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1.
President's Message
2. Condo of the Month
3. New Condo Towers
4. Article 1 - Philippines Property market overview and forecast.
5. Article 2 - The Eaton Makati. 5 star hotel meets 5 star condo tower.
6. Article 3 -
Philippines
on verge of biggest real estate boom in 30 years.
7.
News
8. Contacts
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PRESIDENT'S MESSAGE
Welcome to our Quarter 1, 2006 Newsletter. We wish you and your family a great 2006.
Please read Article 1 to learn more about the country's real estate
performance during 2005, and the forecast for 2006. All indications are
that 2006 will be a very strong year, as indicated by our sales team
posting nearly 50M Pesos in sales since the beginning of the year. We
forecast 75M Pesos for the 1st quarter 2006, which would be a record
quarter since we started operations in 2003.
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"There's
a million reasons to buy a condo in the Philippines!"
Sante Delle-Vergini
President & CEO
CondoMillion.com |
_______________________________________________________________________________
CONDO OF THE MONTH
Makati City - now 7.5M Pesos,
2 bed/bath, 126sqm, furnished, maids room, car space, commercial center.
Large great value condo in the heart
of Makati CBD, near the prized Greenbelt location, and right inside Salcedo
Village where all the corporate headquarters and call centers are
located. There's
even a Starbucks on the ground floor. 2 beds, 2 baths, 2 balconies,
maids room with bathroom, great views from high position, roof-top swimming pool and great gym, 1 car space
included. Built in 2001.
Payment Options: 7.5M Pesos cash. 1M
downpayment, balance after 30 days. Other units in this tower valued from
8.5-12M Pesos.
Call Julie Formento on +63 9063053167 or
email
julie@condomillion.com to view this unit.
For more details,
CLICK HERE.
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NEW CONDO TOWERS
This section links to tower developments listed recently on our website:
1.
The Eaton Makati
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ARTICLES
Article 1 -
Philippines Property
market overview and forecast.
A good way to start our Q1, 2006 newsletter is to give you an insight into
the property market during the last 12 months. This review briefly
examines the residential condominium market
in the Manila
Metro area,
focusing on capital and rental performance during 2005, and forecasts for
2006.
While indirectly connected to the condominium sector, it is worth noting
that land values in both Makati CBD and Ortigas Center have posted a 15%
growth during 2005, with Ortigas still selling at 55% less than Makati.
Supply
The Housing and Land Use Regulatory Board (HLURB), which issues licenses
to sell in all property sectors, have posted gains of 67% in the high rise
condominium segment. 20,006 units will released during 2005 (throughout the
Philippines), up from 12,087 in 2004. In Makati CBD, 10,368 units were
released during 2005, and this is expected to grow 5% during 2006 to
10,886 units. However, licenses for high-end luxury units are expected to rise 13%.
Demand
Residential vacancy rates were down from 14.3% in 2004, to 12.5% in 2005. Sales
activity for condominiums in Makati CBD more than doubled with 889 units
sold in
2005, up from 376 during 2004.
Rental
Using 3 bed, high-end luxury units as a benchmark, rentals jumped from 338
Pesos per sqm in 2004, to 421 Pesos by the end of 2005, a rise of
almost 25%.
Across the rental spectrum for residential condominiums, the two best
performers during 2005 were again Rockwell Development posting a gain of
13.5% during 2005 (reaching 587 Pesos per sqm), and Fort Bonifacio
climbing to 6.2% (reaching 509 Pesos per sqm). These were the only two
locations exceeding
500 Pesos per sqm in Makati City and surrounding areas.
Note: We see this as more significant for Fort Bonifacio
over the next 5 years, as they have more room and flexible zoning compared
to the Rockwell Complex. As we predicted 2 years ago, Fort Bonifacio will
continue it's top ranking for residential investment, and with
South of Market being our number one seller, it is easy to see why.
Source: CondoMillion.com.
Capital Growth
Capital growth grew 7% during 2005. What is interesting is that
pre-selling developments posted a 10% rise, due most likely to the
flexible payment schemes attracting more buyers. Overall capital is
forecasted to grow 15% during 2006.
