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Real Estate

Why Is It Expensive To Live in A Penthouse?

Exclusivity comes with a hefty price tag

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Photography: The Proscenium at Rockwell

It’s safe to say that penthouses equate to luxury and grand high-rise living. How many times have you seen these spacious units featured in magazines, TV shows, and movies? Christian Grey’s famous apartment is a good example—with its lavish common areas, incomparable view of the skyline, and a private elevator, to boot. According to Isa Isip-de Jesus, a real estate broker from Greenmovers Group, there are reasons why clients opt to get a penthouse. “[The reasons include] having a large living space without incurring costs while maintaining a house, privacy and security of the units and common areas because there is usually just one or two units on a penthouse floor, and a decent outdoor area with less maintenance than a lawn or garden in a house,” she shares.


With such enticing perks, it comes as no surprise that penthouse units cost quite a fortune. “The cost of penthouse units in a business district or a city center will depend on the location, size, and furnishings, which is around P27 million to P100 million in the pre-selling or secondary markets,” adds Isa. The real estate broker notes that those who want to purchase a unit need to take into consideration the monthly condo dues which amounts to P100 to P300 per square meter in a city center. “Annual real property taxes depend on what business district or city center a property is in so that should also be considered as to the cost of living in a penthouse unit,” she explains.

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The price tag of penthouse units doesn’t just cover the huge space you have and the exclusivity you’ll enjoy. A penthouse is expensive because you’re paying for a prime real estate, especially if you’re looking into purchasing a unit in a business district like Makati or Bonifacio Global City. Since you live on the highest floor, you won’t be able to hear the noise on the lower floors during rush hour. “They also get a good view of the skyline or the amenities. Philippine developers are moving toward ‘greener’ residential towers so greenery also adds a touch of home and pocket gardens are usually placed at the penthouse level,” Isa adds.

If you can’t decide if a penthouse unit is a wise investment or not, the real estate broker shares a list of advantages and disadvantages you can look into:

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Advantages:

  • You get a large residential space in a good location
  • You can count on privacy and high security
  • Penthouse units have high resale and rent value since these are premium units with good finishes and furnishings
  • You can relish natural light
  • You have enough outdoor space where you can entertain guests
  • Penthouse units are assigned prime parking spots in the residential tower

 

Disadvantages:

  • There’s a possibility of experiencing hot summers since it’s on the top floor. It’s best to make sure that all AC units are in good condition.
  • Transporting items might pose a problem, especially if you’re moving big items, furniture, and other belongings to and from the unit. Inquire if the service elevator is big enough and if you have access to it.
  • The penthouse unit will be the first to experience the impact of heavy storms in a residential tower.

 

Do you have questions regarding real estate? Message us on Facebook and we might feature in on realliving.com.ph. Get in touch with real estate broker Isa Isip-de Jesus through email at isa.greenmoversgroup[at]gmail.com.

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