A pinui-binui (pinuy binuy) apartment is priced right when its price matches the compound's documented statutory stage. Early-stage compounds carry real cancellation risk and should trade at a deep discount to the finished value; the building permit is the milestone that removes most uncertainty. The classic mistake foreign buyers make is paying a near-completion price for a pre-permit compound. Use the checklist below — it's the logic behind QUANTUM's Mispricing Index.
Where is the compound, really? Each stage should be reflected in the price. (Discounts below are directional, to fair finished value — confirm specifics per compound.)
| Stage | What it means | Risk | What you should be paying |
|---|---|---|---|
| 1. Declaration / early organizing | Area flagged for renewal; tenants organizing; no developer locked. | Very high — many never advance | Deepest discount to finished value |
| 2. Developer selected | A developer is chosen and tenant agreements are being signed. | High — terms and timelines still soft | Large discount |
| 3. Plan submitted / deposited | An urban-renewal plan is filed with the planning committee. | Moderate-high — approval not guaranteed | Meaningful discount |
| 4. Plan approved | The statutory plan is approved; permit pending. | Moderate — closer to certainty | Smaller discount |
| 5. Building permit issued | The real inflection — the project is cleared to build. | Low-moderate — execution risk remains | Near fair value; little discount left |
| 6. Under construction | Shovels in the ground; delivery scheduled. | Low — mostly execution | Closest to finished value |
"Good deal" is unknowable without the stage. QUANTUM's Pinui-Binui Mispricing Index ranks 690+ compounds by the gap between price and real statutory stage — so you see whether a specific apartment is priced below, at, or above fair value. We represent the buyer, not the seller, and run the purchase remotely. See also: the risks, is it a good purchase, and buying remotely from abroad.