Philippines: Primex Corp is venturing into the serviced apartment sector, in a bit to boost income.
Ernesto Ang, the company’s chairman and president, said the serviced apartments will be located near the exclusive schools in Greenhills, San Juan. The company is in discussions with “a leading serviced apartment operator” for the venture.
“It’s walking distance to one of the gates of Xavier School. The new students are our target. Every year, Xavier and the Immaculate Conception Academy in Greenhills accept new students. They come from places like Marikina and Baclaran, places that are too far from the school,” Ang said. “The parents of these students can afford [to buy a house]. But in the meantime, they have to settle their children either in a hotel or serviced residence.”
Ang said that while the company will retain the majority of the project – with the number of units yet to be specified -some of the units will be for sale.</p
