) Financing: When it is a Preselling Property


The banker for the Foreign bank said her bank WOULD finance the purchase of a preselling property,
if I acquired one in the secondary market BUT ONLY FOR ACCREDITED DEVELOPERS on their projects which have also been accredited by the bank.
The risk here was that there could be a long wait for the bank to get hold of the Title for the Property.
And the bank would only be comfortable with that risk, if they had analyzed and approved the developers finances ahead.  The banker thought that most of the major developers were accredited, but we did not discuss specific names.
If I had a specific project in mind, so if I gave her the name of the project & the developer, she could quickly check to see if it was on the List of Accredited projects.

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Where to Invest in Real Estate?
Oct. 2017 (but based on six month old data.)

By Rizza Sta. Ana
Looking to buy your next property soon? You may want to start the search at these areas with the best rental yields.
Any good real estate professional will tell you that the best investment is property located in a neighborhood or district that has the best rental yields. Pursuit of Passion lists down seven of these neighborhoods.

1. Vertis North, Quezon City : Rental yield*: 7.25% ** over one year ago **
2. Fairview, QC--------------------- : Rental yield : 7.25%
3. NUVALI : For-sale property price range: P7.3M – P8.8M > for capital gains?
4. Cavite - : For-sale property price range: P2.4M – P10.8M > for capital gains?
5. Makati ----------------------------- : Rental yield: 6.94%
6. Bonifacio Global City ------- : Rental yield: 7.07%
7. Alabang---------------------------- : Rental yield: 6.64%
:NOTE: these "average" yields are now long gone for new properties, thanks to a 15-20% jump (or more!) in property prices offered by developers over the last 12 months.

In mid-2018, typical Gross Yields on New properties would probably be more like 5-6%
========
 The truth about rental yields
There are several real estate experts who advertise rental yields per location, and you can use these numbers as an indication of where to start your search. However, it is also equally important to know that these reports are based on historical data, and the figures are at least 6 to 12 months old.
Moreover, the rental yields in reports are typically average figures, and might not reflect the current market value of the properties chosen in a particular location. As such, it is still advisable for property buyers to practice due diligence by learning some simple rental yield calculations. If you’re into buying for the sole purpose of earning rental income or earning capital from flipping or reselling, it also pays well to know how high the rent in the neighborhood has gone up in the last few years. You should also have an emergency fund to cover the costs of maintaining the property, especially if it remains idle or doesn’t get rented out for a long time.
> article: https://pursuitofpassion.ph/places/invest-real-estate/

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PH Property Developers are behaving like....

f0b85712-a6b9-4944-8f48-4e3d68a1cf95.jpg

Jabba-the-Hutt, merchant prince and Crime-lord - who might have loved the PH property market

(comments from a Viber chat):

M: Are there a lot of cases where buyers could not fulfill their obligations?

N: I saw a long list of cases before in court cause the developer did not like to refund and instead filed cases against the buyers ...

B: A better solution > would be to resell the Property thru the secondary market, but that is not easy to do. The Secondary market is "like a mystery wrapped in an enigma" (for the average Buyer or Seller, at the present time)

N: In my seminars to the OFWs, i found out that they did not know that they could sell their unpaid units ... they thought they had to be paid 100% ... Some would walk away from as much as Php900,000 of equity ...

B:

Wow. That is sad! But there is huge focus on the Primary market in this country, and so little focus on the secondary market. Many of my friends have lost interest now in the Primary market (it has been pushed up to crazy levels now) - and are only interest in relative bargains in the secondary market. That includes friends from places like: Hong Kong , China and Japan.

So this would seem like a very logical time, to start developing the Secondary Market - so old buyers can Sell and realize some equity and profits for new projects, and buyers find cheaper properties that will generate better yields. If the 2nd market becomes more vibrant, then those who get STUCK in installment purchases might have a better way out. Right now, the developer behave towards these customers in the same way that Jabba-the-Hut treated someone in a bind - they take advantage and make profit from the default, rather than helping their customers find alternatives.

N: Can you define what you mean as DEVELOP the secondary market ? Cause as far as i am concerned, it is very active . Those doing off the plans flip are on the market ...

