DO NOT buy Condos in Philippines - The Truth

[starchild5]

You will be scammed. All these developers are Chinese Filipinos aka Snakes...

Its better to Rent than Own in Philippines.

Read below the horrible experience of Filipinos who brought condos with their hard earned money.

Avida are crooks (and I fear its the same with Ayala Premier, Alveo, etc.). Its not Cityflex alone that is delayed. Almost all their projects are delayed by years. They try to get as much of your money (payments) then instead of building your units they launch new projects with it. They sell their projects with FAKE turn-over dates. The less popular a building the more delays. I guess they are not in a hurry to finish a building if it is not sold out. Whatever the reason I will never buy from them again. No words.

------------------------------------------------------------------------------------------

The main reason why they are doing this because they want to park and invest your hard earned money into a stock market until 2020. If you noticed it, the turn over date of most their projects are from 2019 up to 2021 or if it's not given the target turn over date to their clients, with their current projects like Montane, Turf, 34th Street, and Cityflex expect there would be years of delays with these aforementioned. Any updates from ARCA SOUTH?

That's why you should avoid these companies (Avida, Alveo and all affiliated to Ayala).

PS: In my observation, the performance of PSEi is not that great at the moment. In that case, to those people who had already invested to any Affiliated companies to Ayala, embraced yourself for more years of delays.


------------------------------------------------------------------------------------------

Who among you here have bought a parking slot? Did you already received the acceptance notice? Mine was not yet issued by SMDC for almost a year now. I have checked with SMDC and did not find any issues with my account with them. They just told me that they will work it out. For how long?

Aside from this, I encountered a lot of issues with their Billing Dept. such as incurring penalties for late payments. How come since I issued PDC's to them and the account is funded?

When I went to SMDC in MOA, I've met some complainants as well with the same issue as mine. Seems like SMDC is in the habit of doing this scam (giving penalties to their clients) even their clients are on-time with their payment.
I'm sure a lot of you here have also experienced it.

Is this the way SMDC customer service worked? Very incompetent. I will not invest anymore on SMDC properties and refrain from recommending it to my friends.

I'm contemplating on selling my unit at MPlace

------------------------------------------------------------------------------------------

I am an overseas filipino and a unit owner and not been paying the parking fees maintenance. I was shocked when I get bills on it aside from HOA. It wasn't disclose during turn over.

Even the salesperson who sold me the unit also not ware of the separate monthly dues of PHP1,500 monthly for a single line parking space maintenance fees they collect.

Any other unit owner with same concern?


------------------------------------------------------------------------------------------

I was just notified that I need to pay PHP600,000 upon turnover that I will have to pay due to adjustments in construction. Century properties fraud scheme goes like this:

1. Offer 12 percent discount if I pay off balance early. 12% discount = Nearly PHP600,000 discount.
2. I pay off balance and think I will save the PHP600,000.
3. I get notified by Century properties that I will need to pay PHP600,000 upon turnover due to adjustments in the balcony, they claim they have unused space in some ledger, I don't know, and now they want to add 4 sqm to the balcony and charge me PHP600,000.
4. So they offer discount, then take back the discount by charging adjustments to the balcony, which I think is useless.


Has anyone else experienced this with Century Properties?

------------------------------------------------------

Dear Ms. Kennedy,

Good day!

With regard to your requested computation of net amount of refund, please see below our standard computation.
STANDARD COMPUTATION:

50% of the Total Payments Made - MALP09 PHP661,594.74
Less:
Reservation Fee: 25,000.00
Check Pull out Fee: -
Various Administrative Fees: PHP549,909.89
Penalties: 24,525.31
Total Deductions: PHP599,435.20
Net Amount for Refund: PHP62,159.54
Should you have any concern and queries, please don’t hesitate to contact me.

Thank you and Best Regards,

I was shocked to have received this, it's just soo sad I replied:

Hi Century Properties,

This is not very professional of Century Properties to send me calculations that have approx. about $15,000 Aus. of VARIOUS ADMINISTRATION FEES this is ridiculous to tell your customers such nonsense, fair enough i have delayed payments and penalties however this table you have sent me does not account of equality and consideration of being a loyal customer. If you begin to send me a reply with another of your silly tables with false calculations don't bother wasting your time replying back as I will not bother to waste mine in trying level with Century Properties, I have a family who needs my attention more than a fool who is a slave to taking peoples money. Just leave it and I'll take nothing from you, I am not going to sign any papers that involve false calculations if you have the power to take peoples hard working money, well I'm sure can take me out of the contract without me signing any papers because from now I am sick and tired of explaining myself and being nice against my right.

