Manila leading the way in Philippine condo-hotel market
Added: (Sat Jul 26 2008)
Pressbox (Press Release) -
Buy-to-let hotel rooms are becoming increasingly popular in the Philippines with Manila leading the way, according to a specialist
Tourism, offshore property investors and local real estate developers are driving the property market in the Philippines to the top of real estate investors' list, said Manila Condotel Investment group PLC International Marketing Networks.
Beth Collingz, sales director of PLC International Marketing Networks whom specialize in the Lancaster Brand of Condotel Investments in the Philippines said "Foreign investors are looking at the positive effects of the stable Philippine peso, increasing tourist arrivals, the BPO boom, and the positive effect of overseas Filipino worker (OFW) dollar remittances into the country with investment opportunities in tourism and real estate remaining a high priority in Metro Manila and Cebu”.
Tourist arrivals in the Philippines during 2007 reached over three million. New markets such as those from Russia, Middle East, China, and Korea are expected to help in sustaining tourism growth.
The projected number of tourists arriving in 2008 is set at more than 3.4 million the majority of which pass through the National Capital – Metro Manila and some 30% or 1.02 million using new direct flights into the Mactan-Cebu International Airport as their entry point to the Philippines.
Condo Hotel developer, Pacific Concord Properties Inc., [PCPI] have taken advantage of this boom as "new hotel and resort developments are currently being constructed in strategic business locations such as the Ortigas Center business district of Metro Manila as well as top tourist destinations such as Mactan, Cebu” continued Collingz.
According to Statistics released by the Philippine Department of Tourism, hotel room occupancy rates rose to 73.06 percent in 2007 from 71.95 percent in 2006.
The Lancaster Brand of Condo Hotels, a new development by PCPI, includes the US$100 million Lancaster Suites Tower 1, a combined hotel and residential condominium that is now operational and Lancaster - The Atrium Condotel that will rise adjacent to Tower 1 in Shaw Boulevard, Metro Manila.
However, construction costs in the Philippines are seen to increase by more than 35% this year due to record oil, steel and cement and global shipping price rises on the back of US Dollar devaluation said Collingz.
Nearly all construction materials used in the development of Philippine high-rise buildings are imported. With the strong depreciation of the US Dollar value in the South-East Asia combined with record high oil prices that may see crude hit 150/160 USD per barrel in July and August 2008, construction materials exported from China, Korea, Malaysia and Taiwan, together with their shipping costs, continue to increase in price at a phenomenal rate as exporters of steel reinforcement bars, electrical wirings, aluminum, copper based components and Portland cement in the region set upwards of 40/50% price increases.
Anyone considering Philippine Real Estate Investments should move now and lock in at current price levels said Collingz who’s Lancaster Condo Hotel brand offer the security of International Standards of Trust Account Escrow Banking facilities for all buyers’ payments. ‘We are looking at another round of 10% price increases within the next 30 days [effective July 16, 2008] on all our inventories of Condo Hotel units at both Lancaster Suites and Lancaster - The Atrium Manila. Buyers whom reserve now can take advantage of current prices locked in for their units and see an immediate equity return on their investment”
Lancaster Manila Atrium Tower A, Shaw Boulevard, Metro Manila, Philippines is a "Full Service" Condominium Hotel ["Condotel"] offering Studio, One, Two and Three Bedroom Suites for sale on up to 12 year ‘In-House’ developer extended no pre-qualification payment terms available to non-resident foreign nationals and investors with the option of enrolling their units in the Lancaster Condotel Rental Pool and earn Rental Incomes when not using their units through our own Lancaster Hotels Condo Management. This makes Lancaster Suites Manila, one of the Hottest Investment Opportunities in the Philippines said Collingz.