One of the incalculable perks of producing a business TV show is you get insights into the different sectors of business in the country. Most of those we are lucky enough to interview for the TV show Business & Leisure (Tuesday evenings, 10 o’clock, HSN Channel 13 of Sky Cable and Channel 9 of Global-Destiny Cable) are the top honchos of corporations or officers of the business associations they belong to, organizations made up of several of the country’s major players in the sector that work for the betterment of the industry they represent.
For the year just finished, we had several “suki” interviewees, businessmen and leaders who took time out to thresh out some percolating issues in their industry or organization, or shed light on some misconceptions about some recent pronouncements or policies, or just simply share their views on a gamut of issues with our viewers. A few of them were from government agencies like the DTI, DFA, DA, BCDA or PEZA for instance. They were never too busy to give us a few minutes of their very valuable time, nor did they show any rancor or agitation at the “intrusion”.
To all these respectable gentlemen and ladies who readily shared their views with our readers and viewers, we say thank you sincerely for your generosity and graciousness. You are a journalist’s delight. May your tribe increase.
Promising realty developments
One of those we interviewed for our yearend special was the president of the Chamber of Real Estate & Builders Association (CREBA), Mr. Jaime Cura. Noting that we are still experiencing what may hopefully be the tail end of the global financial crisis, we were pleasantly surprised at the numbers he shared with us. While the sub-prime crisis was still hogging the headlines last year in the US, our realtors were already up and roaring with better numbers than 2008. Going by the licenses to sell for developers from the Housing & Land Regulatory Board, CREBA says there was a modest three percent growth. From the 238,159 licenses issued in 2008 alone, the association noted the jump to 245,791 licenses issued in 2009.
In terms of socialized housing, there was a much bigger jump of 38 percent, which is great news for the country’s marginalized population. With 38 percent more people now owning their homes, no matter how modest and no matter that these are mostly in the suburbs, our housing problems have been greatly alleviated. Much of the funding for these houses comes from our overseas workers as remittances continue to pour in, propping up our economy as well.
The figures for commercial condominiums are even more startling. From only 603 units in the year 2008, CREBA reports that the Housing And Land Regulatory Board issued licenses for 2,118 units in 2009-very good implications for business and employment indeed.
Condo living seems to have caught up with this generation. High rise residences shot up by 17.6 percent, with 23,546 new units put up in 2009. Today’s generation is more urbanized, and space is more and more at a premium, so condominiums are clearly the answer to spatial concerns. Expect more high-rise residential buildings to crop up in the next three years. We are still a world better than Hong Kong in this respect, though, because our developers are still giving wide concessions to greenery, allotting as much as half of the development to parks and atriums although I understand the requires only 30 percent. And these are not really the high-end developments even.
Maybe it is inevitable that we would get as congested as other highly developed (read: congested) Asian countries but hopefully, we will never get to the state of Hong Kong where residential buildings stand nose to nose with dozens of others in the same street and you can hear your neighbor from the next building sneeze in the morning. And to hear your neighbor’s sneeze, you have to pay half your monthly salary to squeeze into a space just wide enough for a sofa bed, a toilet and bath where you can’t stoop to pick up a fallen bar of soap or towel, and a table top to perch a stove which passes for the kitchen. I’ve been to one of these units in Hong Kong and you leave the apartment so depressed that decent people have to make do with this cramped space.
I’ve also seen several of the new developments, some of them just from perspectives, but all of them harp on garden communities. High rise living is necessarily spatially challenged. Most of us lived in single detached homes when we were younger, some in apartment rows, but they all afforded us our own space and some land at least. Condo living jars us to the reality of shrinking space, but having landscaped parks with water elements and tree-lined walks, pocket gardens and atriums, jogging paths and bike lanes make up for this. Add the resort-like amenities like a hotel-like lobby, an infinity pool, an indoor gym and for others, even a convenience store, water station and laundry service and even concierge service, condo living can beat single detached houses in exclusive villages in conveniences and amenities offered.
No wonder condo living has finally arrived, and it is not only the yuppies with high-paying jobs who can now afford these condos. The range is unbelievably wide, and our OFWs have saved enough to join the fray. A high-end project like Shangri-La Properties offers two-bedroom units at around P8 million, but the luxury that a unit owner can enjoy rivals five-star hotel accommodations. If you want to know what luxury means, check out their penthouse unit-as vast as the ground floor of any large house in an exclusive gated community, with its very own pool. If you have P92 Million to spare, it’s yours.
In contrast, there are more realistic options for different, more realistic budgets and pockets. The high-rise just beside Marriott Hotel in the South (Newport I think it is) has a sign that says that for as low as P15,000/month, one can own a unit there. The building is very personable, very nice actually, and I thought that was very reasonable for a start-up family with two working parents.
Depending on the location, the price range is indeed wide. Those developments nearer to the heart of the city, of course, command a much higher price naturally because the land is at a premium. There are new housing projects in Mandaluyong, in Taguig, in Sta. Mesa, in Quezon City, and several in the South: Las Piñas, Parañaque and Alabang. The consideration, I guess, should lie not on how premier is the land the project is located in but how the location best serves you and your family. You may not need to pay a premium to live in Mandaluyong or Taguig when your place of work is somewhere else. All the major conveniences and facilities like good schools, churches, hospitals, business centers and a number of malls are now in the suburbs. The improving infrastructure, new skyways, etc. have also made the metropolis smaller by way of distances. So you see, one does not really have to afford the premium for those choice locations. The bigger considerations would be how reliable the developer is, his track record in the business, and how one’s budget can fit it all in.
Incidentally, the CREBA shares that they are very excited about the new Tourism Act of 2009 which has a new sector – Tourism Estate Development & Management Services. CREBA’s focus for the new year centers on world class tourism and the organization will be closely coordinating with the proper agencies for really exciting prospects for 2010.
Let’s see how this turns out.
Mabuhay!!! Be proud to be a Filipino.
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