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Millennial-driven Food Parks expected to Increase as the second half of 2017 starts Searching for an Instagram-able place to dine in? Look no further as Food Parks may very well be right beside you. In today’s generation, Millennials see their dining locations not only as a place where they can eat food and satisfy their hunger but a “destination” where they get to experience their food. With the rise of the Instagram Trend, food became more of an artwork and a way of self-expression, rather than just for sustenance or nutrition. To cater to these millennials, more affordable Food Parks are established. PRIME Philippines has received numerous inquiries regarding the opportunities of starting up food parks given its increasing demand. Similar to Food Courts, Food Parks offer a wide assortment of food and beverages that caters to the wants and needs of the current generation. The difference between Food Courts and Food Parks is that Food Parks are outdoors and offer more than what a simple Food Court can. A Food Park can provide its diners with a variety of choices in food geared towards the theme of the specific food park. Food Park tenants tend to avoid generic food offerings and aim to offer their food in a unique way through packaging or through experimenting with tastes and different styles of food. Partnered with this, Food Parks have a unique and inviting ambiance through the different themes they offer. A Greenhouse Themed Food Park lets you experience nature as you enjoy the food. A Rustic Themed Food Park can remind you of the countryside experience. A Space Themed Food Park can give you a unique experience of the outer space with its space drinks and galaxy-themed food. A Carnival Themed Food Park can provide you with an exciting and wild setting of a carnival. Aside from these Food Parks, there are also other bizarre ones such as the Pokemon Themed Food Park with its tagline “Gotta Eat ‘Em All” where the food is designed to look like Pokémon characters. With these Food Parks’ elaborate set-ups, these destinations are becoming more of an experience worthy of being documented by the customers through photo sharing in the social media. With the increasing number of Themed Food Parks, what other surprises can these Food Parks have in store for us?
In previous years, we have seen the rise of trends and products because of generations. These trends follow certain generations and the needs the generation have. The rise of the toy industry came from the baby boomer generation’s demand for toys because of the number of babies during the time. Eventually, even fast food places put up play areas for the millennials in their earlier years, because of the sheer numbers of the next wave of babies. Generations tend to affect industries, and the industries that maximize the generations by using trends really profit. A current trend is seen to currently affect the retail sector of the Real Estate Industry. In the time of millennials and social media, there is now a need for “Instagram-able” features in retail establishments, especially in the food and beverage industry. “Instagram-able” is a coined term based on Instagram, the photo sharing app. Photo sharing in Instagram has a wide range, but one specific category of photos for sharing are photos of food and food places. Posting photos of where one eats and what one eats is a trend on Instagram. In this light, marketing through social media is now one of the essentials for upcoming restaurant/ food stall businesses to be known. Unknown or hidden restaurants are frequented because of their social media presence. One of the main beneficiaries of the rise of social media marketing is the food park trend. 2016 saw the rise of food parks, trending in social media with the various decorations and food presentations from their tenants. Food parks offer a wide variety of food and beverage choices from unknown brands. The effect food parks take on is that of an outdoor food court with tenants following a certain theme or mix. The innovative presentations and offerings of food parks gained traction in the social media network and food parks were marketed as an “experience”, urging the market to see, taste, and experience food parks for themselves. As more and more people got to experience food parks, their presence in social media also grew, and the term food park is now a generally known term. Aside from the retail sector, the residential sector has also been targeting millennials for the past years. The office sector has seen numerous companies inquiring for industrial warehouses to be converted to office spaces to provide a more innovative, creative environment for its workforce. Knowing that current and future trends are millennial driven, the question is: “What will the next trend be?”
