It is more fun criticizing
Rizal Philippines
April 17, 2019
Gaming industry and Chinese workers driving up real estate prices in Manila
Yesterday, I was in the office of a former chair of Real Estate Company of the government, a former banker who told me the fantastic real estate deals in MM. Condo price/sm has risen to a record of P500,000/sm (up from mere P100,000 about 3 years ago) In Forbes Park there were real estate deals involving sale of house and lot running in Billions of pesos. Incredible but true. What could be the reason?
1. Well may be the market is awash in liquidity what with low interest rates on the bank deposit (1/4 of 1%)
the BPO and OFW dollar remittances.
2. But the more important thing is the influx of Chinese workers for POGO (Philippine Offshore Gaming Offices) (Phil is now the number 1 gaming spot in Asia even bigger than Macau and Singapore with most of them in the Bay (MoA area) The developers there are having it so good like Double Dragon. The Chinese according to Injap are paying at 30% premium. and has pdc for say a 5 year contract.
There could be 200,000 or more Chinese workers (so BI is having a heyday hehe2 for its ....activities)
and have driven up prices of housing and office rental. The Chinese invasion of the WPC is bad for us but the POGO invasion is doing good for the business and the financial markets...
