Wednesday, July 23, 2008

Condotels: The big thing in Philippine real estate

Condo Hotel sales in the Philippines fuel Real Estate Boom

Overseas buyers have already signed contracts for 80% of the 450 condominium units in the preconstruction stage of Lancaster – The Atrium, Manila. Condotels, are all the rage across real estate markets in Europe and are now making a name with real estate investors in the Philippines.

Condotels, also known as Condo Hotels or Hotel-Condominiums, feature privately owned condominium units pooled together by the Hotel Operator for short-term rentals. Some condotels are part of a network of standard condominiums that are offered for short-term rentals, and some new condotels are high-rise condo developments built exclusively for short-term rentals such as those being developed by Pacific Concord Properties Inc in Metro Manila and Cebu, Philippines.

Beth Collingz, International Marketing Director of PLC Global an internet based sales and marketing company and lead marketing partners with Pacific Concord Properties, Inc., for the Lancaster Brand of Condotels in the Philippines said prices of condotel units are normally 20%-30% more expensive that regular residential condos due to additional amenities, facilities and the income potential value placed upon the property. Pacific Concord Properties the Lancaster – The Atrium in Manila, for example, featured prices from as low as $60,000 to $375,000 for the freehold units.

The Lancaster Atrium condotel project is the latest in a series of such projects by Pacific Concord Properties in Manila. The Condotel development company, formed in 2003, is now in the final stages of turnover to unit owners on its first project, the Lancaster Suites Manila.

The company's latest sale of condotel units drew not only overseas Filipinos but significant numbers of international buyers from Europe, Australia, Canada and the United States. Units in their latest project, Lancaster – The Atrium at Shaw Boulevard, Metro Manila, range from studio units to three-bedroom penthouse suites with full kitchens said Collingz.

Owners of Lancaster condotel units can arrange to stay in their units and they share 60% of any rental income. The Lancaster Atrium together with the soon completed Lancaster Suites Manila, one of the hottest real estate investments in the Philippines, will be the hub for Lancaster condotels. The 42-story Lancaster Suites Manila, scheduled for operations next year, will feature studio, one-bedroom and two-bedroom condotel units, as well as penthouse suites. The units will be available for daily, weekly or monthly rental, Collingz said.

"Lancaster Atrium is going to have a property manager and will be operated as a four-star hotel." The condotel development will include the Lancaster mini mall with grocery and convenience stores, retail center, restaurants, business center, a private exclusive members only Businessman’s Club and spa on the site, she said.

Condotel Off Plan prices range from only $170 per square foot on up to $250 a square foot for fully furnished suites.

Construction already commenced on the Atrium project, excavations, foundations, sub basements, 5-levels of basement parking and the lower ground floors are already in place. Lancaster – The Atrium is also located in Shaw Boulevard, Metro Manila, Philippines, adjacent to the nearly complete Lancaster Suites.

Several condotel projects also are in the works on the other side of the country. Collingz said that a major condo hotel project is being considered by the Company with several investors in Cebu, Philippines next year.

"We've got so many clients requesting for Luxury Condotel Suites in Cebu and other areas in the country," said Collingz. "It's like a whole new era of Overseas Investments that are coming up -- it's not something that we've typically seen in the past. (These Investors) are all characteristically looking for a five star hotel resort, with all the features of a hotel that can be used for vacations and then rent out the units when not in use”.

The planned high end Lancaster Mactan Resort condotels will be near the new Cebu Convention Center and Cebu International Airport which is key, to good year-round occupancy numbers, she said. We can sell from $145,000 to $450,000 or more and the square footage can range from 700 square feet to 1,800 square feet or more than $600,000 for 3,000 square feet split level penthouse suites. "They will all be luxury life styled, fully furnished and equipped to European or US standards which makes it convenient for out-of-area owners. “Why can’t we build, and sell, a - Trump Quality Condotel - in the Philippines and get the same buyers that flock to invest in his lifestyle developments” Collingz enthused.

The term "condotel" has been around in the Philippines since the 1980s and has become a generic term, said Collingz. Condotels offer a far better investment and real property appreciation than regular residential condos in the Philippines.

For more information regarding Condotel Investments in the Philippines please do not hesitate to contact us:

Beth Collingz- Director
PLC International Marketing Networks
Pacific Concord Properties Inc., Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Phone: Manila [632] 717 1958
Fax: Manila [632] 718 1828

Pacific Concord Properties Inc., Cebu Office
Lapu-Lapu City, Mactan.
Cebu. Philippines
Phone: Cebu [6332] 340 0721
Fax: [6332] 495 4938

Labels: , , ,


Post a Comment

Subscribe to Post Comments [Atom]

<< Home