My apologies to you Diane if I have offended you but Century Properties will not cheat me.

God Bless
Cindy Kennedy


I just can't be bothered anymore I have a baby who needs my attention more than this kind of bullcrap! Sorry for the foul language just soo mad!

--------------------------------------------------------------------------

You can read more complaints and scams by the developers here

http://www.skyscrapercity.com/forumdisplay.php?f=874

Its Horrible...Day light Robbery of epic proportions..Duterte should drop these crooks from Helicopter


-----------------

When you walk into malls and MRT station...There are always someone selling you over prized condo for cheap with only 10% downpayment, deposit etc...Since, you are a foreigner, you can own condo but cannot buy land because then you can create your own SANE house than insane ShoeBox Created by these mother f**cking Chinese... (yeah..I'm really sick of their crookedness in Philippines)...Do not rent any condos from these Chinese...Rent from PURE FILIPINOS whenever possible...You will get your deposit back

These Chinese businessmen are CROOKS...You will forever wait to own Condo in Manila...

I think Rock will know better where to invest and buy...as he already has condos in Philippines but these New developments beware

[gravity25x]

I've heard from so many people across the world that Chinese businessmen are complete cheaters/scammers. I wonder if it is their culture? Do they not value honesty? Is it the lack of Christian values/history? What is wrong with them?

Overall doing business as a non-native in a country filled with corruption (like Phil) just isn't smart, you don't know "how things work" and likely don't speak the language or understand the culture. I bought 2 condos in Georgia, but there really isn't any low-level corruption there at the moment. Sakaashvili scared the sh1t out of low-level criminals. He threw so many people in jail, from the ex-leadership of the government to the lowest enforcer of the local mafia. I'm actually really impressed with what I heard about his administration. Though obviously nothing like that has happened in Phil: who knows? Maybe Duterte will do away with this "democracy" bs, and just do what is good for Phil? He's off to a good start IMO.

[Yohan]

Real estate business in many countries is linked to fraud, not only in Philippines. Try to buy something in Europe, same problem.

I can only comment about Cebu.

The person complaining was badly adviced. Stay away from unfinished buildings which are not open yet to move in.

If 12 % is php 600.000,- then the price for this condo would be at least php 5 million php and add 30 percent for other fees for an empty shell with nothing inside the rooms, after that you need some money for furniture etc. and be prepared to pay some extra 'tip' to receive your land-title within 14 days, otherwise you might wait 2 years or so for it.

Too expensive - at least for Cebu with an unfinished construction which will be always behind schedule, first because of slow construction and later on because not enough units are sold to open the building.

I agree, in this case it is really better first to rent something and slowly to look around, and never pay anything until the construction is not finished and ready to move in. You should live already in the Philippines already as a foreigner, if you really consider to buy your accomodation.

You can buy in Philippines as a foreigner only condominium, and I can only advice you to buy a new unit, which is either ready to move in immediately or a used condominium already empty with previous tenants gone already - there is always something available, just look around slowly after renting a room. Never hurry!

I also think, to buy your home in Philippines - a small room only for yourself - makes only sense if you intend to use it for more than 10 years, otherwise it is a waste of money.

Buy something to rent it out to somebody? You can do that, but expect a lot of troubles - just my opinion, I would not invest anything in Philippines.

[JohnDoeBigBaller]

Starchild, the same shit happens in India, right? Overall, it's better to RENT than buy ANYWHERE in the world, because buying means you are locked to one location. Renting means you can pick up and leave anytime you want.

[Yohan]

I've heard from so many people across the world that Chinese businessmen are complete cheaters/scammers...
...Overall doing business as a non-native in a country filled with corruption (like Phil) just isn't smart, you don't know "how things work" and likely don't speak the language or understand the culture.

Well, Indian businessman is better, he can even cheat the Chinese.

In Philippines such contracts are in English, language is not the problem - but such contracts are worthless if the company is bankrupt or if the construction remains unfinished for what reason ever. - Never buy anything, never pay even a small deposit until the building is open for use. if you cannot find anything fitting your criteria, continue with rent - no need to hurry.

