22/06/2019
What’s being built nearby, and when?
"An MRT station” is often assumed to be a good answer, but that’s not always true. For example, if the rail line passes right in front of your condo, you could find your windows rattling every 10 to 15 minutes. Most condos in Manila are not in this anyway but do check. Even if it’s underground, you don’t want to be wading through a crowd of people just to get to your lobby during rush hour.
Likewise, consider the impact (good or not so good for you, your businesses) of new malls, entertainment centers, or sports club being built nearby. While generally considered positive, they may result in serious traffic congestion, noise and possible pest issues. You may want to reconsider, if you value peaceful living above nearby shopping/food options. Again weigh in your purposes and don't be too negative but don't be lax.
Be wary of buying for the view, if there are other condos going up nearby. You could find out that your sea view or your Makati skyline view, for example, is suddenly blocked by the a newer tower later. Check the latest HLURB Master Plan to see what kind of development an empty land is intended for, and if there’s a plot ratio ascribed to it. (General rule: The higher the plot ratio number and the smaller that plot of land, the more likely the development is going to be tall. True wherever in the cities in Manila.)
Another important consideration is the issue of when. If you intend to rent out the entire unit, MRT lines and stations under construction tend (as to 50/50) to lower rental yields for properties in the vicinity. This is because some tenants want to deal with the noise and air pollution of a non-existent amenity. It’s only later, when the station is ready, that rental rates might see a boost. Again this is only for a few. In Manila, the yuppies who are likely being the tenants, be it foreigner or local of of different city in the south perhaps, are pursuing more of the convenience on travel, food and entertainment and not much on the how noisy or not the area is. Sometimes, the more the noise (like lively noise) the better for them as they have businesses alike nearby.
