Condo Hotels in the Philippines: The Hottest Niche in the Philippine Investment Property market
The Condo ownership in the Philippines is viewed to be the most unstable real estate unit. A lot of people have this understanding that owning a condominium is simply owning a piece of paper without having the physical lot in it. Contrary to what people believe, Condominium ownership in the Philippines is free-hold. This means it can be passed on to heirs and the ownership of the property is absolute. [Read: Condo ownership here]
Anthony Leuterio of Filipino Homes and Leuterio Realty said When the unit owners are not using the condo-hotel suite, the unit is put in the managed pool and rented out for them. The buyers have what is considered “hassle-free” ownership. The condo-hotel unit owners also benefit from having a professional onsite management company to handle marketing, booking of their room and general expertise that they bring to the table. If a problem should arise with their condo hotel unit, the management company will take care of it instead of the owner having to worry about it. This makes the traditional landlord-tenant issues a thing of the past.
The condo-hotel buyer sees the benefit of owning a vacation property that also has the potential to produce income for them. The typical condo hotel produces higher levels of income than the traditional vacation home (and fewer headaches), making it all the more appealing to buyers.
Developments such as the Lancaster Suites Manila Tower I was sold out in less than 18 months and the building was completed in the Summer of 2007. We also have the Tambuli Seaside Living Phase 1 in Mactan Cebu that is already operational, and we have more in Cebu that is currently preselling. Condo hotels are different from traditional condos because they are sold “turn-key”. Clients initially purchase the standard condo unit and then when the time comes for interior ‘fit-out’ they can avail of the in-house Condotel package of furniture and furnishings for the unit. This means buyers do not have to worry about hiring a designer or contractor to come in to finish out the unit. Everything is included from linens, dishes, pillows, and etc
Leading the way in the Metro Manila condo hotel market is Pacific Concord Properties Lancaster Brand of condotel investments. Pricing for condo hotels can range anywhere from Php 5,000,000 up to Php 85,000,000 for Penthouse suites. Of course, the pricing depends on location, views, and types of finishes.
The Citadines at Baseline development is currently enjoying the great success of its clientele with property appreciation for its initial buyers. The Suites at Gorordo in Cebu, Tambuli Seaside Living Phase 2, Aruga in Cebu, One Astra Place by Cebu Landmasters and One Paragon Place in Davao City is currently on preconstruction selling and looks set to sell out within the next few months. These projects offer clients the choice of Studio, One, Two and Three Bedroom suites that all have kitchen facilities as regular residential condo units. This type of project is very appealing to overseas Filipino workers, simply because it’s hassle-free.
If this interests you, contact your Filipino Homes agent today for your option.
Charmaine Xy-Za Yape is a founding member and a blogger of Filipino Homes. She is also a PRC and HLURB Registered Real Estate Professional and a Licensed Financial and Investment Advisor. She is an International Realtor member. She is a Hubspot certified in Inbound Marketing. She is also the co-founder of Iligan Bloggers Society, Inc.