Learn first hand from the industry's leaders and witness the most anticipated Davao Real Estate event this year, Asia Leaders Forum: DAVAO Asia Leaders Forum will highlight Asean Impact in Commerce, Tourism and Real Estate in Davao. The events aims to promote Davao as one of the fastest emerging city in the Philippines. Industry's Leaders will discuss about: Topic: 2017 Real Estate Outlook by Jet Yu Managing Director- PRIME Philippines ASEAN 50 by USEC. Nora Terrado Start Up Innovators and Disruptors by : Joe Maristela , Founder- Vilanes Realty, Katalyst.ph Philippines @ 500: Philippines 2121 and Beyond by Jun Palafoxm, Chairman- Palafox Associates Tourism, Hotels , Resorts & Condominiums Development Fueling Construction & Growth of Real Estate by Dr. Elton Tan, Chairman- E Hotels, President- Makati Tourism Foundation Current State of Start Up Ecosystem in the Philippines by Joey Gurango, CEO- Gurango Software The event will be held at SMX Convention Center, Davao on March 30, 2017 from 10 AM to 5 PM.. Registration fee is Php 2,500 only per head For seat reservation Register Here
Nowadays, young Filipinos who are becoming a part of the working sector have been interested in working nearer to their homes because of certain studies that people who spend more time in their commute to work experience more stress and anxieties in the work place and sometimes it affects their personal lives. That is why more and more people find ways to have their own space wherein they can live harmoniously with less stress at hand. According to one of the speeches given last July 28, 2015 of former National Economic and Development Authority (NEDA) Director-General and Philippine Competition Commission (PCC) Chairman Arsenio Balisacan, as of 2010, 48.6% of the Philippine nation lived in urban areas and will be expected to arise to 56.3% by the year 2030. He also stated that the population of Filipinos living in urban areas are expected to arise to 66% by the year 2050. That only means that the condominium and apartment sectors, especially in Metro Manila, will expect a large demand in terms of tenants who mostly are working professionals to want to live nearer to where they are working through the upcoming years. According to the previous elections, the most number of voters belonged from the youth sector which comprises of youths coming from the age bracket of 18-35 years old. The numbers haven’t considered yet the number of voters whom abstained or did not register, which only means that there is a very large population of youth voters. It can also be concluded that we will be expecting a large number of young working professionals who will have been part taking their ways out their parents’ homes in search of their own while they earn for the betterment of their living. That is why it would be a great opportunity for both real estate developers, brokers, and other business sectors to build up here in Quezon City wherein there is a large mass area of land that could be turned into a land of opportunity for many. It would also create a chain effect by diverting the current employees residing in Quezon City who are working in areas such as Makati and Ortigas to move find an opportunity nearer. It would lessen stress and traffic both at the same time. Making young Filipino employees see the country better one step at a time. Source: PRIME Philippines Property Market Report 2015 Overview and 2016 Forecast
Investment is a hot topic now. With a considerable amount of cash, and smart investment decisions, you can earn several times of that initial investment amount. One type of investment in the real estate industry is in the form of rental properties. It is the form of real estate investment wherein investors buy living spaces (condominium unit, townhouse, etc.) ideally during their construction phase and, once finished, lease them out to tenants. It is an attractive investment due to its simplicity, reduced risk, and the stable inflow of cash. So, if you are considering this type of investment, how can you maximize returns and make sure you are getting the most out of it? First, you must determine the best rental price for your property. In condominium units, there are usually property managers that work for the property developer that would normally set the rental prices. However, if you consider investing in other properties, such as a house--giving you the flexibility to set the price, you might consider other alternatives. One way is to canvass the prices of other properties being leased out in nearby areas. Alternatively, you can seek professional help through companies that can assist you in determining rental prices. Another way to increase your returns is to develop and properly maintain your space. Keeping the property attractive and conducive to living is a sure way to make tenants willing to pay higher. It doesn't have to be too costly to make these improvements. Start with small developments that greatly affect the property prices, such as the kitchen and bathrooms. Little changes like better lightning, newly painted walls, and pest controls would make your place more inviting to prospecting occupants. You also have to be wary when choosing your tenants. Look for quality occupants that would stay for a longer term. Also, look for tenants who are mindful of your property. With this, you avoid having to do regular repairs that would cost you a lot in the longer run. Tenants who choose to agree to have a prolonged stay also relieve the cost of advertising to look for new tenants. Lastly, make sure to decrease the turnover of occupancy in your property. Vacancy means that you would receive zero cash flow while the space is empty. As soon as your tenant shows interest to leave, start looking for new occupants so you don't spend much time getting zero cash flows. Knowing how to manage your investment property well can give you maximum profit gains. Maintain your property well lessens your cost in the long run. Having high quality tenants that value your property the same way as you reduces the need to do regular fixes and avoids non-occupancy of your space. In the end, happy tenants mean higher returns to you.
“It was such a pleasurable experience I got from PRIME Philippines as the exclusive leasing agency of AA Corporate Plaza in Civic Drive, Alabang. Dealing with them was such a breeze, from sending our letter of intent, to the time we were doing our fit-out for our "rush" construction. From a Bank's perspective, this kind of superb service is just what we need to ease the burden of spending so much time scouting for sites and directly inquiring from lessors. PRIME's representative was very helpful and "Tops" when it comes to quick and efficient servicing. Till our next deal!”
"I got the chance to know about PRIME Philippines from one of my staff. Since PRIME Philippines was engaged in the Real Estate industry, I touched base with them to see if I could meet the deadline for a new office space. Their agent was very generous and accommodating in sharing with me information on what locations were better and more accessible. With their assistance, I was able to meet the deadline to occupy the space! PRIME was also able to provide post development support to whatever concerns and needs the tenant had. I fully recommend PRIME as the realtor of choice when it comes to office and retail space leasing, agent referrals and all other concerns related to Real Estate services."
“All I can say is that it's been a satisfying experience for us dealing with PRIME. The associate assigned to our account is so cordial and accommodating in adhering to what we want. She is eloquently communicating with us throughout the whole process. The needed information were properly disseminated so as not to create confusion. And lastly, the timely processing of documentation was properly observed. All in all, it's been a pleasure doing business with PRIME Philippines.”
