Condo hotels have quietly become one of the hottest areas of the real estate market in the Philippines. The condotel concept provides buyers the benefit by owning a property in a hotel environment that they can use for themselves, and take advantage of the amenities not normally found in typical residential condominium developments
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Beth Collingz, PLC International Marketing Director for Pacific Concord Properties Inc?s Lancaster Brand of Condotels in the Philippines 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 to 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 to 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 less headaches), making it all the more appealing to buyers said Collingz
Developments such as the Lancaster Suites Manila Tower I was sold out in less than 18 months and the building is set for completion Summer 2007. 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?s 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 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 $43,000?s up to $350,000 for Penthouse suites. Of course the pricing depends on location, views and types of finishes.
The Lancaster Suites Manila Tower I development has enjoyed great success for its clientele with property appreciation already reaching 100% for its initial buyers.
Lancaster The Atrium, the latest development by PCPI in Shaw Boulevard, Metro Manila, is currently on preconstruction selling and looks set to sell out within the next few months. Lancaster The Atrium offers clients the choice of Studio, One, Two and Three Bedroom suites that all have kitchen facilities as regular residential condo unit. In addition, Lancaster The Atrium, as with the Lancaster Suites Tower I, offers unit owners and guests an extensive range of services and amenities said Collingz