B:

Really? Where is it?  I cannot see it, apart from maybe some Ads on OLX.
BTW, I am talking about Condos, and specifically Condos in the Makati area, since I cannot buy land or land properties.
I have spoken to several brokers, and asked them to show me a list of secondhand prices at prices at least 10-20% below what the developers have been offering.
They have almost NOTHING to show me - no lists. No real bargains, just overpriced properties, at prices similar to the levels offered by developers.
On the other hand, friends who are patient and keep their eyes on OLX do eventually turn up bargains, and that is confirmed by flats they show me after they bought.  They paid maybe 20-30% less, or even bigger discounts.
I wonder how they found such bargains.  And meantime this that want to sell keep telling me how slow and frustrating it is

man-leaving-real-estate-agency-shop-in-m

Free & Open Competition makes it easy to discover property listings in other countries - like Hong Kong

M: Pre owned properties are not usually listed with brokers. Either Filipinos normally like to sell directly to buyers while brokers prefer carrying portfolio from developers for wider market i think.

N: Regular Meetings Where They Exchange Listings .... I have some broker friends who have as much as 1,500 listings ... What is not existing in our Filipino market is the Exclusivity Appointment of a Broker ... Filipinos believe the more brokers the merrier ... hahaha

M: Or some (buyers and sellers) prefer no broker at all

D: So are you saying that only the licensed brokers can see the market Listings.?
Maybe this is why relatively few transactions get done, and why my friend who is even more keen on seeing more sales volumes, wants to Disrupt the 2nd market, to bring more transparency to that market.
He says he has HUNDREDS of clients of his own who want to sell and they are not seeing enough buyers.  Meantime, I have friends from Hong Kong, who are coming here and they keep saying: How do I find out more about the Secondary Market?
Why is it so hard to see prices?  And so hard to get decent data?

N: Maybe your friend should deal with licensed brokers Amigo ...

J: Go on Facebook ... hundreds and thousands of listings there

B:

Hmm. "Thousands of Listings"  Maybe that's the problem, information overload.
A mere Dozen or two of highly relevant listings, based within a specific Area search might be better.

1057527_65a75e6468fe73872b6b7fa6a7b74d4f
What's on offer in a Local area of Hong Kong? A lot of choices ! Prices are transparent to Buyers

Are you interested in how the secondary market works in Hong Kong? (and in most of China)

HK may be the most efficient property market in the world? (It has the most expensive property, and so has it has to be efficient. haha)  You choose an area where you want to live, and maybe even a specific building, and you visit the agents who have their offices there - often on the ground floor of the property you like, or maybe just next door.  The agents that you find there will know a lot about the buildings within 5 minutes walk of their office, and maybe very little or nothing about a building more than 15 minutes walk away. 

They will show you listings for one or more buildings within the 5 minutes walk, and may have personally seen several / most of them - and be able to describe the pluses and minuses of the buildings, the amenities, and even specific flats they have on offer.  And they will show you historical data on (virtually) ALL the transactions done in that area over the last year.  So you are getting a nice clear and accurate picture of the market.  The final result is that you may know within just 2-3% the expected market value of a property you are interested in.  If you have doubts, you can go online and check to see how 2-3 different banks value all the individual units within those buildings.  You type in the specific unit, and it spits out the banks valuation.  This way, when you go to your bank and ask for a loan, there are very few surprises about how much they will lend - & how much you can borrow if your credit is good.
Will this ever happen in PH?  Not soon.  But I think that the market will be moving in that direction, especially in places like Makati and BGC where there are many highrises, and more transactions than in fringe locations.  Moreoever prices are now high enough to get buyers, sellers, and agents to seek to create more efficient market which will make up in increased volume what might at first look like a (small) squeeze on broker's commissions.

J: there is a search bar on most FB groups

B:

The problem isn't solved by a search engine alone.
It is the lack of genuine local expertise in finding the right property, quickly and efficiently,  And also there is very little historical data - and a lack of transparency, and liquidity. Because of this, transactions happen less frequently, and buyers lack confidence that they are getting a fair price, and banks worry whether their collateral values can be realized if a loan default occurs.
I think it will be good for the country, if the secondary property market was more vibrant.  It would allow people who own properties where debt has been reduced to cash their equity more easily  And this could even help meaningfully to ease the chronic capital shortage in the PH.

