LUCIMA CONDOS, CEBU BUSINESS PARK ACROSS FROM AYALA MALL


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11 comments

  1. US now requiring a test to return by air Jan 26th + –
    Check bill sardi on Lee rock well saying this is same as TB same medicine given
    Seems it is inactive TB becoming active vaccine don’t solve any issue.
    Casedemic is all it is.

  2. Price to built 1 sqm with “all inclusive” = 75,000 Php

    Sales price per 1 Sqm = 200,000 Php

    That is only possible because foreigners cannot buy land. They still don’t have enough other options.

    Imagine the Philippines’ law would change and foreigners would be allowed to buy land. The whole condo market would collapse immediately.

    11,000,000 Php for a 50 sqm shoe box?

    Even if 1 sqm land in the centre of Cebu City will cost you 200,000 Php, you’ve to keep in mind you’ll build – at least – a 20 story skyscraper. Means each 1 sqm will be devided by 20 stories = 10,000 Php per 1 sqm/story.

    The value of the land (included in the final sales price) for a 50 sqm condo is – in this example – therefore only 500,000 Php. Not too much.

    Cost for the bare unit (concrete, plaster, paint, windows, …) is round about 25,000 Php per 1 sqm (and that is a high price). Let us calculate additional 25,000 Php per 1 sqm for nice tiles and furnishings. And again we also add 25,000 Php (per 1 sqm!) for some exclusive modern furniture.

    Okay, now we have 75,000 Php (or 3x 25,000 Php) “all inclusive of the finest” per 1 sqm floorplan. Completely finished. Highest quality.

    For a 50 sqm shoe box that would be 3,750,000 Php … + calculated 500,000 Php for the land = 4,250,000 Php true value for that 50 sqm “highest quality” shoe box.

    And even if we calculate additional 30% (1,275,000 Php) for some “costs” to that price (for title transfer and lawyer and real estate agent and so on) we talk about 5,525,000 Php.

    So, 11,000,000 Php for a 50 sqm shoe box just means the developer wants to make 100% profit.

    And even the argument “supply meets the demand” cannot justify a 100% overprice, because there are actually more condos available in Cebu City than interested buyers.

    For the same 11,000,000 Php you could buy a nice 300 sqm lot (land) in one of Cebu’s gated subdivisions and build a nice 125 sqm 4-bedroom house the way you want. Of course only if you would not be a foreigner; the Philippines’s law discriminates you and forces you to be the walking ATM.

    Malaysia is much better for foreigners and their investments. And even Cambodia and Vietnam are very competitive. Soon, in just a couple of years, the Philippines’ oversized real estate bubble will burst. I bet.

    They only true reason why foreigners still prefer the Philippines when moving to a south-east asian country, is the ability of “speaking english”. But Malaysia (formerly under british leadership) is damn close. And even Cambodia and Vietnam, where nowadays every student learns the english language, becomes more and more a serious alternative to the Philippines. It is just a question of time.

  3. The Philippines is overpriced to purchase in my opinion , I’d rather rent long term when living abroad, I don’t see a good ROI in buying. Appreciate all your vlogs Rod.

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