Regatta Bay condo, Puerto Princessa, Palawan.

[codermonkey]

Yes sounds not unreasonable, but its possible a condo could fall into bad repair and some members would want to fund repairs and others wouldn't.

While its unlikely to be demolished its possible your nice new condo could become a slum and you wouldn't have a lot of recourse. Maybe not so bad if you own one, if you own 10 then its an issue.

Condos are sold at a premium and demolish costs are high. After 50 years its quite possible that you would be out of pocket if forced to sell in a run down development or if the block is demolished.

https://philpropertyexpert.com/what-will-happen-to-a-condominium-investment-after-50-years/

Edited March 28, 2018 by codermonkey

[Jollygoodfellow]

19 minutes ago, codermonkey said:

Yes sounds not unreasonable, but its possible a condo could fall into bad repair and some members would want to fund repairs and others wouldn't.

Every condo has monthly dues paid by the condo owners. This money is collected in the admin office and the money is used for maintenance, security etc.

[OnMyWay]

5 hours ago, scott h said:

I would look into a resort called Pico de loro in Batangas, they have a new wing of condo apartments being build, I am very impressed with that resort. if memory serves 1 bedrooms start at 12 mil pesos

Not sure if you are serious Scott???  1 BR start at 12 million?  That is almost 230,000 usd and 10 of them would be 2.3 million dollars.  Maybe I am out of touch but that seems really expensive.

[Clermont]

5 hours ago, codermonkey said:

Condos are sold at a premium and demolish costs are high. After 50 years its quite possible that you would be out of pocket if forced to sell in a run down development or if the block is demolished.

Not to confuse the issue, but that link is quoted on an act of 60 odd years ago, a lot has changed since then. 

2 hours ago, OnMyWay said:

Not sure if you are serious Scott???  1 BR start at 12 million?  That is almost 230,000 usd and 10 of them would be 2.3 million dollars.  Maybe I am out of touch but that seems really expensive.

That is why I posted my input on his link, doable on bungalow type houses, if it was me, I'd have my money deep down in my pocket were the light of day can't reach it. 

[scott h]

3 hours ago, OnMyWay said:

Not sure if you are serious Scott???

Yep, was there about 3 weeks ago and talked to the sales agent hawking the new units. Its a really nice resort. But I missed typed, 12 mil was for a 2 bedroom 

[Gerald Glatt]

I"m getting a nosebleed here.

Correct my misinterpretation of this 

Condos on leased land can be owned for 50 years then a new lease is needed.but the number of foreign owned units does not matter as the land corporation is owned 60% by filipinos. 

Condos on land owned must be 60%-40% Filipino/foreign and would be yours forever.

So in my case I could own a Condo forever or I could own one only until I was 120 years old......decisions decisions.

 

[OnMyWay]

 

5 hours ago, scott h said:

Yep, was there about 3 weeks ago and talked to the sales agent hawking the new units. Its a really nice resort. But I missed typed, 12 mil was for a 2 bedroom 

I was curious so I googled the place, and what is funny is that I had been looking at some units on Air Bnb a few weeks ago!  There are a lot for rent so it you want to air bnb a unit you will have a lot of competition.  I'm not planning to visit but I have been browsing Air Bnb a lot.  That area looks really nice and I might try an air bnb there some time in the future.  They are fairly cheap but on some it said the guest has to pay an entrance fee as well, and I think it was p1000 per adult on the weekends.  One air bnb reviewer said the big pond smells.

If that agent is pushing 12 million 2 br he can help you furnish and sell it later for 9 mil! 

https://www.olx.ph/item/2-bedroom-corner-unit-at-pico-de-loro-ID8iPvH.html?h=695a77c2ad

[scott h]

18 minutes ago, OnMyWay said:

One air bnb reviewer said the big pond smells.

Lot of foreign guests there, so they were probably not used to the sounds and smells that we take for granted . I still have an email one of the agents sent me if your interested. 

[codermonkey]

The tripadvisor reviews are pretty poor, I certainly don't see it as a money making venture.

5 hours ago, OnMyWay said:

If that agent is pushing 12 million 2 br he can help you furnish and sell it later for 9 mil! 

Oh great only a 30% loss then !

Edited March 29, 2018 by codermonkey

[George34]

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,