J: hk to ph is apples to oranges. in the us they use zillow for market research. search a project and.location in the search box. draw up a shortlist from results.... do your own market study from the results... what you lack in efficiency you can make up for by being resourceful with whats available... instead of complaining over things that wont change in the near future

B: "instead of complaining over things that wont change in the near future" - Haha. It sounds like you will not be an early adopter of this wave of change if/when it hits in the near future.  Enough said for now

Needed : More Local knowledge, More expertise and more transparency

(Maybe the people who read this will begin to understand why I find, ah, SUB_OPTIMAL, the Local knowledge of PH brokers. And feel they could do much better in their understanding of the importance of economic factors on local Rents and local Property prices.  At times this type of expertise can be shockingly low.  But we foreigners are, apparently, not allowed to complain.  Maybe in the end it will be foreigners that address and solve the challenge of developing a more vibrant secondary market in the Philippines.)

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Most PH property buyers (seem to) live in "stone age".

https://www.skyscrapercity.com/showthread.php?t=1757024&page=21

Just read today that most of the reopened units in the Montane were sold. And this while there might be several buyers who need to offload their investments at cost or a little profit - (admitted for Ayala that's quite difficult). In any case, I get the impression these buyers don't know the internet, what it can do for them, and how it can disrupt traditional business processes. Just a website like OLX.Ph or dotproperty.ph or any other listing site might do the job and could inform these people that they "might" overpay their unit, perhaps by 50pct but what has to happen, has to happen. 

Over the course of time this will change, and especially the younger generation, which is more internet savvy. And we're going to see it improve.

Yes some people need to learn it "the hard way". Unfortunate but that is the way it is. Most of the time property buyers tend to be older people, -- they might not be familiar with the benefits that the internet offers. Hard to believe.

While one can have reservations about the practices of developers, I equally consider the practice of overpaying your investments by 30-40-50pct (higher than the market price) as gross incompetence, or reckless behavior or irrational exubarance or too much optimism. And let's not forget. There's also criminality involved many times. Real estate has money laundering tentacles, everybody knows this. PH is not immune to this. The banking system offers a lot of secrecy.

FYI - the plane ticket Europe PH standard price - return ticket Cathay Pacific BRU-HKG-MNL or AMS-HKG-MNL is EUR740 (last week of august - 2nd week of september). But Air China offers the cheapest return ticket Geneva_MNL EUR370, and ZURICH-MNL EUR400. (return, and you're even able to change the date for a lower cost than cheaper normal tickets). Service is quite similar. Air China is the top airline in China. The flight will be 1 hour longer, stop in PEK, that's all

People who look for bargains can find bargains, even today. But the plasticized red ribbon deals offered today can become a huge hangover tomorrow.

Another negative aspect that will start to kick in now is the yuan devaluation against USD and PHP. Chinese buying interest might dry up. However, if CNY drops 40pct against PHP, and PH real estate drops 30pct, then they could still book a profit in CNY. Just like what happened to the Russian buyers in Pattaya a few years ago when OIL and the ruble fell at the same time. (Even though I think the Chinese who escaped to PH, most of them, if given a chance, will try to stay in PH permanently ). (After all, in PH there is political, religious and economic freedom, in CH there is none, and CH is becoming a dictatorship).

https://finance.yahoo.com/quote/CNYPHP=X/

xlUtSZk.png

In many ways this exchange rate chart will show you the "disappointment of the 21st century" and the "surprise of the 21st century"

 

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MONTANE has good price info available - but only on DEVELOPER Units

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The Montane BGC located in 8th Avenue is a high rise, top-of-the-line residential project located at the center of the active North side of Bonifacio Global City. This pre selling BGC condo is developed by Avida Land, part of the Ayala Land group.

