STA. Lucia Land Inc has embarked on a new multibillion peso condotel project at the tip of Punta Engaño in Lapu-Lapu City, Cebu.
Last February 1, the real estate development company broke ground with fanfare to signal the start of the construction of its 20-story condominium hotel (condotel) project. It is a joint venture between Sta. Lucia Land and Cebu Discovery Bay Properties.
Described to be the most ambitious project of the company, Arterra Residences at Discovery Bay is a billion-peso project and is Sta Lucia Land’s third condotel project in Cebu, said Leizl Tuason-Magpoc, chief executive officer and Executive Vice President of Sta Lucia Land.
Arterra Residences at Discovery Bay is expected to be completed in December 2016, Magpoc added. Sta. Lucia’s two other existing condotel projects are Soto Grande and La Mirada also located in Mactan.
The turnover and condotel operation date are scheduled in the first quarter of 2017.
The latest condotel project occupies three hectares of the 15-hectare Discovery Bay. It is located along the strip of popular hotels in the island like the five-star Shangri-la Mactan Resort Hotel, Movenpick Hotel and Bee Resort.
Magpoc said there will be 288 units for residential purposes while there will be 188 units for condotel purposes. While a residential unit costs at least P2.9M, a condotel studio unit would cost between P3.4 million to P3.5 million.
Because of the overwhelming response to the two other condotel projects in Cebu, Magpoc said they decided to build a third condotel project here.She added that Sta Lucia was the first developer to introduce the condotel concept in Cebu.
While most of those who bought or reserved units were foreign nationals, Magpoc urged Filipinos to invest in a condotel which she said will eventually provide “passive income” in later years.
Currently, Sta. Lucia condotel projects earn an internal rate of return of at least right percent or US$570 a month and annualized growth rateof seven percent on their investment. Rent revenue is paid put to unit owners in quarterly dividends.
Differentiating it from the time-sharing concept, Magpoc said that under a time-sharing concept, a person can buy shares but not own a title. However under the condotel project, one gets to own a title of the property.
Under the condotel concept offered by Sta. Lucia, unit owners may avail of 30 complimentary room nights per year, transferrable across all Sta. Lucia hotels and condotels in the Philippines, explained Magpoc. Other Sta Lucia condotel projects are Sotogrande and La Mirada in Mactan, Cebu; Splendido in Tagaytay City and La Breza in Quezon City.
Condotel units at Arterra Residences shall be placed under the hassle-free rental program initially for 15 years of the Sta. Lucia Property Management. A press statement said experienced hotel managers and staff shall operate.