PROPERTY developers should diversity their tenant mix and not just rely on the business process outsourcing (BPO) industry to guard against the risk of a sudden drop in rental income, a local real estate consultancy firm said. “A good tenant mix in your building can lessen the risk of sudden drop in your rental income in case of recession or economic meltdown,” Prime Philippines managing director Jet Yu said during a real estate forum on Friday. Yu noted that office buildings in the country are not solely dependent on the BPO industry in terms of occupancy. “This means that should the BPO market slow down or downsize, there will be other companies that will absorb these office spaces,” he said. Yu cited the case of Quezon City where in the BPO industry, along with the information technology sector, only accounted for 31 percent of the demand for office spaces in the city in 2015. There was also substantial demand from the government sector which took up 6.47 percent of the office space demand in Quezon City last year, he said. “Some of these government agencies have requirements that would range from 2,000 square meters to up to 10,000 square meters. It would take up already one whole building,” Yu said. He said that the general and professional services sector comprised 23.84 percent of office space demand while other sectors — finance, manufacturing, real estate and healthcare — accounted for 38.53 percent. “I know it’s more convenient and it’s easier to lease out one whole building to one tenant but in a case of applying a good tenant mix, if a specific industry would collapse, you would not lose 100 percent of your previous rental count. Although it’s not a guarantee but it will lessen the risk of leaving you with high vacancy rate,” the realty consultant explained. He said high vacancy rates would result in higher expenses for landlords as they would have to shoulder the maintenance costs of the office space that is not leased out. There are preventive measures to lessen the risk of tenants backing out from their lease, he said. “This can be avoided through proper assessment, tenant planning and thorough study before launching the project or while the building is still under construction. This way, you will be able to set the right path, the right direction on which tenant you should choose for a building,” Yu concluded. Source: Talavera, Catherine (2016, July 29). Developers urged to diversify tenant mix. The Manila Times . Retrieved from http://www.manilatimes.net/developers-urged-to-diversify-tenant-mix/276804/
PRIME Philippines, the fastest growing commercial real estate brokerage firm in the country has recently spearheaded an advocacy on promoting the Philippines as one of Asia's Premier Business Hubs. PRIME Philippines' Founding and Managing Director Mr. Jet Yu in partnership with Tag Media & Public Relation has started the campaign for this advocacy with an event entitled "Asia Leaders Forum: Real Estate in the Philippines” which was held on July 29, 2016 at the newly opened and grandiose Hotel Shangri-La at the Fort in Taguig City. This campaign aims to promote the Philippines as one of the leading business centers in Asia in terms of its technology, trends and landscapes. The event was orated and attended by some of the leading business gurus in the country. To name a few of these distinguished business personalities: Mr. Jet Yu, the Founding and Managing director of PRIME Philippines, Architect Jun Palafox of Palafox Associates, Robert Yupangco of the Yupangco Group, Camille Montejo of NWSteel Technologies Inc., Mario Berta of Flyspaces, Dr. Elton See Tan of E Hotels, Resorts, and Residences Suites, Cholo Florencio of PRIME Philippines and Engr. Grace Nicolas of Tag Media and Public Relations.
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PRIME Philippines was featured by Sonshine Media Network International (SOMN) during its office inauguration last June 3, 2016 at the Pacific Century Tower in Quezon City. Property Interactive Marketing Enterprise Philippines, or PRIME Philippines, is the fastest growing real estate service company in the country, providing effective and integrated real estate solutions to clients such as developers, investors, businesses, and others. As a young company with 3 years of operation, PRIME has already generated more than 10 billion pesos in sales transactions and has handled more than 60 projects. Led by the managing director Mr. Jet Yu, PRIME Philippines was able to achieve success through its comprehensive and personalized services that meet the clients' needs. "The good thing about PRIME Philippines is that we really tailor fit our services to the specific details and requirements of our clients.", said Mr. Yu. He also expressed that PRIME ensures that ample attention is given to each client. "We make sure that each team assigned to any project is not overloaded with other projects. We believe that in order to provide real estate service at the highest standard, there should be a dedicated focus." Achieving tremendous feats for such a new company, PRIME has become a respected authority in the industry. PRIME Philippines, staying true to its mission of providing real estate services at the highest standard, will continue to prosper in delivering innovative, effective, and personalized real estate solutions that bring success to its clients.
