Real Estate Philippines News Blog

As you know, the Fort Bonifacio Global City is being developed to become an even better Financial district than the already-modern Makati City (more details on my previous blog post at http://www.realestatephilippinesblog.com/the-fort-bonifacio-global-city-the-future-financial-capital-of-the-philippines/). One of the new fort bonifacio condominiums joining the fray of developments is new ICON PLAZA condominium (center picture).

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So many people want to invest in a Makati Condominium, but only the privileged few can afford the p100k/square meter prices there. But with Belton Place Makati by Eton Properties, Lucio Tan offers a Philippine pre-selling condominium that is right on the border of the Makati Central Business District, but only sells for p80k to 90k/sqm, which is indeed quite a great bargain if you know the Makati current prices (p100k/sqm for Brand New ones).

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A Friday article from Philippine Inquirer reports that worldwide property consultant CB Richard Ellis has stated that the Real Estate Philippines sector is still a safe haven for property investments. Due to the fallout of financial instruments and diversified portfolio investments in the U.S., people will now learn their lesson and go back to traditional asset investments such as real estate.

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Two news articles just came out about Eton Properties, one from Business World (http://www.bworld.com.ph/BW122208/content.php?id=041) and one from Philippine Star (http://www.philstar.com/Article.aspx?ArticleId=425885&publicationSubCategoryId=66). The two have somewhat contradicting titles, with the one in Philippine Star saying that “Eton will not slow down” and the one in Business World saying that “Eton defers projects to test waters first”. Still, both articles are saying the same thing: that Eton Properties will definitely continue finishing the already started and sold projects like the Eton Residences Greenbelt in Makati, Eton Baypark Manila Roxas Boulevard, Eton Emerald Lofts Ortigas, One Archers Place DLSU, Belton Place Makati, Eton Parkview Greenbelt Makati, Eton Centris Quezon City, Eton Cyperpod Corinthian Ortigas, and the 1000-hectare Eton City in SLEX Cabuyao, Laguna.

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The biggest competition in the bustling Santa Rosa Laguna development area is between ETON CITY and Ayala Nuvali, which are developed respectively by two of the Philippines’ biggest and richest tycoons: Ayala and Lucio Tan.

Perhaps most of us are already aware that the Sta Rosa Laguna area is currently being developed into the next Makati City, so you can just imagine what you can gain from property appreciation there! Due to our rapid population growth (as discussed in my previous blogpost at (http://www.realestatephilippinesblog.com/philippine-properties-still-good-bargains/), the strength of our BPO sector and the overcrowding of Metro Manila, we Filipinos will soon need a new modern financial district aside from Makati and Ortigas to move on to. This place would be IT!

Now, to develop such a immense and powerful financial district, there are several steps summarized below..

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A new global accounting reporting system called IFRIC 15 (International Financial Reporting Interpretations Committee) has threatened to hamper Philippine Real Estate developers by using new accounting rules to realize income from property sales. Under IFRIC 15, which the Philippines agreed to comply with, Filipino developers must only recognize revenues from pre-selling activities once the project is completed.

Since pre-selling is very common in the world of Real Estate Philippines, this would force all Philippine builders to report losses instead of profits starting this coming January of 2009! And what’s even more damaging is that IFRIC 15 should have a retroactive application even to the previous financial statements of the past year!

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Eton Emerald Lofts is a pre-selling Ortigas Condominium located along Emerald Avenue in Ortigas Center. It is another ALL-LOFT project by Eton Properties, similar to their Eton Residences Greenbelt project (http://www.realestatephilippinesblog.com/makati-condominium-eton-residences-greenbelt/).  Again, all of the units here are bi-level, giving the comfortable home-feel to your condominium unit. More open space, better air circulation, and nicer window views await future unit owners here.

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Eton Residences Greenbelt is a pre-selling Makati Condominium in the very prestigious address of Greenbelt Makati. It is also the pioneer project of Lucio Tan‘s Eton Properties Philippines Inc. Its location is the at the PRIMEST (highest Zonal Value in Makati according to BIR), since it is along Legazpi St. and right in front of Chili’s Greenbelt 1. It is most comparable to The Residences at Greenbelt by Ayala Land, since their prices, location, and target market are virtually the same.

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For those who are non-Filipinos, I hope you find this Foreigner’s Guide to Philippine Real Estate helpful. Read on until the bottom to get your full tips

By law, foreigners don’t have the right to acquire Philippine land (there have been many proposals to amend this law but of this writing, it is unlikely to change). The simplest way for a foreigner to acquire Philippine real estate is to have a Filipino spouse purchase a property. Another alternative is having a Filipino partner when acquiring a property. The partner owns 51% or more and the remainder is owned by the foreigner. (Tip: The foreigner can have a blank deed of sale signed by the Filipino partner for security)

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For our fellow Balikbayan countrymen who have made their careers abroad but wish to invest and earn from the different properties in the world of Real Estate Philippines, read this Balikbayan Buyers Guide for Real Estate Philippines to help you out, especially for beginners This guide includes summarized Real Estate Philippines Laws which are organized for your convenience and education. Click the link below to see the guide…

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Based on this article in the Philippine News website (http://philippinenews.com/article.php?id=3157) that says Philippine Real Estate still have good value because of the single-digit interest rates and the prevailing demand for Philippine Properties; — all this despite the recent global economic downturn. This came from an interview BPI Family Bank’s Vice President of the retail mortgage division, Ms. Jocelyn Sta. Ana.

Perhaps some would like to argue against her claims, but in my humble opinion, she is right for the simple two-word truth prevailing here in the Philippines – POPULATION GROWTH.

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