STAR CENTRUM (Cityland VI)
317 Sen. Gil Puyat Avenue, Bel-Air, Makati City
Star Centrum, formerly known as Cityland VI sits on a 1,591 square meter of prime commercial lot along Sen. Gil Puyat Avenue and Malugay Street in Barangay Bel-Air. This decades-old residential property is home to a little over 120 households. Its underground and ground floor were occupied as commercial spaces.
Bought in 2007 from Eastwest Bank, it was totally updated and renovated with new flooring and redesigned from its 3-bedroom configuration to a small office home office (SOHO) as it is being used today by its owner. This 93.94 square meter 3-bedroom unit’s convenient location makes it one of the very rare piece of real estate that is almost kept secret in the market.
THE REAL VALUE
Selling at Php5.5M, the value that it possess does not come from its current status as a 3-bedroom residential but from its current fair market value as it is in one of the prime location: Sen. Gil Puyat Ave. From the records of BIR RDO 49, the zonal value of Star Centrum is pegged at Php38K per sqm. But commercial regular is at Php150K per sqm.
This unit is equivalent to a share of 43.26 sqm or 1.49% of the total land area of the building. This 3-bedroom unit is actually worth more than Php6.5M based only on its outdated zonal value. An adjacent lot with 5,202 was sold at least Php780M in 2010 by Buenamano of BPI or around Php150K per sqm.
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