Developer to build 37-storey hotel-condo property to cash in on tourist-fueled accommodation demand
More and more developers are seeing the need to invest in tourism-related projects especially with the continued increase in tourist arrivals in Cebu.
Among them is homegrown developer, SunKai Land Inc. which recently unveiled its first venture into the hospitality
Their newest project, Sun Park Royal Hotel and Residences, is a mix-use development that will feature a 200-room hotel and 448 residential condominium units which will include studio, one-bedroom, and two-bedroom units.
The 37-floor property will rise along Pope John Paul II Ave. in the North Reclamation in Cebu City.
“What prompted us to build a hotel is the demand in the area. We hired consultants. They said the demand is really there. When you see the reclamation area, hotels are really coming in. We are riding on that demand,” said Catherine Palmero, SunKai Land’s sales and marketing manager.
Aside from the demand, she said that the company had also decided to include a hotel in their next development for the “pride of owning it.”
Palmero said that in their previous residential projects, units were being bought by investors.
But with a hotel, she said it would be a pride of the company itself.
Unlike most developers, SunKai Land will not be getting a different operator or an international hotel brand to operate their upcoming hotel.
Instead, Palmero said that the hotel would be managed by a group of hoteliers that would be hired by SunKai Land.
Property management and research firm Colliers International Philippines earlier recommended for developers in Cebu to invest in tourism-related projects in order to capture the growing tourist market in the province.
Colliers cited the opening of the Terminal 2 of the Mactan Cebu International Airport (MCIA) last July 1 as a huge factor that will increase tourist visits in Cebu.
The Terminal 2 is expected to increase the MCIA’s passenger capacity to 12.5 million annually.
Michael Estomata, SunKai Land’s project division manager, said the company was investing around P1.2 billion for the construction of Sun Park Royal Hotel and Residences.
Construction of the property will begin in the first quarter of 2019 and it is expected to be completed by the last quarter of 2022.
The full-service hotel will also have function rooms and ballrooms that can cater to up to 400 people for business meetings, conferences, and events.
The company has an ongoing residential condominium project SunVida Towers wherein all of its 543 units have been sold already. The units are expected to be turned over in the first quarter of 2019.
Aside from Sun Park Royal Hotel and Residences, SunKai Land is also set to launch three more projects.
The Mactan Town Centre is a 1.1 hectare development in Lapu-Lapu City. The developer is setting aside P150 million for the construction of the property which started last May and is expected to be completed by December.
“It will be a one-stop shop where you can buy groceries, pay bills, relax, and bond with family and friends,” Estomata said.
They are also setting aside P90 million for the construction of Sun Breeze, a horizontal development in Minglanilla town.
SunKai Land is also on the planning stage for another property in Barangay Guadalupe which will have three high-rise residential towers.