About all these countries, Philippines, Thailand etc. if you want to live there for longstay for example in case of retirement, it is not wrong to buy your accomodation, but never invest into anything else, just keep most of your money outside of such countries.

I bought my condo in Thailand and use it frequently as my 'second home' since more than 10 years ago, and so far I cannot complain.

[starchild5]

Starchild, the same shit happens in India, right? Overall, it's better to RENT than buy ANYWHERE in the world, because buying means you are locked to one location. Renting means you can pick up and leave anytime you want.

Indians are a**holes and Chinese are Mother f**ckers..that's how I roll in Asia and have not been scammed for 40 years ...There you have 50% of humanity as low life bottom feeding parasites. India and China have largest population for a reason...and they are almost 50% of humanity...Its unbelievable ...Everyone hates them for a reason.

Never do business with these two kinds...aka 50% of human population.

Its been more than 10 years I been going to Philippines and these condo sellers entice me and I have said always NO because I know the developers are Chinese....People who get scammed in Asia are often Politically Correct, Non Racist, Non-Judgmental, Positive Thinkers aka already brainwashed by the Jew Con.

If you do not follow mainstream, are racist...You will not find these problems. I hardly ever find racist tourist going through these problems.

Recently, when I rented a condo in Thailand, I rented from a white guy and he was considerate and generous and I knew I would get by deposit back...White race may be bad at many things but they ain't THAT BAD aka CHEAP...There are horrible stories of expats, tourist not getting there deposit back in Thailand and if you dig deep enough...sure the owners comes out as Thai-Chinese...

Never rent Holiday Rentals from a Chinese in Thailand...Rent from a White guy...You will get your deposit back.

[starchild5]

I've heard from so many people across the world that Chinese businessmen are complete cheaters/scammers...
...Overall doing business as a non-native in a country filled with corruption (like Phil) just isn't smart, you don't know "how things work" and likely don't speak the language or understand the culture.

Well, Indian businessman is better, he can even cheat the Chinese.

In Philippines such contracts are in English, language is not the problem - but such contracts are worthless if the company is bankrupt or if the construction remains unfinished for what reason ever. - Never buy anything, never pay even a small deposit until the building is open for use. if you cannot find anything fitting your criteria, continue with rent - no need to hurry.

About all these countries, Philippines, Thailand etc. if you want to live there for longstay for example in case of retirement, it is not wrong to buy your accomodation, but never invest into anything else, just keep most of your money outside of such countries.

I bought my condo in Thailand and use it frequently as my 'second home' since more than 10 years ago, and so far I cannot complain.

Indians do 5-6 loan sharking in Philippines and our image is already bad.....These two kinds are the bane of humanity and no wonder even bar girls in Thailand hates Indians for a reason.

The problem is unfinished condos have huge discounts and price is usually lower than finished ones...aka TRAP to scam the gullible, naive filipinos....

They are scammers they find the weakest spot to get you in the scam by offering discounts and then milk you the remaining amount anyways.

Yes...You cannot contest the contract because every judge is working for them...There is no such thing as Law only money..Those who has more money will always get the judgement.

Buy only finished condo and that too from a non chinese non Indian....

[gravity25x]

I've heard from so many people across the world that Chinese businessmen are complete cheaters/scammers...
...Overall doing business as a non-native in a country filled with corruption (like Phil) just isn't smart, you don't know "how things work" and likely don't speak the language or understand the culture.

Well, Indian businessman is better, he can even cheat the Chinese.

In Philippines such contracts are in English, language is not the problem - but such contracts are worthless if the company is bankrupt or if the construction remains unfinished for what reason ever. - Never buy anything, never pay even a small deposit until the building is open for use. if you cannot find anything fitting your criteria, continue with rent - no need to hurry.

About all these countries, Philippines, Thailand etc. if you want to live there for longstay for example in case of retirement, it is not wrong to buy your accomodation, but never invest into anything else, just keep most of your money outside of such countries.

I bought my condo in Thailand and use it frequently as my 'second home' since more than 10 years ago, and so far I cannot complain.

Indians do 5-6 loan sharking in Philippines and our image is already bad.....These two kinds are the bane of humanity and no wonder even bar girls in Thailand hates Indians for a reason.

The problem is unfinished condos have huge discounts and price is usually lower than finished ones...aka TRAP to scam the gullible, naive filipinos....