As the millennial generation – broadly defined as people born in the 1980s to early 2000s – becomes a more dominant group in the workforce, there has been a dramatic shift in the type of physical work space companies are looking for. Gone are the days of traditional office space with cubicles, large private offices and oak doors. The modern offices of the millennial professional have ushered in open, collaborative workspaces and brainstorming areas. Luckily for landlords and developers, this take on the workplace doesn’t have to be expensive and comes with the payoff of making tenants happy. Tech and startup companies led by millennials have become an ubiquitous part of the real estate landscape. So what can builders and landlords do to effectively meet the needs of the ever-dominant millennial generation? There are some overriding themes that millennials are looking for in their work spaces. COLLABORATIVE SPACES For millennials, this can’t be emphasized enough. This isn’t your dad’s office building. With technology making it easier for people to communicate from their mobile devices, the main reason for people to come to work is to meet. What once served as private office space is now being utilized as smaller meeting rooms or conference rooms. For many young companies, it’s all about opening up the space, replacing the oak doors with glass and adding a little funk to get the collaborative juices flowing. High-walled cubicles have been replaced by low workstations or tables that make it easy for people to talk with each other and share ideas. TECHNO GEEKS This generation grew up with technology and gadgets, and as they come into the workforce, they expect technology to come with them. While their parents strived for the corner office, millennials prioritize a vibrant, exciting workspace. Builders and landlords need to address this in new building designs, by adding in special comforts and amenities that give the office “oomph.” From breakout areas and coffee-bar type spaces to nap rooms and fitness rooms, there are a variety of approaches builders can take. This also can include incorporating outdoor areas, with opportunities to bring in roof space or walking paths outside the office so employees can get a little fresh air and clear their heads. Designing office space that makes the building stand apart and encourages innovation will pay off when marketing to millennials. At the same time, office location is critical for millennials. Besides amenities within their offices, they want shops and restaurants within walking distance. Flexibility is key for this generation. Instead of always holding meetings in the conference room like previous generations, they may want to mix it up and take their employees to a nearby café for a change of scene. CREATIVE AND ECO-FRIENDLY Even beyond the interior of the building, millennials want an office that stands out from the exterior. They’re no longer satisfied with the traditional skyscraper, but are looking for buildings made out of a variety of materials, like brick and steel, and buildings that are a few different heights. Incorporating as much glass as possible is important, because it can let in the natural light that millennials prize. Millennials also want buildings that stand out for their sustainable elements and LEED certifications. For this generation, sustainability is second nature. Millennials have grown up hearing about the environmental obstacles we face, and they want a building that is both attractive and environmentally friendly. WHAT THE FUTURE BEHOLDS The millennial generation will be leading the work force for the foreseeable future, so builders and landlords need to understand and appreciate millennials’ needs if they want to stay in business. While different companies will prioritize different features and amenities depending on their needs, taking the time to sit down and listen to the tenant is worth it. Just as millennials appreciate collaborative office space, they also appreciate the opportunity to collaborate with landlords, builders and architects on build-to-suit spaces that meet their company’s unique needs. While the previous generations may have heeded the advice of these industry experts, millennials want to be part of their conversation, fostering mutually beneficial relationships with the people who will create their ideal office spaces. Some industry leaders may wonder if these office trends are passing fads, or if they are here to stay. Office space will continue to evolve, but as the demand for more original space grows, keeping these priorities in mind will give you an edge on the competition.
Technology has impacted the real estate industry a lot. There isn’t an industry on earth, sea or sky that hasn’t been change by it whether dramatically or slightly. For real estate, the transformation has rapidly changed: as the technology improves, the field has morphed one gigabyte at a time. New forms of technology change the real estate experience for buyers, renters, and industry insiders. The transformation has been ongoing; in today’s information age, it arguably began once listings were hosted online, since which time the process of buying and renting has become even more digitalized. Here are some ways in which technology and robotics has begun its era. It will continue to shape the way real estate is marketed, rented, sold and manage. 1. Mobile technology is heating up This means responsive websites, mobile apps, and quick communication via text and email is more important than ever for real estate industry insiders. Potential buyers are likely to be turned off if they can’t view a property on their device, or send inquiries digitally. The entire process needs to become at once easy, quick and trustworthy or else clients will move on to the next mobile-friendly listing. 2. Marketing has-been digitalized Marketing a piece of real estate is no longer as simple as listing your home in a local newspaper. While open houses and offices are still fairly important, quality photographs, information and descriptions are perhaps the most vital in attracting potential buyers. This is because the web offers many digital outlets to advertise property on and great photographs are the bare minimum that buyers look for. Disseminating your advertising onto different digital platforms, complete with the information buyers and renters need, ensures that the listing isn’t overlooked. It also means that those browsing will have all the answers they want up front in terms of price and amenities, speeding up the process from first sight to lease-signing 3. Buyers and renters are more informed With the Internet at their fingertips, buyers and renters have access to more information than ever before. There is no pulling the wool over the eyes of today’s informed buyers: with records of building’s history, neighborhood demographics, comparative listings, fees and reputation. Technology is so often synonymous with transparency, and it’s making buyers smarter. 4. Virtual tours are on the rise Photographs are all but essential in real-estate marketing, but the next step — virtual touring — is already upon us. For larger properties, such tours are expected to give potential buyers a 360 view of various spaces. In some ways, real estate does differ from the industries that have been shaken up by technological innovations — the basic business model is a generally stable and adaptable one. This said, real-estate has, and must continue to take technological innovations into stride if it’s to remain profitable and modern. This way, it’s sure to be amplified and augmented by change rather than left shattered in its wake.
