The Rise Makati for Sale - Good or Bad Offer?

The ProfessorThe Professor Member PEx Veteran ⭐⭐
Hi. A friend of mine is offering to flip his unit to me. His unit is a 1BR 28.01sqm located at the 25+ floor of the West Wing (Ortigas view not blocked by Air Residences). He is selling it to me for 5M cash all-in, which amounts to about 179k/sqm (includes all fees and taxes, such as Registration, Transfer of Rights and Estimated Other Charges). Right now, pre selling for 1BR the cheapest I could find was approx. 205k/sqm and majority are in the East Wing.

It is local owned. I believe he got it for 3.2M to 3.6M in 2014 or 2015. 50% of his balance is due upon turnover. From 5.5M he agreed to go down to 5M initially. I plan to rent it out if ever I buy it.

His proposal for the payment schedule is that upon signing of the Contract to Sell I pay him 3.2M then he will transfer the rights and deed of assignment to me. I will then replace his PDC with The Rise and replace it with mine for the 1.8M (50%) balance payable to The Rise.

What are your thoughts about his offer and the payment schedule?

Thank you.

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