The buyers are investors in hotel-condos, a actual estate item that combines the flexibility of ownership of a condo in ahotel setting. Common inside the Usa, Europe as well as the Middle East, hotel-condos are just starting to pop up within the Philippines for the initial time.
In contrast to straightforward condominiums — which owners can use as they please — hotel-condo units are both investment and residential units that may be employed by their owners for as much as 30 days per year. The plus is the fact that the owners can invest in actual estate while possessing access to hotel amenities like a spa, health club, space services. The remaining time, the units’ owners return the rooms to a rentable pool run by the hotel. Because the units are rented out, the owners obtain a split of the revenue. Alternatively, unit owners can live permanently in their suites and appreciate hotel living 365 days a year.
A single such project recently announced, with Pacific Concord Properties Inc — amongst the very first developers to complete a hotel-condo in Metro Manila — submitting plans to develop a 42-story twin high-rise at Shaw Boulevard, is going to be called Lancaster Suites – The Atrium.
The Lancaster Atrium is a twin tower advancement that sits on a frequent podium with all the Lancaster Suites Tower I, which was sold out in much less than 18 months and is component of its hotel-condo program.
Beth Collingz, Marketing and advertising director for PLC International Marketing Networks, which is exclusively marketing the Lancaster Suites and Lancaster Suites – The Atrium Hotel Condominiums in Metro Manila, mentioned condotels started appearing available 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 along with from corporations trying to invest in Philippine actual estate. There have been a plethora of residential properties coming on the market, but not several Condo Hotel developments adding that, in the at the moment hot Philippine genuine estate market nobody felt the have to try out a item that had not been tested in the country just before.”
The marketplace for investment properties has shifted in portion as a result of a booming demand for hotel rooms in Metro Manila as well as a weak dollar internationally. On a broader scale, child boomers are retiring and getting second and third properties, and interest in actual estate as an investment remains powerful, with regards to the marketplace for hotel-condos, the Lancaster project is attracting international clients acquainted with this kind of investment chance. Collingz mentioned The Lancaster Atrium Tower A improvement will have 450 hotel-condo rooms and suites, a spa, swimming pool, company center, its personal mini mall, shops and convenience shops and many restaurants. The project, located atop a typical podium with Lancaster Suites Tower I is only one block from the Ortigas Center, Shangri-La Mall, Edsa Plaza Hotel and SM Mega Mall, will continue construction of its superstructure this year getting currently completed foundation works and put in location 5-levels of basement parking.
Even though it can be feasible to secure straightforward no prequalification, no down payment 6 year no interest payment plans for the Lancaster Atrium suites, Collingz said that most buyers obtain these properties having a small down payment of some 30% to decrease the monthly payments to around $400 a month for a Studio unit or benefit from a 20% discount for outright cash purchases.
Unsurprisingly the hotel-condo investment trend inside the Philippines will accelerate — from Metro Manila to other significant metropolitan hubs such as Cebu. PCPI’s Lancaster Cebu improvement is already sold out with Condotel operations will commence this March.
PCPI has appointed Lancaster Hotels, Land and Properties, Inc (LHLPI) to oversee the operations, sales and advertising, and asset management of the condotel. Guided having a clear aim of maximizing profitability, LHLPI will spearhead the management of the condotel as well as that of the whole condominium building.
Statistics from the Department of Tourism indicate that the amount of tourist arrivals towards the Philippines has been consistently developing by double digit percentages for the past three years. In 2005, of the two.three million tourist arrivals, 1.7 million visited Cebu. In fact, an extra 40,000 hotel rooms are required to accommodate the expected 5 million tourist arrivals by 2010.
The Lancaster brand of Condotel developments additional validate the growing demand for hotel rooms which make us far more confident that our market place and monetary projections will probably be achieved.
Additional info on Lancaster Condotels inside the Philippines may be found on the firms web site
Beth Collingz- Director
PLC International Advertising Networks