Philippines: Ortigas & Co, one the country’s biggest property developers, has completed its first serviced apartment project.
The company’s first venture into the hospitality sector is a 55-unit serviced residence in its its mixed-use township development in Quezon City.
Ortigas & Co senior vice president and chief operating officer Thomas Mirasal said the serviced residence project called The Cirque was developed by converting 55 units in Circulo Verde’s Seville and Ibiza residential towers to fit serviced residence operations.
“We want to diversify our product range based on the market demands. We see that many buyers are looking for safe, alternative investments and that there is a growing demand for hotel-like products,” Mirasol said.
The property company has teamed up with Hospitality Innovators Inc, one of the largest operators of serviced residences in the country, for the venture.
Ortigas & Co is currently selling its one-bedroom and two-bedroom units with floor sizes ranging from 46 to 51 square metres. The two-bedroom suite occupies 67 square metres.
Buyers can place their units in a Serviced Residences Program, where unit owners can gain a flow of rental income while HII takes care of finding a tenant, maintaining the unit and paying all expenses.
HII chief executive Luis Monserrat said The Cirque is targeted toward both the corporate and leisure market: “Aside from the stylish units, business travellers will also appreciate the breadth of amenities that The Cirque has to offer in a private and self-contained environment, with an array of dining, fitness, and lifestyle options. The Cirque is also tailor-made for great staycations.” Monserrat said.</p
