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CONDORMITEL: Major Homes sachet-size condo, dorm leasing

Published on Thursday, 29 August 2013 00:00
Malaya Business News Online - Philippine Business News | Online News Philippines

Major Homes’  Space condormitels located in various key areas in Metro Manila promise to completely redefine and raise the known benchmarks on Philippine property investment.

With a total of three projects presently included in the Space condormitel series, these developments will employ the so-called “sachet business model” that will allow future owners to rent our units on a per bed basis.

This will give the Space projects a strong rental component that could guarantee good returns, the company believes.

Rising 28-storeys each, Space San Marcelino, Space Romualdez and Space Taft condormitels are combinations of condominium and dormitory units that will be operated as a hotel.

Each property will be built in proximity to various educational institutions, commercial establishments, hospitals, government agencies and other places of interest.

“Space is a condormitel concept. It’s a condominium, dormitory and hotel that operates as one. It is a real estate asset for it is fully secured with a Condominium Certificate Title (CCT), can be leased out like a dormitory, and with a service comparable to a hotel,” said  Jose Francisco  Oreta V, president of Major Homes.

Each of the units will be fully furnished with a minimum of three beds and study desks, thus giving unit owners the freedom to have their own spaces rented out on a “per bed” and not “per unit” basis, as well as greater chances to earn better profit. Unit cuts at the Space range from 15 square meters to 19 sqm.

According to Oreta, Space condormitels will particularly cater to students, BPO workers and transient residents seeking an upgrade from the typical bed space setting by giving them access to hotel like service, amenities and facilities.

“It’s a win-win situation for both investors and end-users. Through the condormitel, we are able to create for investors a profitable investment model for end-users, Space represents an upgrade from typical dormitory experience,” Oreta said.

“Compared to other investments which are prone to theft and maintenance issues, Space condormitels will be managed for you and you will just wait for the returns. Also, unlike other condominium units that often stay idle, units at Space can give owners the chance to earn real profit by turning them into passive income generating investment by renting it out on a per bed basis,” Oreta added. 

“An investor purchasing a three-bedroom unit at a little over P1 million and can have it leased out at the rate of P4, 000 per bed. With its profit earning possibilities, a Space unit owner can maximize his yield on rentals, receiving as much as 8 percent on return on investments, not to mention the asset value appreciation,” he noted.

Future tenants of Space can meanwhile enjoy hotel-like amenities such as air-conditioned lobby, large garden, lounge benches and a sky garden.

The condormitel is likewise equipped with fire and smoke detection system, water reservoir, standby emergency power, security card key, centralized garbage collection, high-speed elevator, CCTV, study hall, retail outlets- all of which would help ensure a convenient and secure living experience.
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