My girlfriend and I just bought a new apartment in Metro Manila - really nice place for the price. We bought a 2br apartment on the Marikina River, Pasig City, in a DMCI development called Riverfront Estate. Its well located 5mins from Teandesitas Shopping Mall, 10 mins from the Ortigas & Pioneer Commercial Precincts, 10mins from Market Market & the C5 Expressway that takes you south to Batangas, Bicol and the airport, 15mins from Eastwood and The Fort, as well as other smaller shopping & entertainment precincts. Our place is 66m2 - 49m inside, plus more for the balcony. It cost P2.3mil (USD50,000). We take possession in 4 weeks since we have paid our 20% deposit. The estate has a clubhouse with wifi, swimming pool, and a park along the river. Surprisingly I didn't see any sign of pollution in the river, but I suspect they are cleaning the river during the construction period.
We looked at other apartments which were as much as P70,000 per m2, this one is just P22,000/m2 if you include the balcony.
There is a 100m2 apartment with 3bedrooms, maid's room and 2 bathrooms for sale as well. What I like most about this place was the quality of the design and finishing. It was far better than other places in this price category, and it is low-rise, and it has wifi in the courtyard. Cyprus Towers apartments & amenities near The Fort was affordable as well, but the building has a very cheap looking exterior, and the view out one side was of slum areas. Riverfront Estates was cheaper, better designed, and better located. You couldn't even place a refrigerator in the kitchen at Lee Gardens in Mandaluyong.
http://www.dmcihomes.com/project.php?id=540&name=Riverfront_Residences.If you are interested in purchasing one of these apartments, we would happily help you. You can contact us
propertypo@gmail.com.
You might ask why am I recommending apartments since most of us know that apartments offer a less attractive return on investment than land. There are several reasons:
1. Estates and condos give you a security and sound buffer from you and the poor peasants outside, and they are an oasis from the traffic
2. Estates provide a better forum for business networking
3. Estates have facilities that we would not otherwise have access to - if you use them
I don't recommend over-investing in Manila property. I would only suggest a basic place since there is far better properties in rural areas. I forecast that Manila will be a gentrifying slum in years to come and the cockroaches will take over. I prefer places like Subic, Calamba and Lipa City. The only reason to buy in Manila is for a city base, or holiday visits. If you are not buying in Metro Manila then I would be more inclined to recommend foreclosed property. See my blog
http://foreclosured.blogspot.com for info on those opportunities. Further
details on the 'Buying Philippines Property' Report.
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Andrew Sheldon
www.sheldonthinks.com
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