How Will the ASEAN Integration Affect Philippine Real Estate?

Posted by Jane on

primavera lamudi blog

This post originally appeared in Lamudi.com.ph as part of the #AskLamudi series. 

 

Q: How Will the ASEAN Integration Affect the Local Real Estate Market?

A: The ASEAN Economic Community (AEC)—the fusion of the economies of the 11 member-states of the Association of Southeast Asian Nations (ASEAN), to take place in 2015—is expected to bring four changes to the Philippines’ real estate sector.

1. Stronger demand for commercial, industrial, retail, and residential space.

Since the AEC envisions unimpeded movement of goods, services, and skilled labor, as well as a freer flow of capital among the ASEAN member-states, businesses from abroad are expected to expand their operations in the country. There would be more need for office, industrial, and residential space for these foreign investors.

The elimination of tariffs on goods and services is also foreseen to result in a wealthier Southeast Asia. With a higher disposable income, people would have more money to spend, thus the need for more malls, retail complexes, and other shopping developments.

2. Emergence of new growth areas.

Places other than Metro Manila and Cebu may need to be tapped to meet the demand for business and residential space, leading to the emergence of new economic hot spots. Among the possible growth areas are Iloilo, Cagayan de Oro, Angeles and San Fernando in Pampanga, and General Santos City.

3. More—and better—construction projects.

High demand plus a strong inflow of capital will make construction companies race to build the infrastructure, offices, retail complexes, and residential developments that a booming economy needs. The increased mobility of skilled labor would also allow the exchange of best practices in the ASEAN region, leading to better urban design and development.

4. Changes to the prohibition on foreigners from owning land.

With the influx of foreign investment that the AEC will bring about, the Philippines is almost certain to face pressure to amend the Constitution’s prohibition on non-Filipinos from owning land. With the lifting of the prohibition, many expect that the country’s foreign direct investment will soar to a new high.

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Lamudi is the Philippines’ fastest-growing online property portal and is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 500,000 real estate listings across its global network. Primavera Residences, the first multi-awarded eco-friendly property in Cagayan de Oro, is one of the properties presently listed in Lamudi.

To know more about Primavera Residences, visit www.primaveraresidences.com or visit the listings at Lamudi.com.ph here.

 

Cagayan de Oro Developer Joins Rome Business Event, Promotes PH and Cagayan de Oro Investments

Posted by Stefan on
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ITPI’s Architect Romolo Nati together with Philippine Ambassador S.E. Virgil Reyes (middle)

 

 

Italpinas’ multi-awarded architect and CEO, Romolo V. Nati, attended a business event in Rome last October 18, 2014 with the theme “Business Meeting to stimulate and strengthen the cultural and trade exchange between Italy and the Philippines”.

The meeting at Luigi Pigorini Museum, Piazza G. Marconi 14 in Rome was sponsored by the Embassy of the Republic of the Philippines in Rome, headed by Ambassador S. E. Virgil A. Reyes Jr. and organized by Mrs. Marie Luarca-Reyes of ENFiD.org, Michele Piacentini of LESARTISTES.it with the coordination of the Study Legal Cardia.

During the recently conducted meeting, Architect Nati talked about how he started promoting green developments in the Philippines and discussed to the Italian business community the favorable business and economic climate for Italian investors.

“As a developing country [Philippines], the success rate in investments is actually above average. Since 2006 to 2013, there is a rising middle class population. This results to a high demand on housing, providing a great opportunity for real estate companies,” Architect Nati said.

Italpinas, a joint venture success story

Since ITPI started in 2009, CEO Architect Nati believed that investing in the Philippines could bring about successful and mutually beneficial partnerships for both countries.

“I am glad that the Philippine Embassy in Rome considers Italpinas a success story and a prime example of a joint venture between the Philippines and Italy. The Philippines is a growing country and I am inspired to continually encourage the Italian companies to see the good opportunities in the Philippines,” Nati expressed.

“The success of Italpinas especially our premier green project in Cagayan de Oro Primavera Residences, is an example of a fruitful collaboration. As a multi-awarded and well-recognized development, the company is doing good and will continue producing eco-friendly developments in alternative cities.”

Italpinas Euroasian Design and Eco-development Corporation (ITPI), is an Italian-Filipino green property developer that specializes in sustainable development. Its first project is Primavera Residences, the first eco-friendly condominium development in Cagayan de Oro which has been awarded as the Best Mixed-Use Development in the Philippines by the Asia Pacific Property Awards.