Are you just starting out? Sometimes real estate investing is quite hard to manage. We always think that it’s just waste of money and time. For Millennials, Real Estate investing can seem bit intimidating and it’s easy to get lost in the lights and sounds of all the blogs, books, and television gurus. With these in mind, I would like to share these tips that you can use as you embark on your journey to find financial freedom through real estate. 1.) Be Resolved. Real estate is not something to do on a whim. Investing in real estate is a lifelong pursuit to take control of your financial future – not a get-rich quick scheme. As an investor – you will struggle. You will make mistakes. You will fail. The successful investors are the ones who can take those experiences and turn them into lessons to improve their skills. 2.) You Don’t Need to Be an Expert in Real Estate Investing. Too many individuals talk about investing in real estate but instead just get bogged down with the vast amount of information out there. People often email me and ask me advice on areas of real estate know very little about. I try to help as much as possible or at least point them in the right direction, but the simple fact is no one knows it all. You don’t need to be a total expert in real estate. Always keep in mind that knowing the know-how and the basics makes people knowledgeable enough to understand and elaborate things clearly. 3.) Learn to Love Reading. You are obviously reading this article, so you apparently know how to read. Do more of this. If you don’t like reading – at least learn to listen to audio versions. Books have so much information in them and will surely teach you techniques and skills that you may opt to adapt. Start engaging yourself with financial and investments books. These books will help you create a brighter future. Remember, being knowledgeable is better than knowing nothing at all. 4.) As a Beginner, Connect with Local Investors. This doesn’t meant spam them with requests – but simply reach out. Begin hanging out where they hang out. Ask them to show you some of their properties. Most investors love to show off their accomplishments, so allow them to and pick up on every titbit of information they can give you. Local investors will have a much better grasp at what works in your community 5.) Get Creative. Robert Koyosaki said in his book, Rich Dad, Poor Dad “The poor say “I can’t afford it.” The rich say “How can I afford it?” This simple practice will change the way you view conflict in all areas, including your real estate business. Be creative and innovate things on your own. Changing one aspect to another allows oneself to be hip which can help you create a better living. 6.) Learn to Sacrifice. How bad do you want financial freedom? If you want to use real estate to start living the life you’ve always dreamed you are going to have to sacrifice. You may need to forgo a vacation and use the money toward a down payment instead. You may need to move several times in order to build up enough capital to begin investing. You may need to learn how to use a paint brush and do your own work. Investing in real estate is the most rewarding thing you’ll ever done – but it’s not always been easy. There were years of sacrificing (time, money, and opportunities) to get financially free. Actually real estate investments take time to be profitable. Always remember that real estate investments is like a seed of a plant, it takes time be fruitful at all. 7.) Learn (and Trust) Basic Math. The math involved in a real estate investment is not college calculus. We’re talking fifth grade math and it isn’t difficult to learn .Don’t assume anything – but use your math to make sure of the deal. Use a basic spreadsheet to analyze a deal. Once you understand the math – don’t deviate from it. Trust it. Don’t let your emotions get involved. Real estate is a number’s game and the quickest way to fail is to forget. 8.) Treat Real Estate Investment as your Own Business. Real estate is a business, so treat it that way. Keep it organized, build systems to manage your life, and seek to improve your efficiency. The reason so many landlords get burned out and hate the role is because they treat it as either a hobby or a job. It’s neither. You are a business owner and as such it is your job to manage the business to the standard which suits you best. I hope this list will help point you in the right direction. However, this isn’t going to tell you everything you need to know before investing in real estate but serves as good reminder for all of us Millennials, the generation of this era. I hope this quick short guide will help propel you toward success.
Today, millennials have dominated the trends of creating modern office spaces and it’s quite new on today’s society. Gathering new ideas from the young bloods are more likely being adopt by the older generations. It’s young and vibrant presence increases the chances of an individual to stay longer in their company. Millennials’ are more dominant on seizing up their work. Each individual can multi-task jobs in a diverse and different level of thinking. Creating a harmonious, lively and interactive work can generate high sales and growth of the company. Young bloods are exceptional in terms of doing their daily task. They can balance work and play at the same time. From baby boomers to generation Y worked has entirely changed. Millennials are more agile and adoptive with the culture around them. They can surpass expectations of their managers and supervisors. Being happy-go-lucky is one of their thing but when worked interferes millennials tends to respond aggressively with their jobs. Millennials are also known as “digital natives”. They were raised speaking the tech language and become incredibly fluent at a young age. Older generations tend to adjust and adopt innovations brought by them. This is where modern offices have risen. Companies these days used hi-tech and state-of-the-art facilities. They already amplified this trend and it’s seamlessly noticeable with the current generation today. Young entrepreneurs’ sets cutting- edge offices were rules and standards are create on their own. Many work places are becoming the manifestation of the “business casual” trend. Interior design and flexible work zone are also one of the key factors why millennials are aggressively active with their work. While their primary purposes is to served-down focus work, workstation should also be designed to support one-on-one collaboration and the ability to turn an individual’s work surface into a table where a visiting colleague can fit, say a laptop and a cup of coffee. Work surfaces are being coupled with semi-fixed power/data splines that support movable components. These levels of flexibility enable employees to modify configuration when greater collaboration is needed. Recent workplace concepts have attempted to created neighborhoods, which are not necessarily departmental or project-based groupings. Instead, the goal is to help co-employees to identify their neighborhood: to change their aspect from “my space” to “our space,” to give the workers the feeling of membership in the club, as opposed by simply ownership of a desk. Millennials are certainly part of the on-the-go generation. Millennials have an easy lifetime than the older generation. They can be robots programmed to behave in a distinctive matter. They can also multi-tasked in a way that everything is done at a time. With this kind of perspective, worked will continually innovate and perhaps helps the future generations to improve more.
