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Buying Condo - Best areas & developments in Cebu City


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Hi All,

 

I am looking to buy a condo in Cebu City. Initially for investment (i.e. to rent out) and then for own use in about 5 years time when we relocate for retirement. If anyone has recently been through the process of buying, I would be interested to get thoughts and ideas on best areas and developments currently available in the city and perhaps more importantly those to avoid!

 

We are ideally looking for 3 bedroom unit around 100m2 (+/- 20%). Or alternatively we were thinking if it could be possible to buy two smaller units next to each and knock through the common wall when we occupy for self use. Our thinking is that it may be easier to rent out 2 smaller units than a larger one? Does anyone have any thoughts on this?

 

Best regards,

 

BB

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First of all Cebu City seems to have way more higher end condos available for rent that are sitting empty, so the more it costs, the harder it might be to rent.

 

For a new and possibly even a second hand 100 sq plus meters unit it will cost a pretty peso in Cebu City unless you buy in a middle end to lower end building which some on forums may wish to steer you away from. I made a post HERE in the classified section about a honest sales person that you might wish to contact to get the scoop on prices in different buildings since he is not at all pushy. Many of the nicer buildings will probably start in the range of p100,000 and up per sq meter and some of the middle end around p60,000 per sq meter. My opinion would be to go look at each and then decide for yourself what standard you can live with and of course afford based on monthly costs and yearly property taxes as some buildings can be p100 or more per sq meter for monthly fees alone. 

 

My personal advice would go along with your idea of putting 2 units together (that is what we did) would make it a lot easier to rent each before putting them together since that is what you wish to do and then either sell each separately if plans change or put them together once you have decide to move in yourself. Selling smaller less expensive units in the Philippines is much easier to do than trying to sell high end units since more people can afford to buy lower priced units.

 

All is just my opinion.

 

To add, you asked about location, my thoughts on that would be in IT Park if at all possible and if in your price range. 

Edited by Lee
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Brucewayne

All I can say is "LOLLLLLL!!!" with all of the condo dwellers reporting a large fear of earthquakes now that one has happened.

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Since the earthquake I have had a few clients wanting to move out of high rise buildings but in fact as far as I know nobody got seriously injured living in a condo unit here, building standards are very good and so the newer properties are very safe.

Most of the people wanting to move out of condos lately only did so because their partners mainly filipinas, were very scared which is understandable but this fear will be forgotten very soon, the world moves on.

I have various clients with condo's around the city, just lately there is a glut of smaller condos popping up all over the city, I have clients with this type of condo sitting empty, the owners are trying to get about 8% ROI but at this time with the amount of units available this is becoming impossible. There are four areas which have the best rental possibilities and the best locations to live later down the road. Marco Polo, city lights, Ayala and as already mentioned by Lee, IT park.

 

As with any rental property, if it's priced right, in the right location and advertised well there should be no problem renting any property out.

 

We are affiliated to a few of the top companies building in the area and have contacts throughout Cebu city in the real estate world. If you would like our help in sourcing potential properties please contact me, perhaps we could meet at our office to discuss more details.

Edited by CCP
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miles-high

Having lived in many earth-quake prone areas, e.g., LA, Tokyo, I feel more secure living in a condo. If you see the pics of aftermath of any earthquake, you will see more buildings are standing than any 1- or 2-story houses… I guess it is a personal preference…

 

Having bought 2 condos in the last 4 years (not in Cebu, in Luzon, to live, not for investment but these may be applicable to any condo purchase here in the Philippines), here’s my checklist:

  1. Window type AC’s are noisy and not efficient so see if there are provisions for the heat exchanger(s) outside of the unit
  2. If they are to be installed on balcony, adequate ventilation for the heat exchangers (no concrete walls)
  3. Adequate space (under the sink) for the large water filters
  4. Provision for the dryer (not a big deal to have one way valve, or whatever it is called installed but still costs some money)
  5. Bath tub space, if already installed, make sure it is not a round bottom European type (flat-bottom tubs are safer)
  6. Fiber (at least to the building)
  7. Standby generator (lighting for 1 room, 1 AC and 1 fridge, etc.)

There may be more to check (no kids/animals living on the same floor, etc. ;)) but those are the same common sense matters everywhere in the world… :D

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Hi Guys,

 

Many thanks for your replies. All very useful information. Not too worried about earthquakes, myself having lived in condos in earthquake zones over the years :db: If some are moving out because of earthquakes, maybe there are some bargains to be had? :good:

 

The rent-ability of larger units is some concern, so I am really considering possibility to get two units which could be joined together in future. Glad to see this is possible and Lee has done this!

 

What are your thoughts on the area around Mabolo. I stayed for 3 months at the Sarrosa hotel a couple of years back and thought the area was quite convenient.

 

Will research developments in the other areas as recommended.Will fly in for a week in early Dec to scout around and arrange some viewings etc.

 

Many thanks again.

 

BB

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smokey

Hi Guys,

 

Many thanks for your replies. All very useful information. Not too worried about earthquakes, myself having lived in condos in earthquake zones over the years :db: If some are moving out because of earthquakes, maybe there are some bargains to be had? :good:

 

The rent-ability of larger units is some concern, so I am really considering possibility to get two units which could be joined together in future. Glad to see this is possible and Lee has done this!

 

What are your thoughts on the area around Mabolo. I stayed for 3 months at the Sarrosa hotel a couple of years back and thought the area was quite convenient.

 

Will research developments in the other areas as recommended.Will fly in for a week in early Dec to scout around and arrange some viewings etc.

 

Many thanks again.

 

BB

lots of new condo units on the SRP and sure going to be close to the new developments 

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