Camiguin: Northern Mindanao’s Island Paradise

Posted by Jane on
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“The Island Born of Fire” Photo by Glenn Palacio

 

Northern Mindanao is full of surprises. Set amidst rolling hills, spectacular sunsets, and gorgeous bays, you’ll find that everything you need to experience a laid back, relaxing vacation is here, while still staying close to urban spots. It’s definitely the best of both worlds.

If you find yourself craving modern comforts while being close to nature, Cagayan de Oro, the 2nd most competitive city in the Philippines has plenty to offer. But if you need bigger doses of sun and sand, a nearby idyllic paradise awaits you — the island of Camiguin. A quick ride from Cagayan de Oro to Balingoan Port and a 45-minute transfer via ferry will take you to one of the best vacations you could ever think of.

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Photo by Glenn Palacio

Camiguin is a tourist’s haven. Unspoilt beaches, powdery white sand, hot springs, majestic falls – name it. For the adventurous, there are also volcanoes to climb and jungles to trek, and for the foodies, mouth-watering authentic Italian cuisine and fresh bounties from the sea are waiting to satisfy the next visitor.

Camiguin is especially wonderful to visit at this time of the year due to its annual Lanzones Festival. With a series of attractions lined up for the whole festival season, visitors are set to be amazed and fall deeper in love with the island.

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Lanzones festival Photo by Glenn Palacio

Bringing investment opportunities to the island 

The Primavera Residences Sales and Marketing team together with Caminade Realty recently visited the island of Camiguin last October 22 – 23 to conduct a series of events aimed at introducing the multi-awarded condominium property to Camiguinons.

The event highlighted the following points to prospect investors from Camiguin:

  • Housing is considered a very safe investment
  • Good returns in a growing alternative market
  • Rising economy and population in the region
  • Emerging travel and tourism destination
  • Big national housing gap and demand
  • Growing retirement market in the Philippines

All of these result to approximately 8% rental returns per annum, thereby contributing to a very attractive opportunity for property investors.

The 2-day event was held at La Isla Cocina and Garden Restaurant at Barangay Agoho, Mambajao, Camiguin. The series of activities brought together  real estate agents from the area and various tourists and locals.

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Planning to visit Northern Mindanao soon? Primavera Residences offers condo units available for short-term and long-term rent or for purchase. You can also talk to us and we’ll love to share with you the amazing spots you can visit in the region – the lovely Camiguin island among those in the list.

Catch more activities by Primavera Residences by following our official Facebook account: www.facebook.com/condoprimavera or visit www.primaveraresidences.com.

 

Why Plant More Mangroves? Eco-friendly Property Shares Reasons

Posted by Jane on

In the morning of October 11, 2014, the Primavera Residences team trooped to barangay Bonbon in Cagayan de Oro City to join the mangrove planting activity conducted by Philippine Air Force TOG 10 and students from the Misamis Oriental General Comprehensive High School (MOGCHS). 

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 As the first eco-friendly building in Cagayan de Oro, Primavera Residences advocates environmental protection and conservation, and is therefore, honored and happy to support the activity.

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Students from MOGCHS, Primavera Residences staff, and members of the PAF-TOG 10 after the mangrove-planting activity in Bonbon, CDO

Mangrove forests are among the most productive ecosystems and are especially helpful in coastal areas such as Cagayan de Oro City. Aside from providing goods worldwide that account to approximately US$186 million each year, mangroves also serve as protection and shelter against extreme weather conditions – something Kagay-anons are unfortunately quite familiar with.

Here are more reasons why planting mangroves is one of the extremely important things you can do to save our community and our planet.

1. Mangroves provide a habitat for various animal species

Different varieties of fishes, crabs, shrimps, mollusks, and other marine life seek shelter and thrive in mangrove forests. Mangroves are also home to birds and mammals such as the mangrove monkeys of South Asia, and also serve as nurseries and breeding grounds for several types of fishes and invertebrates. These natural fisheries provide food for thousands of coastal communities around the world!

2. Mangroves create livelihoods for communities

Fishing, gathering of crustaceans, and use of mangrove timber are just some of the livelihoods being provided by mangrove forests. Mangrove wood is very valuable because it is resistant to rotting and insects, and this is why several communities around the world rely on it for construction and for fuel.

