What started as a casual research to list down the condominiums in various stages of completion in Metro Manila, turned into a project that will become an added feature of this website.
I’m completing a directory of the many condominiums in Metro Manila like the Products and Services Directory that I currently have.
What made me decide to come up with this directory is their sheer number – condominiums are sprouting like mushrooms. With so many projects to choose from, I hope this online directory can somehow ease the decision making process of those on the lookout for a condominium, either to own or to rent, before they even go out to actually look for one. The directory will include a link to the satellite map of each condominium project so prospective buyers or renters can examine online the institutional, commercial, office establishments and other special points of interest within its vicinity.
There’s a long way to go before I can complete this directory, but so far, I have counted 189 “condominium brands.” I said brands because 1 condominium doesn’t necessarily mean 1 building. Many brands usually come in two or three towers, and still some come in clusters like the Azure Urban Resort Residences (next to SM Bicutan) that will have nine buildings, each at 20 stories tall.
[See the location of the soon-to-rise Azure. To see the street names, place your cursor on “Map Type” in the navigation bar above and click “Google Hybrid” in the drop-down list]
There are interesting facts I learned while making this directory.
Major players in condominium development
It appears that Megaworld Corporation is the most aggressive developer of condominiums. Among others, it owns Eastwood City along C-5 Road in Libis, Quezon City. It is host to at least 12 luxury residential condominium towers and at least 5 more and 1 hotel are coming up. Megaworld managed to squeeze these plus several commercial and office buildings in a 17-hectare property.
To get an idea how relatively small Eastwood City is, Trinoma Mall, including its open spaces, along EDSA, sits on a 20-hectare property, while SM north EDSA nearby, occupies an area of 16.5 hectares.
Megaworld is also an aggressive player in Bonifacio Global City and in Araneta Center Cubao.
Talking about aggressiveness, Mr. Lucio Tan’s Eton Properties Philippines, Inc., a mere 3-year old company, has started 30 major major projects. Its projects, though, are a mixture of vertical and horizontal developments for residential, commercial and office use.
Ayala Land, Inc. which controls Bonifacio Global City together with the Bases Conversion Development Authority and Evergreen Holdings, Inc. of the Campos Group (of Unilab fame), continues with its strategy of opting for quality over quantity. In my opinion, its Serendra project is the best in the area.
Condominium developers rarely give out the number of units in their projects
Whenever I visit the official website of a certain condominium development, the number of units are often not disclosed, even if just an approximation. Features, amenities and other details are readily made available, but most of the time, I would have to dig deeper, even going to other websites, to find out the number of units. I can only guess that this is meant to downplay the disadvantages of living in a condominium where each unit owner shares the building/s with hundreds, sometimes, thousands of other people.
The condominium boom appears to be demand-driven
Unlike the real estate boom in the early to mid 1990’s which was speculation-driven, the current real estate boom appears to be demand-drive. There appears to be real demand for condominiums… so far. Many are selling like hotcakes.
This has been made possible largely in part by the easy and flexible payment terms offered by many developers. It’s now common for developers to ask for 20 to 30% down payment payable in 2 years. Others even offer full payment payable in 4 years at zero interest.
These payment terms were unheard of in the 1990’s when full down payment was customary to be paid within 30 days upon reservation.
Is there a condominium bubble that’s waiting to burst?
With so many condominiums that have been built, are being built and about to be built in Metro Manila and with many new players joining the fray, I sometimes wonder when it will ever stop. It’s a universal law that whatever comes up will eventually come down.
I am a subscriber to the newsletter of a leading real estate developer. I remember last year when it called on other developers not to start new condominium development because of what it perceived to be an oversupply of condominiums. It even encouraged them not to finish projects that year in order that earlier condominium projects be sold out first. Obviously, no one listened.
Let’s just hope that these developers will be prudent enough to recognize when enough is enough.
Thank you so much