Beth Collingz, PLC International Marketing Director, lead marketing partners of Pacific Concord Properties for the Lancaster Brand of Condotels in the Philippines, said 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, Collingz said.
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. Prices range around $150 per square foot on up to $250 a square foot. 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. Construction of the superstructure will commence next year for completion from December 2009. Lancaster – The Atrium is also located in Shaw Boulevard, Metro Manila, Philippines, adjacent to the nearly complete Lancaster Suites.
Several new 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," she said. "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”.
There are new and exciting luxury five-star properties or high end developments planned in Cebu Philippines next year that will be sold by invitation only and may start in the $150,000 to $200,000 range, but can go all the way up to $600,000 for 2 bedroom Penthouse suites and $800,000 for a Grand Penthouse. Of course, International gateways from Europe, South East Asian and the United States to Cebu-Mactan International Airport is within 10 minutes and, all units have sea views, beach toys and other lifestyle amenities such as spa and fine dining restaurants and will come fully furnished and finished to the highest European or US standards with fully fitted kitchens, fitted bedroom suites and every unit will be sold including all appliances, split type central unit air-conditioning, plasma TVs’ and state of the art condotel management systems. Units will be significantly larger in size than a typical hotel room yet still a much better value for money investment option than paying $800,000 for a studio suite in maybe Dubai or Panama or a cool million dollars for a condo in Chicago.
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. The square footage can range from 700 square feet to 1,800 square feet for one and two bedroom suites or more than 3,000 square feet split level penthouse suite. “Why cant we build, and sell, a - Trump Quality Condotel - in the Philippines and get the same buyers that flock to invest in his lifestyle developments” enthuses Collingz.