Among the latest investment in this city’s vibrant real estate industry is the 3-storey 48-units Uptown Condotel project being developed by Plumbline Development Corporation located at the Business Park of Xavier Estates in Upper Balulang. Still nearing halfway in its construction, Uptown Condotel is the fi fth condominium project to be built in the city after the Korescoville 1, Korescoville 2 and the Courtyards.
It is the newest concept of vacation home where you can enjoy the comforts of modern living and earn additional income while your away on a business trip or holidays.
Mr. Erwin L. Pepino, Plumbline’s corporate secretary and vice-president for public relations, said that although this just their maiden project, the company is determined to make it the fi nest Condotel in the region and provide investors an opportunity to own a condo unit, and at the same time building their business. “We’re bringing in a cutting-edge business concept that would lure investors into the city,” Mr. Pepino said. “Our aim is not just to provide a hotel-like home atmosphere to our investors, local and foreign, but also give them prime investment opportunities in Cagayan de Oro’s real estate market,” he said. Under its unique concept, Uptown Condotel units will all be privately owned by their respective buyers. But an option allows investors to enrol their units in the hotel management program where they can choose to either rent out their property on a “cooperative” basis.
Mr. Pepino explained that if an investor chooses to enrol his unit under the program, he can still earn even if his unit is not rented out. “Meaning, our investors can sit down and relax in the comfort of their respective home away from us and still get dividends and yet their units are still intact and taken cared by the management,” he said.
Under the scheme, unit buyers can earn as much as 17% of their investment, a far cry from the less than 10% per annum earning when the money are kept in the banks. Each unit is a 45 square meter area, bigger than a suite room and has a luxury hotel services such as 24-hour operator assisted telephone service (no need to apply for your own landline), Cable TV & Free Internet Connectivity, and 24-hour House Keeping (Room Service) on Demand. All hotel units will have kitchen facilities and each unit’s T&B will be fitted with bathtubs. The standard unit price for the residential unit provides for the suite to be fully furnished. Included in the price are the appliances, fixtures, furniture and linen.
see also this link : http://www.businessweekmindanao.com/2010/03/investors-keep-eyes-on-hotels-condotels.html
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