Seems the new trend to build crappy overpriced condos and houses is ravaging even more on this planet. This is not a Philippine issue. A friend of me did build a lovely and nice looking little hotel in Marrakesh (Marocco). But only few year later the building is starting to fall apart.
Any idea what went wrong? When I lived in Bahrain there were a bunch of apartment building near me that were condemned after only 10 years of occupancy. The contractor wanted to save a few Dinars and used sea water instead of fresh water to make the cement. Okay back on topic. If there is rust on the re-bar, it needs to be removed before it is encased in concrete otherwise the rust will continue to expand and break the concrete.
overpriced condos + poor construction quality I would never buy. but maybe it's a good investment for people making their money on the black market?
AND the AWARD for BEST DESCRIPTIVE name of the previous decade goes to: (Drum roll) .......................................................................................... .............................................................................................................. MARINA SPATIAL. Marina = a place where boats are moored; Spatial = to do with space.
I have several years of property buy/sell & renovation on 3 continents.....I looked very closely at this project ...and RAN AWAY ....At the time I inquired,the owners will not allow anybody to see/read the "association" rules until AFTER purchase...& would not allow me to see the financials of the lending or building corporations....ADD that NOBODY will tell H.O.A. Management fees limitations ....BUYER BEWARE :(...if you missed the INITIAL BUY-IN....TO FLIP....stay away
Well, so happens I have a 3 bed condo in Manila CBD, bought in 2005, so bigger one, not like this tiny crap with paper walls (e.g. Marina Spatial), a respectable 165m2. But being 20 years old now, as well as the regular Associations Dues, Insurance, Real Property Tax (RPT) for Common Areas, they now regularly ask for Capex, to replace existing elevators, waterproofing, new water tanks, etc.. This has to be paid each quarter over 1 or even 2 years each time. So my January bill for first quarter will be almost P80k, plus I have to pay around P55k for my RPT. Though not all negative, it rents for around P100k/month and has almost quadrupled in value since I bought it. However, the association only allows rents to single families, so took a year to get a tenant, everyone wants shared accommodation because of the cost.
If you stand in front of Cafe Racer (are the units sound proof incidentally?) look up at the units facing and see how many have curtains/aircons, on that basis there's a lot of empty units. Bought to speculate. Buy when they came on the market and sell for a quick profit when complete, I guess was the philosophy. But are they selling on? They are far too expensive for what they are; tiny, flimsy rabbit hutches, no view, most have no balcony and if I remember correctly, P800,000 for a parking slot. A 3 bed with 2 baths of 68m2. That's about the size of my living room FCS.
It's going to be noisy too, Basketball court all those yelling kids screaming, Karaoke/disco, Tourist who don't give a flying F'xxx, banging doors. I'll stick with the roosters.
I had enquired about this development, a long list of questions at hand and got only vague answers...Service charge, parking space, laundry drying area on rooftop (1 m2), number of elevators, backup power supply, garbage collection, quality of materials and workmanship, south facing windows making it too hot, proximity to sea causing foundations issue and premature building deterioration, proximity to noisy late nigh music venues, tiny size but at a very high price...total put off!
