Condotels attract attention from Cebu buyers and investors

The Lancaster Cebu Resort Residences

Investors and property buyers in the Philippines are increasingly being attracted to condo hotel (condotel) units.

Beth Collingz, International Marketing Director of PLC Global, the lead marketing partners for Pacific Concord Properties Inc’s Lancaster Brand of Condotels in the Philippines, said “ The purchase of condo cotel units in Cebu is a relatively new trend due to it being a relatively new product in the market, that’s also affordabe and accessibe.”

She added: “Cebu International Airport has an increasing numbers of flights from Amsterdam, Frankfurt, Singapore, Hong Kong, Macau, Bangkok, Tokyo, Kota Kinabalu, Seoul and Qatar to name a few. Lancaster Cebu is also benefitting from its accreditation with the Philippine Retirement Authority, whereby applicants for a Philippine Retirement Visa may use their deposit requirement to purchase Condotel suites.”

She added that for investors from the United Kingdom, Lancaster Cebu Condo Hotel units are also UK SIPP Compliant Real Estate investments.

Clients can purchase Condotel suites for investment purposes, or can lease the units on a weekly, monthly or yearly basis. Fully furnished executive studio suites and two-bedroom suites are also available for sale and ready for occupancy from August 2010.

Fully furnished studio suites at the Lancaster Cebu Resort Residences are priced at PHP2.75 million (US$59,260) whilst, fully furnished two-bedroom loft-type suites are priced at PHP5.46 million (US$117,660) and can be purchased with an initial reservation fee of PHP100,000 (US$2,155) with the balance payable without interest by 24 monthly payments.

Cebu is located 365 miles south of Manila and can be reached in an hour through air travel, it is in the east of Negros Oriental, south west of Leyte and north west of Bohol. Strategically located at the heart of the Visayas, it serves as the jump-off points to satellite destinations in the Visayas-Leyte, Bohol-Panglao, Tagbilaran, Samar, Dumaguete, Bacolod, Iloilo, Siquijor and Mindanao islands – Cagayan de Oro, Camiguin, Siargao and Surigao del Norte. It is positioned as a resort and convention destination.

Touted as the ultimate playground, many leisure enclaves have risen throughout the province, taking full advantage of the enviable sun-and-sand-and-mountain location. Arguably the country’s diving center, scuba divers find Moalboal, Sogod, Pescador, Santa Rosa Islands and Boyong Boyong in Mactan as prime dive spots. World-class resorts fringe the islands, serving both divers and plain tourists alike.

Modern shopping malls, fine dining restaurants and lively entertainment centers, including two casinos and sprawling golf fairways, add luster to Cebu’s landscape, offering the tourist a surfeit of activities to engage in.

Collingz said Cebu has a proven capability and economic track record. It is the second largest city and undoubtedly the fastest growing economy in the country. It leads in exports of item such as furniture, fashion accessories, carrageenan, semi-conductors, electronic products, etc, and is the countries second largest IT and BPO growth area behind Metro Manila.

Because of its deep-water harbor, Cebu is the base of the country’s domestic shipping. 80 per cent of the country’s major shipping companies are based in Cebu. Likewise, with the Mactan Cebu International Airport, Cebu is an accessible gateway to southern Philippines. It allows easy movement of domestic and international travelers and trading connections. Presently, direct flights are available for destinations such as Bangkok, Macau, Singapore, Jakarta, Narita, Seoul, Hong Kong, Kota Kinabalu and Qatar. Chartered flights are also available for Inchon, Kansai, Kaohsiung, Taipei and Nagoya.

Taking advantage of the real estate boom, Collingz said Pacific Concord Properties Inc is expanding its operations for the Lancaster Brand of Condotels in the Philippines, and has recently acquired by purchase additional units in its Lancaster Cebu Resort Residences expansion program.