Number of units remaining & prices were readily discovered thru posts

(this is from the SSC link provided above. But I think they are only talking about units available from the Developer)

Montane's availability is now nine 1BR units around 8M php
down from 50 3 months ago...
only filipino buyers or dual citizens (since 40% foreign has been met already months ago)

average price close to 8M php
37sqm units
Avida project /must be really affordable

(2) yesterday : 7/21

List of Available Units

1 2009 36.91 1-2009 PHP 7,725,000.00
1 2112 36.91 1-2112 PHP 7,738,000.00 ... /36.91 = P 209.6 k per sqm
1 2409 36.91 1-2409 PHP 7,782,000.00
1 2414 36.91 1-2414 PHP 7,727,000.00
1 2609 36.91 1-2609 PHP 7,811,000.00
1 2621 37.56 1-2621 PHP 8,008,000.00
1 2909 36.91 1-2909 PHP 7,854,000.00 ... /36.91 = P 212.8 k per sqm

Finally selling out: 7 units left (from the developer)

/ 2 /

But if you look on OLX, you will find ads like THIS one - also from 7/21 (yesterday)

For Sale: Avida Towers The Montane - 1BR, 37sqm, BGC, Taguig City

₱ 7,321,000 / 37 = P 197.9 k per sqm

And that price is negotiable (normally), while developer prices are not.

I often find much bigger bargains than this small 5.6% savings

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Why did HK develop one of the world's most transparent Property Markets?

Largely, because Buyers & Sellers wanted the market to develop that way - but also because the largest property agent (Centaline Property) helped to drive it towards greater transparency, with more data provided to its customers.

A successful idealist, who is no Jabba-the-Hutt:

kItDINQ.png
Centaline's founder Shih Wing-ching was a man with a mission, who handed over the reigns of his company in 2010.

Centaline is the largest property agent in Hong Kong, and has branches in 15 mainland Chinese cities, including Shanghai where it has an approx. 10% share, and a growing share in Beijing where it competes fiercely with Homelink, that has an amazing 30%, but is now closing branches, as Centaline thrives.

Mr Shih started the property agency in 1978 with a single branch, and the goal of establishing an empire that spread across China. Today, the company has more than 5,000 staff in Hong Kong and more than 15,000 on the mainland.

" You can’t control everything. You have to let individuals in society to make their own choices.

You need to have competition in the market, something I continue to support... The profits of a company represent the new wealth created by the people working there. But [the company] won’t let you share the result – the profit of the company – they just give you a salary. The wealth of the company cannot be created just by capital. If you put money into a safe, after one year the money stays the same. How can it create wealth? It’s because people put in their effort and creativity. So why [can’t those] people who put in their effort and creativity not have a share in the profit? I have a compensation scheme in most of my companies. I called it the “one-third system”. I divide the profit of my company into three parts. One-third for the shareholders; one-third for the people working in the company; one-third for reinvestment of the company.If you can let ordinary people have more money, they know how to spend their money. "

> from Profile : https://www.scmp.com/news/hong-kong/economy/article/1948721/challenges-struggles-and-advice-shih-wing-ching-shares-his

For the interest of customers, Centaline Property provides free market information via “Centanet.com”. Some smart phone application and software were also launched to keep customers in touch with hot listings and the market pulse.  Centaline also strives for providing quality services by enhancing the professional level of elite teams and therefore set up Centaline Training Institute and related working groups.

> Centaline, a Trusted Brand: http://rdasiatrustedbrands.com/2018/hongkong/showcase/Centaline.asp

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How Centaline lists & reports on Secondhand properties

(in Tung Chung, near the airport, where I once owned several properties)

centaline.jpg
Dozens of SECONDHAND properties displayed in the window: For Rent, or To Buy

Centaline's CCL Price Index is Updated every week... Latest for HK as a whole

iKYLzba.png : 100.00 = The Record CCL index price in 1997

YU5pzvH.jpg

Caribbean Coast Index ... Latest : It is just one of DOZENS of specific estates tracked by Centaline

jpwW8l7.png: average HKD per sq.foot
Adjusted Unit Price: HK$ 9,663.66 x 1.34 = $ 12,957 (psf, Saleable area) : announced 2018/07/20

l2Ucenj.jpg

Caribbean Coast is one of the largest Estates in Tung Chung, with about 5,000 units. ( I was on the Condo board there)

For big estates, like Caribbean Coast, there's a new index price every week, and it is only delayed by a few days after Purchase Contracts are signed, and so is an excellent indicator of the current market price.  (BTW, Caribbean Coast is now fully completed, so there are ONLY Secondhand sales being tracked & reported there. When I bought a NEW property there off plan about 10 years ago, I actually paid a little LESS for a New about-to-be-completed Propery than I would have paid for a second property that I could view.  This is terribly different than it is in the PH, where developers can get huge premiums.  But the financing terms in HK are less aggressive.)