PRIME Philippines, the fastest growing real estate service firm in the Philippines was recognized as the Best Real Estate Service Company in the recently concluded 29th Global Excellence Awards held at AFP Theater. The Global Brand Award is the world’s premier product insignia in recognizing excellence in the branding and trademark industry organized by the Global Brand Award Council. Nominees were screened based on the National Consumers Affairs Foundation criteria. In addition, PRIME Philippines Managing Director Jet Yu was also awarded as one the Outstanding Real Estate Professional in the country. As a side by side winning, The recognition serve as an evidence that PRIME Philippines is dedicated and committed on delivering outstanding real estate services to its valued clients.
"Earthquakes are among the most deadly natural hazards" as described by the Natural Environment Research Council (NERC). Other than the fact that it’s impossible to predict the exact date and time on which it will strike a certain place, scientists had stated that earthquakes are commonly the outcome of the "movements along faults as a result of compression in the Earth's crust" (Geoscience Australia 2015). It is more dangerous when it occurs in populated areas with massive infrastructures resulting to thousands of deaths and economic repercussions. Historically speaking, this natural disaster has caused a lot of misfortune to people around the world. Have you ever heard about the magnitude 8 earthquake in Shensi, China in 1556 with an estimated 830,000 deaths? Although it is a bit early or thousands of years too early for us to even know, it simply shows that even before, earthquakes have been causing a lot of trouble to us (NBCNews.com 2015). How about the recent 2011 earthquake plus tsunami in Japan which shook the world and caused fear? It's true that Japan is a rich and powerful country, economically speaking, and another proof that economic standing of a State is not a factor for having an earthquake (Oskin 2015). And this year, the earthquake in Nepal which alerted the higher authorities in the Philippines, to be more careful and ready at all times. Being part of the Pacific Ring of Fire "which includes about 90% of the world's volcanoes and where a nearly continuous series of oceanic trenches and volcanic belts are situated, and plate movements occur" (Rappler 2015), the Philippines had experienced this natural disaster as well. One of the most devastating records of earthquakes in the Philippines happened in 1990. Northern Luzon was hit by an earthquake with more than two thousand dead and more than 300 million USD worth of property damage (Rappler 2015). The Philippine Institute of Volcanology and Seismology (PHIVOLCS) had been continuously warning us about the next "Big One" which will involve Metro Manila, the capital city of the Philippines and considered as one of the most populated areas in the country. Dr. Arturo Daag of Phivolcs stated that "200 years is the return period for another major earthquake in the same area." Earlier this May, PHIVOLCS with the help of other partner agencies released a handbook about the "Valley Fault System" or VFS that tackles and shows maps with detail about the areas that are above and near the fault line. This is not intended to scare the citizens living in these particular areas, but the recent news about the Nepal earthquake had caused panic and doubt. In addition to that, the media had been pestering the viewers with different scenarios and predictions about the death toll which really is a scary number. The "Big One" will happen. Maybe not today, not this month, or not this year, but it is always important to know that each of us must be prepared. The PHIVOLCS (2011) statement about it is that "the fault is ripe for movement. There is a high probability that it will move in the future, we just cannot say the exact time." The Valley fault system is divided into two, the west and the east. The following are the affected cities and municipalities: "San Mateo, Rizal to Taguig on the south and continues to Makati, Marikina, Paranaque, Pasig and Muntinlupa" (Almaden 2013). When the movement happens, an estimated "quake can reach magnitude 7.2 with casualties predicted to be as high as 35,000 and some 120,000 more injured and more than 3 million people will need to be evacuated" (Almaden 2013). Some people believe that an earthquake itself is not that dangerous, though, the danger lies to the impacts or the effects of it. In fact, "most earthquake-related deaths are caused by the collapse of structures and the construction practices play a tremendous role in the death toll of an earthquake" (Ammon 2001). The shaking of the ground can damage buildings, bridges, and houses. Falling debris, destroyed electrical circuits, unattended burners