Wednesday, September 9, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
OAKWOOD PREMIER, the operator of luxury serviced apartments, formally opened its doors to the public yesterday, with executives expecting occupancy for the first year at more than 50% because of its strategic location at the Ortigas business district.
“There is a strong market in the Philippines for this type of product. We plan to target corporate clients from abroad as well as those who came from the provinces and are looking for a place where they can stay temporarily,” Oakwood general manager Brian B. Connelly said in a press conference yesterday.
Following a number of inquiries, Oakwood Premier is optimistic it would hit its 55% to 60% occupancy rate target within a year.
The occupancy rate, however, is expected to stabilize or reach the 80% to 85% level in the next two to three years, Mr. Conelly said.
He said Ortigas Center is the “best location” for corporate clients, especially business process outsourcing consultants visiting the country. Oakwood Premier’s closeness to malls will allow it to tap the tourist market, he added.
Mr. Connelly said most corporate customers are looking for serviced apartments because they offer bigger space and amenities such as a laundry room, which are mostly absent in five-star hotels.
International clients staying in the country for two to six weeks would likely account for 65% of customers, he said. The rest would be locals like overseas Filipinos staying in Manila for leisure.
The Oakwood Premier will cover the first 28 floors of Quantuvis Resources Corp.’s 41-storey mixed-use Joy~Nostalg Center Manila in Ortigas Center. Quantuvis is owned by Jacinto C. Ng, Sr. who also owns Rebisco Biscuit Corp. and holds a significant interest in commercial bank Asia United Bank.
The opening of Oakwood Premier yesterday marked the American brand’s second attempt to establish itself in the country after selling to Singapore’s Ascott Group its first serviced apartment in Makati in 2006.
The new building will offer “modern serviced living” with 233 fully furnished apartments, ranging from a 41-square-meter (sq. m.) studio to a 282-sq.m. “chairman suite” which boasts of an indoor jacuzzi.
The executive studio is being rented for P11,800 a night while prices for one-bedroom units (86 sq. m. to 94 sq. m.) range from P13,200 to P15,000 a night. Its 131-sq.m. two-bedroom units meanwhile, are being leased for P17,400 a night while a 182-sq. m. three-bedroom unit will cost P20,700 a night. The presidential suite has a daily rate of P24,400.
Oakwood Premier Joy~Nostalg Center Manila boasts of “top-of-the-line” furnishings and “modern home essentials” such as a fully equipped kitchen, home entertainment system, laundry facilities, and Internet connectivity.
“It makes sense for us to come back. Manila is important to our international portfolio because of its expanding role in the global community,” Mr. Connelly said. — Kristine Jane R. Liu
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