Other opportunities created by mangrove forests include tourism (imagine snorkelling in and around mangrove trees and marvelling at the diverse marine life amidst a backdrop of interwoven mangrove roots!), plant products (some medicinal plants thrive in mangrove ecosystems, and mangrove leaves are also used as animal feeds), and myriad other economic potentials.

In a study made in 2007, it was reported that one hectare alone of a mangrove forest has an annual economic value of around US$12,000. That’s roughly P540,000 in Philippine pesos. Now can you imagine how that would help the local economy and the local communities?

3. Mangroves protect coastal areas 

Mangroves have been known to provide a buffer against extreme weather conditions like storms, tsunamis, cyclones, floods, and hurricane winds. There are several reports of villages being saved from tsunami destruction by the wide belt of mangroves protecting the shoreline. Because mangrove trees absorb and disperse tidal surges, coastal communities which are prone to calamities can definitely benefit from more mangrove reforestation programs.

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mangrove trees are starting to grow in Bonbon, Cagayan de Oro

Aside from these, mangroves also filter pollutants and trap sediments coming from land, thereby maintaining the clarity and quality of water.

Want to organize your own mangrove-planting activities? Contact the nearest DENR – CENRO (Department of Natural Resources – Community Environment and Natural Resources Office) to inquire.

 

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Primavera Residences is a twin tower, 10-storey mixed-use development located in uptown Cagayan de Oro City. It is internationally awarded due to its eco-friendly design that allows residents to save up to 32% in energy consumption because of the building’s natural ventilation and heat reduction features.

The structure of Primavera Residences is also designed to withstand strong earthquakes, typhoons, and other natural calamities, while its elevated location at 110 meters above sea level makes it flood-free and ideal for safe, hassle-free, and convenient eco-friendly living.

For more information about Primavera Residences, visit www.primaveraresidences.com or call 088-880-5002.

 

 

 

 

Common Payment Options when Buying a Philippine Property

Posted by Primavera Residences on

RCBC Telepay infographic

For first time home buyers, investing in real estate needs serious consideration. Before purchasing a property, a buyer needs to know the common payment options made available to him so he can weigh in his choices and get his money’s worth. Here’s a brief run-through of the common payment options when buying a property in the Philippines.

 

1.      Through the Pag-IBIG fund

For the lucky individuals who are members of the Pag-IBIG fund, you can simply apply for a loan and they will take care of your payments to the real estate developer. This government organization also has its own set of systems, which include paying through credit card or though Globe G-Cash for easy payment. You may refer to their site for more information.

Here’s a small trivia. This office whose primarily role is to help Filipinos build a house for their families through its Home Development Mutual Fund is now just widely known as Pag-IBIG. Does anyone still know what this actually stands for? The acronym actually stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno.

2.      Through the bank

The most conventional route would be through bank financing. This course can be tedious for people who do not have enough financial history with all the paperwork needed. But already, banks have designated specialized staff whose job is to make people’s lives – where business transactions are involved – easier. The queue for these tables are usually shorter too so it isn’t much of a hassle.

3.      Through in-house financing

In this type of payment scheme, home buyers directly pay their monthly amortizations to the property developer.  One of the advantages of this option is that it requires less paperwork compared to the other schemes, thus making the processing of payments faster. The downside of this is that it requires higher interest rates.

In Primavera Residences’ case, options 2 and 3 are made available to property buyers aside from spot cash and deferred payments. Overseas Filipino Workers (OFWs) who would like to purchase a condo unit at Primavera Residences from abroad through the in-house financing scheme can do so via RCBC’s Telepay remittance service. Recently, Primavera Residences developer Italpinas Euroasian Design and Eco-Development Corp. (ITPI) signed an agreement with the Rizal Commercial Banking Corporation (RCBC), allowing condo buyers to pay for their purchased unit through this remittance service. Through this option, a buyer only needs to fill up a form in any of the RCBC Accredited Telepay Centers all over the globe, and pay according to schedule.

These are just some of the options that property buyers need to consider when buying the home of their dreams. Whatever option you pick may entail some efforts on your part. But it does really feel good coming home to a space you can call your own.

Primavera Residences, Mindanao’s premiere green building, is avant-garde not only in its promotion of condo living in now bustling Cagayan de Oro, but also in its advocacy of sustainable development, promising a high-performance design that allows for minimizing the buildings’ impact on the environment.

When it comes to investing in real estate in Cagayan de Oro, condo buyers might want to consider Primavera Residences.