I just realized that it has been over a year since I wrote something on my blog. A year just went like that!
It has taken a over a year to get closer to the original intention of this blog which is to chart the progress of my first property development.
Have been busy the past 2 days. Tuesday was spent conducting marketing scan of comparable properties in Taguig City. In total, had a look at over 10 properties in the area. Truly an enlightening and educational experience. Very important to know what properties are out there, what price points, locations and then this would be your guide as where you will position your project. Very critical aspect of the process - knowing whether what you are proposing makes sense or not. Millions are going into the project so you would need to know what the competition is doing and how you will position yourself.
Highlight was a beautiful high-end townhouse. P12.5M. 180 sqm. Designed by a German and marketed by a boutique brokerage run by Americans. Again, my lamentation that it is the foreigners who see the opportunity of doing business over here!
Wednesday was spent getting the property owner and the lead developer talking. Critical is that all the major players get along. You will all be in bed together for at least 24 months so it is imperative that you can all have a drink and laugh at the same jokes! Thank God it went well!
Planners are at the LGU confirming all the building restrictions so we know what we can and cannot build. I learned that building restrictions are muddled here in The Philippines. You've got the HLURB, the LGUs, the Homeowner's Association, if you're along the flight path (just like us) then you also have the ATO! Then even in Makati - some follow the Floor-to-Area Ratio (FAR) while others follow just how many floors you can build. You have to check and cross-check that everything is in order and that you don't end up violating any of the restrictions.
I've decided to take a back seat and let an experienced gentleman take the lead as the lead developer. I retain a small equity position in the project and handle all the sales and marketing. I view this experience as an excellent learning curve in the area of property development! This is the stuff they don't teach you in school!
It's true. A developer is akin to a general. He is responsible for putting the soldiers together and deciding what strategy to implement.
When the Joint Venture Agreement (JVA) is finally signed; it will take 5 months for the planning, designs, permits and licenses to be completed. Looking for a place near the project site as we will also have a sales office there.
Andrepreneur, as an on-line platform, is currently in development. Buy e-books on Investing in Philippine Real Estate and get a chance to win a condo in our project!
Watch this space! Lots to learn! It's going to be an exciting journey! Also planning to probably do a vlog when we start groundbreaking.
The Barefoot Developer is born. Or should I say re-born.
To infinity and beyond.
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