and the likes are more dangerous than the earthquake itself, and yet it was earthquakes that cause these problems (Ammon 2001). Not only the infrastructures were damaged by the movement of the faults, mountains and hills are also affected by this which results to landslides. It is more dangerous when a landslide took place near national roads or residential areas (Ammon 2001). And of course, if an earthquake occurs, tsunami alerts are raised to the places near the bodies of waters. "The sudden offset changes the elevation of the ocean and initiates a water wave that travels outward from the region of sea-floor disruption" (Ammon 2001). Other than being mentally and physically prepared, each of us must also check our homes. Our houses must also be ready for earthquakes too. The PHIVOLCS had released some guidelines in order to check whether or not your house can withstand an earthquake. First of all, the one who built it is important, they should be a licensed architect or engineer. Second, one must make sure that the house is not built before 1992 to make sure that the house is not old and follows the rules written in Republic Act No. 7279 which is "an act to provide for a comprehensive and continuing urban development and housing program, establish the mechanism for its implementation, and for other purposes" in order to make sure that the house is strongly built. Third, if it was damaged before, it should be noted that it is essential to repair it. Fourth, shapes of the house is important. The regular houses, or the ones with symmetrical, rectangular, box-type, or simple can withstand an earthquake more. Fifth, if the house was expanded, make sure that it was designed by a licensed architect or engineer. Sixth, the external walls should be at least six-inches thick. Seventh, make sure that there are steel bars used in the spacing of the walls. Eight, the foundation should be a reinforced concrete. Ninth, make sure that the soil condition is hard or it is compose of rock or stiff soil. And lastly, tenth, make sure that the overall condition of the house is good. Upon buying your own property, it is important to consider the location and the developer before settling down. References: Natural Environment Research Council. 2015. "Earthquakes". Accessed May 28, 2015. http://www.bgs.ac.uk/discoveringGeology/hazards/earthquakes/home.html Goscience Astralia. n.d. "What Causes Earthquakes?". Accessed May 28, 2015. http://www.ga.gov.au/scientific-topics/hazards/earthquake/basics/causes NBCNews.com. 2015. "The Top 10 Deadliest Earthquakes in History". Accessed May 28, 2015. http://www.nbcnews.com/id/42029974/ns/world_news-asia_pacific/t/top-deadliest-earthquakes-history/ Oskin, B. 2015. "Japan Earthquake & Tsunami of 2011: Facts and Information". Accessed May 28, 2015. http://www.livescience.com/39110-japan-2011-earthquake-tsunami-facts.html Rappler.com. 2015. "MAP: Strongest earthquakes in the Philippines". Accessed May 28, 2015. http://www.rappler.com/science-nature/33807-map-strongest-earthquakes-in-ph PHIVOLCS. 2015. "PHIVOLCS, OCD launch Valley Fault System Atlas". Accessed May 28, 2015. http://www.phivolcs.dost.gov.ph/index.php?option=com_ Ammon, C., J. 2001. "Earthquake Effects (Shaking, Landslides, Liquefaction, and Tsunamis). Accessed May 28, 2015. http://eqseis.geosc.psu.edu/~cammon/HTML/Classes/IntroQuakes/Notes/earthquake_effects.html
Question: Hello, I’m the owner of a condominium here in Metro Manila. I have a problem: not all of the units have been occupied by tenants, and those that have been belong to tenants that most of the time, aren’t there. They only stay in when on vacation or when in transit to another location, so activity is low. Is there anything I can do to generate more revenue? Please help! Answer: A popular business model for condominiums is to also operate as luxury hotels on the side. This is called a Condominium Hotel or Condotel for short. While allowing tenants to own full-service vacation homes, they can also offer to rent out and manage the unit as you would with any given hotel room. This way you can also maximize use of your tenants’ space when they’re not around, so long as you talk to them about it and they’re willing, of course. Try to bring Condotelling up with your tenants and staff! Good luck!
You are talking about the Force Majeure clause. In the real estate industry, neither party is liable when incurred damage to a property is due to inevitable and unforeseen circumstances. Extraordinary events and natural disasters - also called ‘Acts of God’ in some cases- are beyond the power and control of either parties, and thus this clause in the contract removes liability for natural and unavoidable catastrophes that interrupt the expected course of events, and restrict the participating parties from fulfilling obligations.