OFW Investment
One of the key factors to strong economic growth in the Philippines, is
investment by overseas Filipino workers (OFW). This is mainly in the form
of investment in real estate, business, and money sent to family and loved
ones.
OFW remittances reached 10.85 Billion Pesos during 2005, and is expected
to grow 9% to 11.8 Billion Pesos during 2006.
Note:
During the first 6 weeks of 2006, we have seen nearly 50M Pesos in
property sales for CondoMillion.com.
49%
were purchased by OFW. The other 51% was divided into foreign-born purchasers
(37%) and local Filipino citizens (14%). Thus total foreign ownership totaled
86%. Source: CondoMillion.com.
In summary, the outlook for capital growth
and rental return in the
2006 residential
condominium market, is extremely
good. In particular, strong growth
continues for Fort Bonifacio and pockets around Makati City, especially in
the pre-selling sector. Foreign buyers continue to fuel the high demand,
with nearly 50% of these being OFW's.
Source: CondoMillion.com, Colliers International
Research, Bangko Sentral ng Pilipinas.
Article 2 -
The Eaton Makati. 5 star
hotel meets 5 star condo tower.
Filling a large shortage of new hotel suites and condominiums in the
Makati Avenue precinct, The Eaton Makati will be the first 5 star hotel in
this area to offer luxurious hotel suites along with privately owned
condominiums, all fitted and furnished with first class materials and
appliances.
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- Managed by international hotel chain Holiday Inn.
- 24 Hours State of the Art Security.
- Private condos will have kitchen and washer/dryer.
- Separate lobby/reception for private tenants.
- Children's Day Care Center.
- Emergency power and backup generator.
- Medical and Dental Clinic.
-
Beauty Parlor, Barber, Boutiques,
Specialty Shops.
- Indoor Lap Pool.
- Business Center, offices for lease, conference facilities.
- 10 high-speed elevators.
- Coffee shops, formal dining, 24 hour noodle shop.
- 24 hour Room Service.
- Housekeeping, Concierge, Laundry, Valet Parking.
- Gym, Health Spa, Games and Billiards Room.
- Bar, Fun Pub, Music Lounge, KTV, Discoteque.
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Private units will have the advantage over the hotel suites in that they
will be equipped with a kitchen, larger bathroom with separate bath and
shower, and include a washer machine and dryer. There will also be a separate
lobby, reception and elevators for private tenants.
Construction of this landmark tower will be the first in the Philippines
to use A Grade 14,000 psi strength concrete (most developments use
5,000-8,000 psi), a key feature of The Eaton's earthquake resistant
design.
Amenities and services are second to none, with everything you could
imagine at your fingertips. Ready in December 2007, The Eaton Makati
offers buyers the opportunity to secure a condominium in this 5 start
rated hotel development.
For more details,
CLICK HERE.
Article 3 -
Philippines on verge of biggest real estate boom in 30 years.
The Philippines is
on the cusp of what could be the country's biggest property boom in nearly
three decades fueled by money from overseas Filipinos, investments from
businessmen and increased government spending.
Since the Asian financial crisis brought the property sector into a long
swoon in 1997, the industry has been on a slow but steady climb in the
last few years. Experts predict the property boom would be broad based
from residential houses and condo units to office towers, leisure
facilities and hotels. Why?
Tapping OFW market
At least $1 billion
in remittances from Filipinos living or working abroad flow in every month
(not counting the dollars sent through informal channels), and it is
expected that these dollars will be spent on buying new houses for their
families, high-end condos or resort homes for their own use.
Demand for
quality
Industry
sees that there is an underlying flight to quality in the growing demand
for property. Buyers are more knowledgeable now that they were before and
they will go to developers that have a long track record, that build
classy units whatever the market level and deliver their products on time.
With people looking for more quality products, the industry's growth is
expected to be sustained.
Government role
Despite its political troubles, the Arroyo administration has also
contributed to setting the stage for a surge in property demand.
Aside from keeping interest rates low through prudent debt management, the
government was poised to further kick up interest in the real estate
sector by jacking up its capital spending by 52 percent next year the
first time in five years that it would be boosting investments
infrastructure.
