Prior to December 2017, I had never been to Manila before in my life, and had no clue there was a carefully crafted “shiny bubble city” to be found within it. Shortly upon arrival, though, as if right from the start, I immediately fell in love with Bonifacio Global City (BGC), and even after departing from my 3 month vacation in early 2018 to return home to the Bay Area, I kind of had an inkling I would be back for Round 2.
And although I haven’t disclosed exact details of my most recent real estate purchase, suffice it to say, no different than how I felt when purchasing pretty much all of my World Class Tier 1 gems in the Bay Area, intuition was telling me I had to make this move because the deal was simply too good to turn down.
Granted, I kind of already knew prices were skyrocketing in BGC (I mean, just comparing where things were at in early 2018 to the end of 2018 was already shocking, to say the least), but hot damn, I really had no clue even the “lower end” products were selling at such lofty levels!
What do I mean, exactly?
Well, for anyone was who able to get into presale units a few years back, pretty much any condo unit in BGC was selling well south of 200,000 PHP/square meter.
In my own experience, I still vividly remember walking down High Street and being approached by several sales reps, giving me the latest pitch as to why “now is a good time to buy!” If memory serves, I believe I was being quoted around 192k PHP/sqm for some of the latest (i.e. new construction) presale units.
Shoot, I even went on some property tours…
Fast-forward to the here and now, and even the low end Avida condos (parent company Ayala Land’s product offering for the more “working class” folks, which is mostly bare bones w/ none of the bells and whistles found in their higher end stuff, like Alveo and Ayala Land Premier) are being offered at somewhere in the ballpark of ~250k PHP/sqm, for new builds.
At least, that’s what the sales peeps were telling me (as I was walking back home to my unit and couldn’t resist the urge to approach the Avida booth to strike up a quick conversation).
Shown below is Avida’s “final tower in BGC”, called Turf; there are two towers, Turf Tower 1 (LHS) and Turf Tower 2 (RHS).
At Turf, the smallest studio unit is ~37 square meters, and the presale asking price is now 9.5 million PHP (~$183,500 USD).
Can you believe that?
big small is 37 square meters, exactly?
We are talking about less than 400 square feet.
For the more American-inclined (like me), who like to deal with feet as opposed to meters, the math comes out to something like ~$459/sq ft.
In the grand scheme of things, especially relative to the most expensive metropolitan cities in the world (e.g. Hong Kong, Singapore, London, NYC, etc.), actually, BGC still looks very (very) affordable.
But wowzers, are prices climbing steadily in a hurry around here, in BGC!
It hasn’t even been a month yet, but you better believe I’m more than grateful for pulling the trigger when I did.
Right now, my gut instincts are telling me it’s feeling like I got a bargain as good as the short sale deal I won to secure Rental Property #2.
Straight up — Blink and you will miss it!
Fingers crossed the future will continue to shine just as bright for my BGC condo unit as it has for my Bay Area stuff…
With the new residential condos in the Uptown region of town already preselling north of 300k PHP/sqm (e.g. Uptown Arts, Grand Hyatt South Residences, The Seasons, etc.) it seems like the trend is still very much continuing to push strongly in the upward direction.
So far, so good…