N.B.: That is the very question that keeps on popping in my head every time I pass by the area. Are these buildings being built in SRP can withstand major earthquakes like those that happened in Japan? For sure the architects and engineers who were assigned to plan the layout of these buildings took proper care in ensuring that they are constructing properties that can withstand major catastrophes (especially if they are built in an area wherein the foundation is threatened by water).
Still under construction – SM Seaside City Cebu Soon to Open at SRP
But, what are the risks people should know before they buy properties that are situated in reclamation areas? Below is a guest post by my fellow blogger, Todd Mayfield of Fearless Men, that discusses the risks and what people need to know before they buy any types of properties that are located in reclaimed lands. – EOD
The Risks of Buying or Developing Real Estate Properties In Relocation Sites Situated on Reclamation Areas
So you’re finally going to take the plunge and purchase your first home! Congratulations on one of the first major steps that every individual has fantasized about since they were a little kid! This very exciting time should be carefully thought out with precision planning on finances as well as location. After all, this is a very major step and once one has signed on the dotted line, it will take a lot of work to put it back on the market if things should not work out.
Whenever it comes to real estate the key to any successful investment is still location. From breathtaking views to coastal or mountain retreats, these are so serene and one dreams of never leaving this kind of environment. Tired of all the homes you’ve looked at and that for some reason all seem to look the same? Have you ever considered building one’s personal or business property on one’s own land? Many think that it is terribly expensive and out of reach but truthfully if one did their homework and researched land that may be available, one might find the deal of the century!
The risks of real estate development on relocation sites (especially in reclamation areas) are just like any other phases of growth. There are always pro’s and con’s to each real estate development but if one were deeply immersed with their project, and found skilled, resourceful and seasoned developers to assist in their project, one can almost certainly ensure a successful venture. There are tons of real estate firms that specialize in this particular industry. They are very aware of current laws and regulations that must take place before any type of construction can begin. Taking advantage of these very skilled professionals would be a wise investment in time and energy when it comes to a development of this size.
One of the first steps looking into purchasing or developing on relocation sites is the motive behind the initial move. If the property owner were just being relocated to another part of the country or state and did not have ample time to deal with these matters, safety issues are less likely a concern. If however there was a major natural disaster involved, one should look into whether the area is inhabitable or if it is at risk for more probable natural disasters.
According to California’s Association of Bay Area Governments, reclaimed lands are highly susceptible to soil liquefaction during earthquakes. This can increase the amount of damage that happens to buildings and infrastructures. The issue of subsidence is also being considered. This can happen due to soil compaction on filled land.
Looking into a successful relocation requires a steady stream of reliable resources. The first being properly planned and adequately funded projects that have everyday necessities like water, electricity, availability and ease of transportation, available markets, schools and health resources are all within reach. In general a resettlement manager can be the ‘go to’ person for directions and coordination of this multitude of a project. A seasoned task force is generally put together with different skill types and expertise so when the need should arise, there is no lag time for this kind of restructure. Some of these can contain relevant government and administrative lines and should work very closely with the designated task force.
About the Guest Author
Todd Mayfield is the co-founder at Fearless Men’s blog and writes about real estate investment here. He believes that manhood isn’t defined by pink vs. blue, being overtly sexual, how many chicks you get with, or being a total fool in public. He’s certain that manhood is defined by choices. Daily, weekly, yearly, over and over again. The choices to sharpen, refine, and grow. To Todd, manhood is taking responsibility and living with the consequences.