AyalaLand’s Turf Tower 2 at Bonifacio Global City (BGC) in 2017 reached the foreign cap of 40% ownership in less than a month from the time the company launched it.
In an interview with The Filipino Times, Anna Tatlonghari, President of AyalaLand International Sales, mentioned a few nationalities that topped the list of buyers. “It’s a favorite project of most of the Chinese, Japanese, Taiwanese and Hong Kong nationals.” said Tatlonghari.
She then furthered that Makati and BGC are the two top places from their company where investors and home owners buy property. “Now we’re really pushing for the other estates that we have like Arca South in Taguig, Vertis North in Quezon City, Nuvali in Laguna, as well as other parts of the Philippines. explained Tatlonghari.
By the Philippine Law, foreigners are only allowed to own a maximum of 40% for foreign equity which includes ownership of private lands. The remaining 60% should be owned by Filipinos.
Condos or House and Lot?
Tatlonghari advised that for OFWs who are looking to invest in the Philippines, either condos or house and lot would be good. It just depends on the objective of the OFW who’s planning to buy. “In my opinion, if it’s something that they’re looking at using for themselves, the house and lot would be a safe alternative but if they want to utilize it right away when it’s already available and they’re still here, they’re still working, what’s easier to rent and I think the higher value to rent would be condominiums.” said Tatlonghari.