Centaline's Estate Profile for Caribbean Coast: Updated Profile :

WqUKy6n.png

Caribbean Coast consists of 13 high-rise towers, plus 56 houses.  There are approximately 5,336 flats with the average size being 818 sqft (76 sq.m.)

Tung Chung Hub Guide : https://thehkhub.com/hong-kong-neighbourhoods-tung-chung-lantau/

TC Property's site (of another agent): http://www.tungchungproperty.com.hk/eng/floorplan.php

Centaline has a Large searchable Data base on each project ... Caribbean Coast Search page

lDxSQTF.png

 In the Database, for individual estates, like Caribbean Coast, you can research things like:

+ Historical prices for individual units, from Sales&Purchase contracts, as collected in the Land Registry
+ Historical rents for a target flat, or similar flats
+ Accurate details of individual flats, like size in sq. feet: Gross area, & Saleable area
+ Hold periods, showing how long flats were owned before selling, and how much profit was made

These details are accurate because agents are required to record genuine sales prices, and quickly pass details to the HK government Land Registry. With such detailed information, Sellers know how to price their properties and Buyers are confident they are paying fair prices, rather than an excessive price.  Banks can accurately assess the value of their collateral.

Bank valuations are available online (for FREE!) from at least three banks : HSBC : Hang Seng Bank : Bank of China :

A2JY8sR.jpg

Here's a summary of the sort of data, the bank valuations might show:

Property Value, example: Tower 8, Flat 30H (near the middle of the estate. HSBC Valuation.)

  • Address: Flat H,30/F,Phase 2 Albany Cove Block/Tower 8,Caribbean Coast,Lantau/Outlying Islands,New Territories/Island
  • Valuation HKD 11,150,000 / 1,201 = $ 9,284 psf, Gross
  • Gross floor area (sq ft) 1,201
  • Saleable area (sq ft) 926
  • Property age (year/s) 13
  • Valuation date 23 Jul 2018

Transaction reports are available, if you want to know what others paid (very recently) to Rent or to Buy.

In fact, you can easily Search the Transaction History of the whole building : SEE HERE

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HOW BIG is the Secondary Market in PH?

Much smaller (by % of properties completed) than Hong Kong's certainly

(I asked this on Viber):

SECONDARY Market comments continue...

When I lived in Caribbean Coast near the airport in Hong Kong, I used to get regular reports on sales there - as did others who were interested CC has over 5,000 units for sale. From memory, It was not uncommon to have over 100 sales in a month. That's 100/5000= 2% of the units in a single month.

I think the record number of sales was over 200 (4%) in a month. If we use the 2% figure and multiple by 12 months, then something over 20% of the units would turnover in an active year. Seems too high. I think 10% per annum would not be a surprising number in a year. I wonder what these figures look like for modern highrises in Makati? From what I hear, the actual numbers might be just 1-2% per annum. Anyone have figures on this?

(if I get some interesting responses, I will post them here)

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COLLECTING PH DATA - for specific Makati Projects on other threads here...

(This is a post on a thread about The Rise / & Air ): at http://RiseMakati.com

FLTE2BE.png

The Rise is now 94% Sold, I discovered.

Assuming 2,800 units total ... x 6% Left = only about 168 Units remaining at The Rise.

I was also told about 20 units can still be sold to foreigners. This seems to be a change (reopens?),
since it was reported that the 40% "for Foreigners" limit had been hit approx. one month ago.
20 units is not many, so foreigners should move fast, unless they are willing to bet on
more reopened units in the future.  But prices are bound to go higher.

