⌛ Land prices - what is reasonable?

An American and his wife bought a lot and built a nice two story house on the sandy beach area of Dauin. The guy doesn't dive but his friends (which I am not one) dive in front of his house. He told me he had to pay p7,000 per sq mtr for the lot, this has not been verified.

 

Ok, well I, being a foreigner, cannot own a business. Perhaps Australians are not foreigners.

Larry

 

Unless of course you are calling 40% ownership, but most would not. Looks like you need to review PI business and contract law a little better.

 

40% of Nothing!

:p It matters not, how we flower this issue, The PI law, is the PI law and until it Changes, things will stay as they are. We are all right and we are all wrong.
Lets please, put some prospective into this.
I will put into how, it affects me and you can all, chew the cud after.
Tricore Industries, is a wholly owed family Business, Owned bye Azon and I, we have a Trust portion for our daughter. Legally I own 40% of the Shares, Azon has 55% and the trust Fund has 5%. We operate various little issues from various locations and own some Real estate. Now, as You can Imagine, I fund the majority of this, it matters not, When it comes to owning any Land, I do NOT even get a mention (only the bit about married to, on anything) Not even the Lot we will build on.
The main point of this thread, was about 2 Australians Starting a Business or Corporation and buying land, Fine! they can only own 40% (and that would be 20% each) of any Shares, as the other 60% has to be owned by people of Filipino origin, whether it is singular or plural. Even if one of those two marries a Filipino, they are Not going to own the land they talk about. On the death of his Wife, the Share of land would go back to the Company, only the share of the Company, could be his. As time goes bye, they may even inherit (doubtful) Shares of the said company/Corporation. It makes no difference, they are still NOT going to end up owning the land. IF and that is a Big, IF, one or both engineered a total ownership of all the Shares (again doubtful) the land would still, not belong to them.
Now this was set up only 2 years ago and I am quite confident it will not change in the foreseeable Future.
Pick the Cud all you like, this Corporation and Company land owning is a night mare. the End result is still this, Foreigners can't own land. Yes we know there are exceptional Circumstances, this issue is not one of them.


Jack P.

 

Thanks for all the comments guys. Info is appreciated. More info on land prices would also be good.

 

Keep in mind the ocean spray will rot most everything you have eventually if you are living on the beach.

- One guy mentioned just last weekend that he is very happy renting on the beach for a fraction of the cost of investing in a house on the beach. You can rent very cheap here. Renting lets you move to another location if you get the urge.

I know of apprx 4500sm in Dauin on the beach for sale, but it is up around 4,500 per sq meter.

 

Zamboanguita town proper beach lot at 2,500 PhP per square meter... owned by my uncle its being sold

clean title

 

Prices on our beachpark (a subdivision in Zamboanguita, 24 km south of Dumaguete) are maybe not the ideal references you are looking for, but at least it does give you some idea of lot prices near the beach.
Lots nearer to the beach in the subdivision have been sold until a year ago for 2800 Php/m2.
At this moment people are even asking (!) 3500 till 4000 Php/m2 for their lot. Sizes between 500 and 1000 m2.
My estimation is that a lot at the beach around Dauin and Zamboanguita will cost you between 2500 and 4000 Php/m2, dependend on the lotsize, accessibility and beach 'performance'.

 

I was told that a foreigner can setup a single owner corporation by a person that claims to have done just that. Of coarse that was many years ago and the laws may have changed but worth looking into.

 

Hi Tom How are things? I said in my post earlier, that Corporations were a Mine field, It is Impossible, for a Sole Trader to Start a Corporation, this claim is a False one. The very Word Corporation, is in it's self, the proof you need. A Corporation is a Company with members, each with, joint and several Responsibilities for their own actions. They are Limited, to the Amount that is put into the corporation. Confusing already I know So lets make it a little easier, say for example;
Rhoody, Pat, You, Me, Shadow, Broadside, Jellyfish, all had our own companies, each doing different things. We all trade with each other and some times, it is Non Cost Effective and we cross each others Boundaries, So! what we do, is set up a Corporation, we all become Directors of the said corporation. This makes 7 small companies into one Big one. we do exactly the same but for One profit, One tax Account, each of us doing our specialisation. There are an awful lot, of Extra benefits offered by the PI Financial Authorities, for this to happen, Strict control is required, the Corporation Secretary is usually a CPA and is therefore, more Respected by the Authorities.
So you see, it is just Not possible for a sole trader to create a Corporation. As I said before, the very word, is the key to my saying, the Claim is false. I would say in addition, It is not just foreigners but any sole Trader.
We could of course have started, as a Corperation to begin with. Profits by the way, would be paid on the % of Shares owed.

Hope this helps and clarifies a Little.


Jack P.
(With his Very, Serious head on :o)