The Tambuli Seaside Living project is adopting the condotel concept in its condominiums where owners can lease their rooms. (FACEBOOK PAGE)
Cebu will have at least 300 more rooms for tourists when the condominium project in Mactan will be completed in the next few years.
These developed with the interest of most owners of the nearly 500 condominium units of Tambuli Seaside Living projects in Barangay Mactan.
Gerard Tan, Tytans Properties and Development, Inc. president, said almost 80 percent of unit owners in their multi-billion Tambuli Seaside Living project have expressed interest to participate in a condotel concept for their condo units.
“Many of the unit owners live outside the country. Most of them also bought units for investment purposes and are more interested in income from leasing,” said Tan.
Under the condotel concept, unit owners let the developers manage their property and market it for leasing.
Instead of having it leased monthly, Tan said, they would lease it on a daily basis to cater to transient tourists just like a hotel.
Property management will be handled by a London-based consultancy firm while the developer’s in-house staff will handle hotel management.
One factor that has attracted buyers is the high hotel occupancy rates in Mactan Island all year round, said Tan.
He said income from leasing their units would offset the homeowners’ monthly dues.
Tytans Properties topped off towers A and B with 256 units yesterday as well as broke ground for tower C which has 196 units.
According to HRRAC in a March 30, 2016 report, Cebu has at least 7,000 four star and five star accommodations.
However, the number could reach 10,000 rooms with lower star ratings and other accommodations are considered.
Tambuli Seaside Living, rising on an 11,000-square-meter property which used to host Tambuli Beach Resort in Barangay Buyong, Lapu-Lapu City, is a six-tower mixed-use development with a 200-meter beach front.
It will feature a 5,000-sq.-m. clubhouse, pool and other amenities such as a strip mall.
Tan said the six towers comprise phase one of the development, totaling 1,200 units. He added that they have a “masterplan” for phase two, which will have five towers, but no have no intention to carry it out yet.
He said that around 85 percent of unit owners are locals, most of whom have relatives abroad who convinced them to buy, while the rest are overseas Filipino workers or foreigners based in Hongkong, Singapore, Japan, Australia, and the USA.
Tan said units in towers A and B are set to be turned over by the second quarter of 2017. Units in both towers have been sold out while 93 percent of the units in tower C have been sold.
Montano Ty, Titans Properties chairman, said they plan to roll out the condotel program in the last quarter of next year.
“That is the earliest. We still have turnovers before that. If we are not ready, that’s going to be really bad for us,” he said.
When Tytans introduced Tambuli Seaside Living to the public in 2014, Ty said they were poised to become an investment destination, a second home, and a retirement place.
With powdery white sand and pristine blue waters fronting the property, Ty said they already have an advantage over their competitors.
Tytans Properties will be promoting their project at the 2016 Fiesta in America to be held in New Jersey, USA from August 13 to 14.