The benefits of condo living

MANILA, Philippines - With so many high-rise residential developments now sprouting almost everywhere, real estate developers have since learned to employ different strategies for their projects to be singled out from the rest. Some package their products as resort-inspired residences, putting emphasis on luxurious amenities. Others tap foreign endorsers and celebrities to increase market value.

 Jose Mari Banzon, general manager of Federal Land, says it’s about time home buyers and investors consider the added value of investing in a high-rise residential development.

“By adopting international standards in virtually all our high-rise developments, we are not only providing clients the convenience of having all things they need easily within reach, we also afford them peace of mind knowing that their properties are safe from harm,” explains Banzon.

Here are five reasons why “condo living” is a rewarding investment.

 Safety ensured. Condo living is usually more appealing to most people because of ease of maintenance as compared to a high-maintenance home.  The units are also easier to protect when you leave since the unit’s safety is enhanced further with security measures that have high-tech features such as CCTV cameras, fire protection alarm system, and 24/7 roving guards.  Federal Land’s project in Makati, called The Grand Midori Makati, adds one feature not common to other high-rise developments.  Unit owners are issued with Personal Access Card Key (PACK) to eliminate unauthorized access to residents’ floors.

• Higher appreciation. According to a recent study conducted by CB Richard Ellis, a property management consultant, “investment in green buildings is recoverable not only through energy cost savings but also through higher rent and increased occupancy in the long-run.” The latter notion was affirmed by another research, which indicated that larger units and more luxurious apartments are now being preferred by quality expatriate tenants. This market covers those who are willing to pay an average of $4,000 per month for a 250-square meter, three-bedroom luxury unit.

• Lower total cost of ownership. One of the major reasons why owning a condo unit has been attracting a lot of buyers is that buying a unit does not entail individual land ownership. This way, you get to own a piece of property at a fairly good price since it basically gives full ownership of the unit without the sole responsibility of owning the land. What’s more, the combined ownership allows free use by residents of existing facilities and amenities of the condo. Some condo developments such as The Capital Towers in Quezon City and Paseo de Roces in Makati City also include the provision of small business establishments such as a mini-grocery, clinic and small office, so tenants no longer have to leave the building.  In fact, the MyHOBS concept at these developments also allows unit owners to put up their own small business right inside their units. 

• Enviable location. If you are one of those busy executives in the metro who have since become tired of long commutes to and from work, then living in a condo could be just the right choice for you since these projects are usually well-situated in the city. This way, you no longer need to wake up early to compete with others during the early morning rush, plus you also get to spend more quality time with your family and friends since your workplace and your home are just a short distance away.

• Proven track record. With a consistently growing number of high rise condos rising in every corner of the country, finding one’s dream property may well seem to be just a matter of location. Top considerations such as accessibility and proximity to schools, hospitals and similar conveniences are mixed with the enticement of living in developments replete with an array of exciting amenities such as clubhouses and 24/7 security. But plunging headlong into such an important investment, however, should not only be dictated by these preferences. One must also consider the image and reputation of the property developer in deciding where to buy to ensure that one’s investment will provide handsome returns in the years to come.