Regatta Bay condo, Puerto Princessa, Palawan.

[hk blues]

On 9/22/2018 at 7:06 AM, George34 said:

Hi All. I am wondering if anyone is still in this development. I see that the developers Facebook pages have now got some slooooowwww moving construction photos on there of the initial towhouses, so they do appear to be building, but likely still a few years away from completing. These give me a little bit of confidence in the project where previously I was a complete sceptic. 

I am making monthly contributions in the hope a townhouse gets completed, further delays are not too big of a problem for me personally, but beyond 2021 would be a pain. Up to that point would alleviate some financial pressure and free up cash for other endeavours. For my situation it is an acceptable level of risk for the potential reward. Particularly living in Sydney where the idea of forking out 800 k plus for an investment property is not appealing.

Hoping to gauge people's opinion on this project. Have they had a change of thought about it for the better, or worse, dropped out of it or taken a punt on it and signed up. Having spent time in palawan I hope it comes to fruition as it is my preferred Philippine destination, and see it as a nice initial location for an early retirement. 

Thanks,

 

Not related to this project, but where I live I have yet to hear of anyone making a profit from resale. The developer constantly quotes 10%+ appreciation per annum - yes, they bump the prices up each year by 10% but that's not quite the same thing guys!

I'd say around 35% of units are empty and have been for some time. It's a nice enough development but it's not an investment opportunity. No matter for me, I bought it to live my days out but others may have a different goal.

In any area/development where relatively large scale development is happening ( without a concrete driver) I'd be wary of short-mid term price appreciation for 2nd hand units.

[Snowy79]

Having visited the development and looking closely at the standard of work my concern would be if they will last 10 years.  The quality of workmanship was dire to say the least.  The saving grace is there's no earthquakes or typhoons there.  As for the promo video with palm trees and nice beach it's more like wasteland with a dirty mangrove swamp. 

The Microtel a bit away from it has about 50m of sand and not the best area for swimming.  You're looking at a good 1 1/2hrs to a nice beach. 

There's already better developments with views near Honda Bay. The area around Regatta Bay isn't great.  You'll need wheels to get anywhere for shopping etc.  That said Puerto Princessa I quite liked. 

Edited September 28, 2018 by Snowy79