In terms of prices, the cheapest of the remaining units is P5.5 Million, a unit on a Lower floor.
- I am hoping to get details soon, and will plan to post them here.
Most expensive 1BR is P 6.3 million / 28 sqm = P225k - on a high floor.

Compare that to some bargains in the secondary market, where recent sales are at about
P 4.5 Million / 28 = P 161k (recent secondary market price.)
But in the 2nd market, you may have to pay cash, or take over someone else's payment terms.
There may also be additional costs, like commissions or P 150K for a transfer, payable to Shang.

Month: RISE- (No.) : Type-Size : PerSq. / AIR R (No.): Type-Size : PerSq./ Ratio
12/'17: 4,600k (06) 1BR-28sm: 164.3k / 4,035k (27) 1BR-26sm: 155.2k / 1.059 : Rise/Air
01/'18: 4,975k (06) 1BR-28sm: 177.7k / 4,174k (28) 1BR-26sm: 160.5k / 1.107
07/'18: 4,977k (15) 1BR-28sm: 175.9k / 4,838k (45) 1BR-26sm: 186.1k / 94.5%

> RISE Makati.com - Update and Marketplace

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Selected Makati Properties - 2nd hand "ASKING Prices" (thnx to Dot Prop*)

 Please note: these are Asking Prices, for secondhand/ resale units.
You may expect initial Bids from Serious Buyers willing to pay cash, may be coming in at 10-20% less,
or even lower. Final sales prices will be determined by negotiations between Buyers and Sellers

(July'18)
Project ----- : Ave. Pr. (No) Type-Size  : PerSq./ v.Q1'18 : Rental: PerSqM (No) - Est.Y ::
The Rise ----- : P4,977k (15) 1BR-28sm : 175.9k /  97.5 % : ?? completion 2019-20
Air-Resid.---- : P4,838k (45) 1BR-26sm : 186.1k / 103.2% : ??    "       "  
One Central- : P9,660k (12) 1BR-54sm : 178.9k /  99.2 % : P45,760= P  847 (06) - 5.68%
GBHamilton : P8,000k (02) 1BR-41sm : 195.1k / 108.1% : P45.000= P1098 (07) - 6.75%
GrandMidori : P7,390k (19) 1BR-38sm : 194.5k / 107.8% : P40,000= P1053 (29) - 6.50%
Kroma --------  : 10,340k (06) 1BR-55sm : 188.0k / 104.2% : P60,000= P1090 Est.- 6.96%
Senta ---------- : 12,750k (05) 1BR-61sm : 209.0k / 115.9% : P66,500= P1090 (19) - 6.26%
Shang Grand : 16,000k (02) 1BR-81sm: 197.5k*/ 109.5% : P90,000= P1111 (18) - 6.59% : *adj.P from 176k
Trevi, Laur.di: P3,320k (08) 1BR-23sm : 144.3k /  80.0 % : P25k* > = P1086 (01) - 9.00% : *adj.R from P30k
 == 9 Props :  P8,348k (116) ave.-45sm  185.5k / 102.8% vs. P180.4k (see chart, below)
CL.ExecTw3.: P3,400k (13) 1BR-34sm : 100.0k /  55.4 % :
 = 10 Props :  P7,784k (129) ave.-44sm  176.9k / 98.1 % vs. P180.4k (see chart, below)

 Note: for "Ave.Pr" or Average Price Per.Sq value, I have most often used the average for the entire Project
(ie not just the 1 BR units; the "No"/number listed above is the number of 1 BR units Offered for Sale. )

*At the moment, Dot Property seems to be one of the best websites in the PH to get an idea
of prices in the secondary market.  Above is a select

Above 10 Properties were compared with:

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Transformation is starting... it seems

"Buyers & Sellers of the world. Unite!"

You have nothing to lose but your (expensive) chains

4ujcej2.jpg

New property agency at night. Note Chinese characters

(from Viber chat):

A: Guess what? a new Property agent has opened near greenbelt. It is at street level, and has lots of Chinese writing, I had been predicting this. haha

B:  XXX street right?

A:  Yup.  Been inside yet?

B: no, don't want to waste my time because it's going to be new preselling projects

A: I actually doubt that

I will try to find out their focus.  If it is just new properties, they don't "get it" yet

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