I was invited by Mr Koh, my EDU member to visit Makati, Philippine. He invited me 2 years ago but I decline as I was busy with worked. Without any hesitation, this time I accepted his invitation.
Many people thought and I am one of them, the country is still way behind Malaysia. Well, it’s better to see with your own 2 eyes before making any assumptions. On 25th June 2018, we flew there together for a 3 days 2 nights trip.
We touched down Makati’s Airport. We went to check into Aruga by Rockwell Hotel at the central business district. Our first appointment for the day is to meet Jamie from Rockwell land. The hotel I stayed is also built by them. Most of their existing
projects are well connected with each other. Imagine going to her showroom, I just need to walk across through the basement. So convenient.
Let me tell you, if you think Philippine is still behind us you are wrong. They have advance so much in recent years. The projects they offered are also magnificent. In certain places they have a well plan project with property infrastructure in place.
Prices depends on location. It can range from PHP6,500,000 onwards. Sizes ranging from 1 bedroom 450 sf to 3 bedroom more than 1000 sf. If you convert to MYR it is around RM1000 psf onwards. This are investment grade. Of cause there are cheaper properties.
I also found out that Japanese, Koreans, Chinese from China and even Malaysians have started to invest here many years back. Yes there are many mainland Chinese buying properties in Philippines but in recent times some developers put a maximum capped on how many they can buy in a project. They don’t want one race to dominate their projects. Understandable…..
One thing you must take note. Foreign investment is not for everyone. You must make sure you have deep pockets.
Here are some facts you need to know as a foreigner:
- Maximum foreigners can buy is 30% of the projects
- Maximum margin of finance is 70%.
- Maximum loan tenure is 5 years.
- Average interest rate is 5%.
- You have a window period of around 6 month to 1 year to apply a bank loan when project is completed.
- They do not give discounts liked in Malaysia.
The next day we went to see more projects. Please allow extra time for traveling. Traffic can be a standstill at times. A project we went to took us more than 2.5 hours to get there because of an accident. Normally, it will take 40 minutes. What I understand from Mr Koh is the government is tackling the issue of infrastructure. They are currently building LRTs and flyer overs. A country cannot progress without proper infrastructure to cater to for the increasing population. For your information Makati has around 20 million people.
It really open my eyes when I was there although it is a short trip. There are lots to see. thank you so much for spending the time with me Mr Koh. I really appreciate it.
Until my nest trip. See ya…..