Filipino Consumer Alert

May 14, 2006

Beware : Buying a ‘Pre-Selling’ Condo Unit or House in the Philippines

Filed under: Balikbayan, Filipino, OFW, Philippine Real Estate, Philippines, Pinoy, Robinsons, Serendra — filipino360 @ 12:00 pm

Salespeople from real estate companies in the Philippines have been visiting the States to make Filipinos more aware of recent real estate developments back home.
They'll entice people to purchase a home or a condo unit at a supposedly 'pre-selling' price. That pricing scheme is being offered when no actual development has been started yet. It is supposedly cheaper compared to when the housing development gets started.
That could be true but you entail a greater risk.
A lot of our kababayans from the States were conned into making the purchase only to find out after paying their monthly mortgage for about two years that the builder has not even broken ground yet. Hopefully the builders still have intentions of building and not run away with the money.

March 8, 2006

“Pre-selling” Robinsons Condominiums for 3 Years

There's a condominium unit in Global City, Taguig by Robinsons that has been pre-selling for a couple of years. There was only about three unsold units and yet it still has not broken ground.

Some buyers have been paying their mortgages for years yet Robinsons Land has not even started building. When you ask their salespeople, they will say that it will start soon. I wonder what Robinsons Land is waiting for? More capital ?

This is another case why you have to beware of "pre-selling" condominiums or houses in the Philippines.

March 7, 2006

Philippine High-Rise Condominiums are High Risk

There are various high-rise condominium units in the Philippines being presented and offered to OFWs.

Imagine if you are occupying a 30th floor unit and there is a fire in your floor or in one of the floors below you. What if the sprinkler system does not work and the fire escape is blocked ? The most likely choice is to rely on the extended ladders of the local fire department, right ? Wrong ! They do not even have a reliable fire/emergency system. Last time I checked, they do not even have a ladder that could reach that high.

Live at those higher floors at your own risk.

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