Condo Hunting Experience

I have been scouting for condominiums for quite some time now. Considerations include AVIDA, Belton, Camella, and Victoria station. However, the steep down payments and monthly dues turn me off as I am just meeting ends. I cannot believe that at my salary, which is equivalent to Director 1 level in most government agencies, cannot still afford even a low income condominium. Low income condominium ranges from 2M to 4M, according to an Ayala agent. Condominium is a very attractive option for me since I am not willing to wake up at 5 and go through traffic to beat our bundy at 8am. With the current economic crisis, expectations are geared toward slow condo sales. I was also expecting that prices may after all fall down due to weak demand, thereby adjusting the equilibrium price. I went to a condo launching event to find out if my theory is correct. The recent addition to growing list of condo projects in Makati is Victoria Station. If your riding MRT, their other project is in EDSA Kamuning. They launched (or re-launched) their condo project on Wednesday. I thought the event was a reception of some sort. There are white tables with people eating while talking to a sales agent. There is also a chocolate fondue but I never got to try it out. Food and drinks are free flowing. The event was held right at the center of the site where the condo shall be built. The sale agent was very accomodating. She tries to answer every question that I throw at her, except for one. I asked her what will happen and how can I get my money back is the project will not push through. She fumbles. She said it will never happen and if on the slightest of possibilities she is sure the developer will be able to return the money. Even at 8PM, the event is still crowded. However, most of the curious would be owners are either retirees or average joe. This is good if the average joe can accomodate the condo. I rarely saw employees on the event. While the event and food are just ok (no programs whatsoever, just straight to business discussion) there is one thing lacking in the site – a showroom! How can they launch a condo project whitout a showroom? People may have a hard time imagining the layout of a bi-level condominium through pictures only. They offered the showrooms of Manila and Fort, but going there is definitely troublesome. What’s more, the agent “threatened” a price increase if I will get the unit after 10am the following day. Reservation is P25k. Thanks but no thanks. I will not decide in a hurry. Investing in a house is the most expensive purchase in my life, and I will not decide in less than 24hrs. Paging AVIDA and Belton. Kindly lower your prices so that I can finally buy my piece of space in Makati…

Broker anonymity in trades pushed

After all the fiasco of the current global economic crisis, PSE is now considering to allow anonymous stock trades. According to PSE President Francis Lim, “the new policy would align local trading activities with global best practices as a number of developed markets like the United States, Japan and Australia had adopted the practice of broker anonymity.”

I cannot see any value added in this move to revive our slumbering equities market. We have this regulation when we experienced bull run a few times, and implementing his new measure will not guarantee a more vibrant stock market. It will only create an opportunity for deceit and anomaly. If enough regulations are in place I think people would not mind seeing their broker’s identification in the PSE screen.

Islamic Stocks, Anyone?

According to this breaking news, the Philippine Stock Exchange is considering setting up an index of sharia compliant stocks to compete with the likes of Malaysia in capturing a slice of the Islamic investment market.

Based on this site, a Sharia portfolio manager firstly investigates the sectors (industry screen) that potentially have a negative impact on society. Conventional banks, insurance companies, tobacco firms, entertainment businesses and weapons manufacturers are all excluded from the portfolio.
The initial emphasis is placed on the ethics rather than profits.

Considering the current crisis brought about by “greed”, is it time now to turn to Sharia stocks rather than the conventional one?