Eyeing your first ever real estate investment? Let this be a guide before you make drastic and crucial decisions. Observe the common mistakes of real estate newbies and understand what you can do differently. Frequent Failures 1. Impulsive Investment “It felt right!” First time buyers, being unaware of key real estate matters, rely on their own instincts. Others let their feelings and emotions get to them and think it was “love at first sight.” This problem is usually caused by being fixated in the mentality of buying their own home when you are, in fact, buying as an investment. Having a subjective view on properties is not practical in investing; potential buyers might not perceive an individual’s personal visions. Not being able to justify your purchase on the basis of real estate standards will most certainly lead to a loss. 2. Skipped on Being Scrupulous It could be in terms of inspecting the property or going over the paper works. There are several scammers who seek to take advantage of the innocent newbies because they know that these people are not thorough in terms of their “method” of buying. At the very least, sellers tend to sugar-coat their truthfully unappealing properties. Ignorant buyers will be deceived and be enticed to purchase properties that are presented with false information and claims. 3. Working with the Wrong Realtor First time buyers try to compensate for their lack of knowledge by hiring an agent to support them in the transaction. But, here’s another problem: there are incompetent realtors in the market. Instead of helping buyers, they draw them closer to their imminent failure. 4. Obliviously Overpaying This is a combined consequence of all the mentioned mistakes. Since a buyer has no idea of what he’s getting into, he will pay for a property more than its true market value and incur a loss in the long run. Stepping Towards Success 1. Collect & Select Don’t restrict yourself to one property. You’re free to have options and to weigh the pros and cons of each. Do several oculars in different properties that fit your preliminary conditions. From there, keep filtering or eliminating those that fail to reach your standards. 2. Set the Authority Yes, you’re a newbie. But that doesn’t mean you have to be pushed around in the real estate world. You’re a buyer and you have the capacity to buy; that’s enough to give you power. Don’t let agencies and sellers make the decisions for you. 3. Do Appraisals As a part of the inspecting process, appraising can be done to be informed by a property’s market standing. This way, you’ll know if the seller has a fair price. 4. Think of the Future Essentially, you’re making an investment. It’s only necessary that you study the future 5. Hire a Legitimate Real Estate Agency If you can’t do it on your own, there are numerous real estate servicing companies that can provide you with every help you need! The Trend: Condominiums, should you join in? High rise condominiums are being developed everywhere as vertical constructions are getting more popular than horizontal. People are also putting their money in it; either buying as their own home or as an investment. It is arguable that buying a condo incurs a lot of costs (condo dues, etc.) in which will cancel out a lot of the cash in-flow even with the appreciated market value. Then again, if you are investing only as a secondary source of income (meaning your time is consumed mostly at work) buying a condo can still be a viable and profitable option given the following: 1. Low Maintenance The condo will increase its price in the future without making any developments and modifications in the property. Buy it, wait for the market value to increase, and sell it. If the costs are controlled, it’s easy money. 2. Cheaper by the Dozen There are companies who offer cheaper prices to buyers who will purchase more than one unit. With this kind of discount, the investment will be able to yield more. 3. Thriving Market Students, young professionals and newly-weds are always looking for a condo to rent and own. They are your potential clients and you should bring yourself closer to this market and make connections. The challenge here is how you are able to manage the costs and how you can sales talk your clients into agreeing with the price that will reward the investment risk. Playing the investment game presumes the possibility of a loss in which should be justified by the proportional amount of return.
PRIME Philippines, with the notable property industry leaders and top real estate executives in the country, gathered in the annual Philippines Property Awards last August 19 at Fairmont and Raffles Makati. It is the biggest real estate event of the year, organized by Ensign Media headed by Mr. Terry Blackburn. The Guest of Honor, Department of Tourism Secretary Ramon Reyes Jimenez Jr. gave an enlivening speech during the event. Dr. Andrew L. Tan, CEO of Megaworld Corp. was chosen by the editors of Ensign Media’s Property Report Magazine as Real Estate Personality of the Year, one of the top honors of the night. Ayala Land, Inc. bagged the Best Developer Award. Ayala Land, Inc. Chief Finance officer, Mr. Jaime Ysmael accepted the award in behalf of Ayala Land Inc. Filinvest Land Inc. and SMDC on the other hand, got the Highly Commended Developer and Special Recognition in CSR respectively. This year’s panel of judges are composed of highly respected personalities of the industry. It was led by Tajara Leisure & Hospitality Group Inc. president Cyndy Tan Jarabata. Other members were: Chief Operating Officer of Jones Lang LaSalle Philippines, Mr. Lindsay J. Orr, Principal Architect of W.V. Coscolluela & Associates (WVCA), Architect William V. Coscolluela, President & Chief Executive Officer, Aidea Philippines, Inc. Abelardo M. Tolentino Jr., Group President of Property Management & Development Group, ICCP Group, Rommel M. Leuterio, Vice-Chairman of the RGV Group of Companies, Jaime A. Cura, Ph.D., President DESIGN COORDINATES,INC. / Construction Project Managers, Jose Oscar O. Salvacion. Across the three award categories – Developer, Developments, & Design – a total of 18 awards were given during the event. Philippines Property Awards is the local edition of Asia Property Awards. It offers an unrivalled showcase of the Asia’s real estate industry, and boosting awareness and highlighting top quality developers, projects and services. Sources:www.facebook.com/media/set/?set=a.1529627830585797.1073741834.1449724915242756&type=3 For any questions or concerns, we would be glad to hear from you. You may reach us through our mobile number (+63)917-555-8-222, or direct line (02)442-6362, or email us at [email protected]