They are scammers they find the weakest spot to get you in the scam by offering discounts and then milk you the remaining amount anyways.

Yes...You cannot contest the contract because every judge is working for them...There is no such thing as Law only money..Those who has more money will always get the judgement.

Buy only finished condo and that too from a non chinese non Indian....

I've definitely been spoiled by Georgia. The businesses are still scared to death of committing fraud, even though Sakaashvili is not president anymore. My mother has been thinking about buying a condo in Malta for retirement (after her mother dies), but I'm not sure now that I'm hearing all these stories....renting is pretty cheap there $400-500/mo for a decent condo ($70,000 minimum to buy); EVERYTHING is close to the beach in Malta, it's such a tiny island you couldn't go far from the beach if you wanted to...from my understanding Maltese are also cheaters...

[starchild5]

Starchild, the same shit happens in India, right? Overall, it's better to RENT than buy ANYWHERE in the world, because buying means you are locked to one location. Renting means you can pick up and leave anytime you want.

Yeah....I do renting only..... recently I wanted to make improvement in my condo but cannot...There is some less freedom in renting which becomes an issue when you grow old...

There are more laws with renting by the condo owners and you cannot break things aka been careful at condo or put new stuff as you will eventually move away and then packaging all that you brought becomes an issue to carry around from city to city .....even with all these issues..Its always better to rent, because the advantage of renting is far far higher than owning a condo.

India is worst, that's why we never brought these over prized condos in India.

As I said..If you are not politically correct, racist, judgmental....You will do fine in Asia...there is a reason why Caste system existed in India for 1000s of years and we had a good functioning economy...

You are not allowed to deal with certain caste in India and these people are called Baniyas aka businessmen who are considered lower caste and we are told to be careful of these people...

Caste is a form of racism and its a good thing...

As I said...People who get scammed in Asia are generally those of peace, love and light, new agy types who believe in equality, giving a chance, non racist kinds....

[starchild5]

...from my understanding Maltese are also cheaters...

Then don't deal with them...be racist, categorize people, be judgmental, be non PC and you will not be scammed...guaranteed. ...Its approved by almighty god himself...That's why India of the old had Caste system which is racism in other form but it makes sure, good people stay together and bad people cannot enter the good guys club.

This whole love, light and peace is the reason, there is one born every minute suckers line ...

NEVER get sucked into everyone is equal theme...You will find all answers in spirituality...You are allowed to not treat everyone equally....its ok if you don't give him a chance even....

Lack of spiritual truth is the number 1 reason people get scammed. There is nothing wrong being racist, you are allowed to hang with your own group as long as you follow DHARMA.

I now believe, the greatest gift of India to the world was Caste System...where everyone progress to Gods realization based on his temperament.

You are BORN into a Caste because of your Karma. You do Dharma in this life to progress higher aka to higher caste.

In India, you will find people of lower caste as the biggest scammers and cheaters, high caste people aka Brahmans ...never cheat, are generally occupied by Gods work and always play fair...I only deal with Brahmans in India and I never got cheated.

[MrMan]

I was looking at an apartment to invest in in the Jakarta area. I haven't heard of them delaying the date to hold on to the cash, though. A lot of the developers have a reputation to keep up. But the one developer I was looking at had done homes and was now switching to apartments. So I don't know. The returns on these things can be 20%. And you do a 10% down payment and can take the lowest monthly payment they'll give, and flip it after a couple of years.

But it is risky if the developer has a problem. My wife says they sell the project if they do and people still get their units. But if they delay the date (this one was 2019 to hand over, projected), then that could be a big problem. But there is a secondary market for selling incomplete units, too, and their prices go up per unit the more they build, so it is possible to get out in the Jakarta market.

I think its particularly risky if you aren't diversified and have your money in that one apartment, but it may be better than putting it in the bank where you are virtually guaranteed lose 2% in the US every year or more in other countries due to inflation.

I did see a giant tower advertized about 9 years ago in Jakarta. Then I went to Jakarta and saw it had what looked like some incomplete window panes. I dont' know if the tower is open yet or not. If it isn't, that would be awful for investors. Someone pitched a unit in the building to me briefly, but I wasn't interested.

Many years ago, there was an apartment I could have gotten into for $10 or $20k which was worth $100k a few years later. But that was after the monetary crisis and inflation went wild on real estate, apparently.