A lot of people are now buying condominium units left and right but don’t live in them. In most cases, these units are leased to students, young professionals, and young families.
But with the number of projects being developed throughout Metro Manila today, how would a condominium investor know which one to buy and which one to ditch?
During the launch of their condominium project, Marquee Residences in Angeles City, Entrepreneur.com.ph asked Alveo chief operating officer Robert Lao on what factors should a real property investor look for in a condominium project.
Here are his answers:
“Even with the best design and aesthetics, but if the location of the project is not nice, it will not be a good investment. No one will buy or rent. Location is still the most critical factor in a real estate investment,” says Lao.
Most, if not all, Alveo projects are part of the mixed-use development projects of Ayala Land. The Marquee Residences is part of the Marquee development in Angeles City which houses the Marquee Mall, and Marquee Place, a subdivision development.
“Most development projects in the country are sold through a pre-selling system and the construction period is long. The project should be of a reliable developer that will allow you to sleep soundly at night knowing that you have entrusted your hard-earned money into developers who will deliver on time, have strong financial background. Their expertise is also a factor that should be considered,” says Lao.
Alveo is a subsidiary of Ayala Land, one of the premiere real estate developers in the country.
One critical factor, often overlooked by most investors in condominium projects are the people who will be living in the community. After all, a condominium is a vertical enclave of families and individuals.
“Consider who your neighbors will be. At Alveo, we do not do a ‘chopsuey’ community development. Our market is very selective and does not usually resell their properties,” says Lao.
“Even before the construction, we already plan on how we are going to maintain the projects. We make sure that our projects are maintained even after turnover,” says Lao.
5. Look beyond
Aside from the four critical factors mentioned by Lao, if you are considering buying a condominium as an investment, you should also look at property developments available outside Metro Manila.