Hot
demand for office space
Aside from
houses and residential condos, another hot factor in the property sector
is the rising demand for office space, with vacancy rates dropping from
their peak of 60 percent to between 9 and 15 percent at present.
GB Richard Ellis, the worlds largest real estate advisory firm, said
robust demand for office space was being driven mainly by relocations
multinationals corporations and embassies from Grade B and C buildings and
continued demand from new and expanding call centers, business process
outsourcing (BPO) provides, and information technology companies.
“Despite medium term domestic economic concerns, the
outlook for the office property sector remains bullish.” CB Richard Ellis
said. “Limited supplies of suitable Prime/Grade A office space in the
Makati CBD will keep vacancy levels in the single digits for the near and
medium terms while lease expirations in 2006 will be closely watched as
they are expected to impact the amount of available space.”
The property adviser noted that demand was not confined to Makati and
Ortigas.
"Tight supplies of suitable existing office space in Metro Manila is
forcing call centers and BPO's with large space requirements to consider
locating to areas outside the major central business districts.” Said CB
Richard Ellis, citing the rising trends toward the construction of more
build to suit buildings (especially in Fort Bonifacio), and the conversion
of shopping malls and other types of retail establishments to space
suitable for call centers.
Leisure and Hotels
The property sector is also humming in the leisure and hotel business,
with average occupancy rates improving to nearly 75 percent this year from
less that 50 percent a few years ago, the highest growth being registered
in deluxe suites, according to CB Richard Ellis.
Tourism arrivals are on track to hit 2.66 million this year (up to 6
percent last year), with tourism revenues expected at $2.2 billion (up by
14 percent from last year).
With international
arrivals predicted to rise by 15 percent next year (in line with the
government's goal of having 5 million tourists by 2010), CB Richard Ellis
noted an increasing number of foreign investments going into building
deluxe hotels and resort facilities. “Out of 7,000 plus islands, with some
with fantastic beaches, only 25% are currently developed and many
hospitality-related facilities need refurbishment or have yet to be
built.“
Source: Philippine
Daily Inquirer - December 18, 2005
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NEWS
Feb 17, 2006 - South of Market
selling like crazy!
As with most quality developments,
buyers rush toward the end to secure the last remaining units before being
sold out. With South Tower already sold out, and North Tower 90% sold out,
this is certainly the case with South of Market. In fact, CondoMillion.com
has sold 10 units in the last 6 weeks.
If you want to secure these fantastic fully fitted, fully furnished units
at tax free prices, we suggest you email or give us a call immediately.
Feb 18, 2006 - Going strong for
Quarter 1, 2006.
In the first half of Quarter 1, 2006, CondoMillion.com is breaking all
records with around 50 Million Pesos in real estate already sold. The management
is confident of reaching 75M, which would be 25M ahead of target, for the end of quarter 1, making
it the highest quarter on record since the company began in 2003.
"This is a sure sign that the property market is back on track in the
Philippines." said Sante Delle-Vergini, President & CEO of
CondoMillion.com. "We have seen a strong shift toward pre-selling
condominiums, which suggests confidence in the economic outlook for the
Philippines and real estate development in general."
"Almost all sales have come through foreigners and Filipinos
living/working abroad, despite the Philippines Peso gaining strength in
recent months, and price rises in residential property listings. This all
points toward a strong year in condominium sales, and we are ready for the
challenge!"
For more news, please visit our
News section.
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CONTACTS
_______________________________________________________________________________
The information contained in this newsletter is
for information purposes only. CondoMillion.com is not responsible for
incorrect information displayed herein. If you have any queries regarding
this newsletter, please email
admin@condomillion.com.
The information contained in this newsletter
is subject to the same legal conditions as stated in our website. If you
want to read further, please visit:
http://www.condomillion.com/legal/legal.htm.
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admin@condomillion.com.
_______________________________________________________________________________
CondoMillion.com
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CONDO SPECIALS
For a full listing:
CLICK HERE
Click on any of the below, or email:
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