Portofino South High End Village has a money maker alert / Huge investment opportunity. There is a house in Portofino South that is a corner lot approximately 424sqm in size with a house Area living space of 450sqm. This Portofino South house also has 3 stories, swimming pool with jacuzzi, 6 car enclosed garage and a massive Master Bedroom.
Portofino South House For Sale Details
Reason for Investment ALERT!
The asking price is 32,000,000.00
The house has termite problems affecting the wood stairs and a few arches and door frames on the ground floor. This is a fixer upper! The lot value is 424 X 95,000 per sqm = PHP40,280,000.00 (This is lot value for a corner lot) . The house if to build would cost: Example: Floor area 450sqm X 35,000 per sqm = PHP 15,750,000.00 to build the house. Total worth if new condition PHP40,280,000.00 + PHP 15,750,000.00 = PHP56,030,000.00. This is the amount to duplicate what exist. Approximate selling price after renovation is 60+ Million. Estimated renovation cost (complete renovation with high end items) approximately 2-4 Million.
As you can see, the seller is selling BELOW lot value!
This is a huge money maker if you buy houses – fix them up and resell. However, if you wish to get into Portofino South High End Village without costing you 50M and above then this is the super deal for you.
Brokers Note: If I purchased this house, I would completely strip the inside of everything and modernize the whole house which would drive the value past 60 Million. I would expect to spend 4 Million for all high end finishing and furniture.
Portofino South Courtyards Corner House – Fixer Upper —-SEE LISTING AND WALK THOUGH VIDEO