For Philippine real estate buyers condotels are good buy to rent property investments. Buyers are investors in hotel-condos, a real estate product that combines the flexibility of ownership of a condo in a hotel setting. Popular in the United States, Europe and the Middle East, hotel-condos are just starting to pop up in the Philippines. In Manila Condo Hotel Developer PCPI has Guaranteed Rental Income [GRI] Investment Suites at the Lancaster Atrium Condotel development located along Shaw Boulevard, Metro Manila. Philippines.
Beth Collingz, PLC International Marketing Networks Director for Overseas Sales and Lead Marketing Partners with Pacific Concord Properties Inc., owner and developer of the Lancaster Brand of Condotels in the Philippines said the Lancaster Atrium Guaranteed Rental Income units come fully furnished, fully fitted to condotel standards with a guaranteed minimum rental income of –Pph-600/sqm per month for 5 years which represents a 6% ROI on the unit purchase depending upon the terms of payment selected by the buyer.
The Lancaster Atrium Manila will provide unit owners with premier residential condo units with option of enrolling their units in the Lancaster Condotel Rental Pool which makes the Lancaster Brand a great Investment for Fil-Am's whom visit Manila for Vacations or Business as they can earn Guaranteed Rental Incomes [at current purchase levels] at a minimum 6% ROI per annum for 5 years as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences enthused Collingz.
Unlike simple condominiums -- which owners can use as they please -- hotel-condo units are both investment and residential units that can be used by their owners for up to 30 days per year. The plus is that the owners can invest in real estate while having access to hotel amenities like a spa, gym, room services. The remaining time, the units' owners return the rooms to a rentable pool run by the hotel. As the units are rented out, the owners receive a split of the income. Alternatively, unit owners can live permanently in their suites and enjoy hotel living 365 days a year.
The Lancaster Atrium is a twin tower development that sits on a common podium with the Lancaster Suites Tower I, which was sold out in less than 18 months and is part of its hotel-condo program. Available Units at Lancaster – The Atrium, fully furnished, are priced from $62,000 to $300,000 -- for sizes ranging from 350 to 1,350 square feet
Beth Collingz, Marketing director for PLC International Marketing Networks which is exclusively marketing Lancaster Suites and Lancaster – The Atrium Hotel Condominiums in Metro Manila, said condotels started appearing on the market following PCPI’s launch of the Lancaster Suites back in 2004. “We see a marked increase of interest from buyers who live Europe as well as from corporations looking to invest in Philippine real estate”. There have been a plethora of residential properties coming on the market, but not many Condo Hotel developments adding that, “in the currently hot Philippine real estate market no one felt the need to try out a product that had not been tested in the country before."
The market for investment properties has shifted in part because of a booming demand for hotel rooms in Metro Manila and a weak dollar internationally. On a broader scale, baby boomers are retiring and buying second and third homes, and interest in real estate as an investment remains strong, when it comes to the market for hotel-condos, the Lancaster project is attracting international customers familiar with this type of investment opportunity. Collingz said
The Lancaster Atrium development will have 450 hotel-condo rooms and suites, a spa, swimming pool, business center, its own mini mall, shops and convenience stores and several restaurants. The project, located atop a common podium with Lancaster Suites Tower I is only one block from the Ortigas Center, Shangri-La Mall, Edsa Plaza Hotel and SM Megal Mall, will continue construction of its superstructure this year having already completed foundation works and put in place 5-levels of basement parking.
While it is possible to secure easy no prequalification, no down payment 3 year no interest payment plans for the Lancaster Atrium suites, Collingz said that most buyers purchase these properties with a down payment to reduce the monthly payments to around $700 a month for a Studio unit or take advantage of a 10% discount for outright cash purchases.
PCPI incorporated its Lancaster Hotels, Land and Properties, Inc (LHLPI) to oversee the operations, sales and marketing, and asset management of the condotel. Guided with a clear goal of maximizing profitability, LHLPI will spearhead the management of the condotel as well as that of the entire condominium building. Collingz said that given the expertise of the hotel management team coupled with the prime location of the Lancaster condotels, we foresee a profitable operation in the years to come thereby ensuring maximum return on investment.
The new Lancaster Atrium brand of Guaranteed Rental Income Condotel developments further validate the increasing demand for hotel rooms which make us more confident that our market and financial projections will be achieved said Collingz
For further info on Philippine condo-hotel investments please do not hesitate to contact us:
PLC International Marketing Networks
Pacific Concord Properties Inc., Manila Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Pacific Concord Properties Inc., Cebu Office
Lapu-Lapu City, Mactan.
Direct Line: [+63 32] 340 0721
Cell Phone: 0916 650 9783 / 0922 858 7027
Cell Phone: International [+63] 916 650 9783 / 922 858 7027
Web: http://www.lancastersuites.com/ [Lancaster Condotel Investments]