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DEI sees Sampaloc “dormitel” ready for lease in March 2016

Posted on July 11, 2014 07:17:55 PM [ BusinessWorld Online ]

REAL ESTATE firm DEI Properties, Inc. on Friday said that its upscale dormitory-hotel in Sampaloc, Manila -- which it hopes will address the "current state of low-quality students accommodations" in the University belt -- will be fully-furnished and lease-ready by March 2016.

Construction is ongoing for the 15-storey dormitory called Forbes Hall, which targets more than 200,000 local and 6,000 foreign students from around 15 universities and colleges that are all within a one kilometer radius of the project.

The minimum price for units is around P1.5 million.

DEI said the project is a "unique rental investment product" that will offer "high-yielding rental income" to its unit owners.

"Owners have the option to tap the services of DEI Properties, Inc. to undertake the lease marketing, rent collection and management of the units," the statement read. "With 71% of the units sold, investors can earn an annual rental yield of around 8%, higher than other available investment products."

Forbes Hall was launched in December 2012.

A unit comes fully-furnished with three student pods featuring a work station with a chair, closet, drawers, shelves, study lamp, bed night lamp, USB-integrated convenience outlet and a bed on top -- as well as wall air-conditioning, an orbital fan, a mini-refrigerator, a microwave oven and an LED TV.

Forbes Hall also has study halls, a student lounge, gym, garden, half-court basketball court on the roof deck, wi-fi access, convenience stores and quick-service shops like laundry stores and water stations.

Security features include CCTV cameras and a key card access system.

"Forbes Hall has been designed to offer the best dormitory facilities and amenities within the University Belt," the company said in a statement.

The University belt area is a cluster of around 50 educational institutions, including the University of Santo Tomas, Far Eastern University, the University of the East, and San Beda College, among others.

Meanwhile, DEI is also planning to compete in the townhouse market with the introduction of Sonterra Townhomes in Pasig City, which is just five minutes away from Libis, Quezon City.

The company will initially offer 10 townhouse units that will cater primarily to those working in Eastwood City in Libis.

Pricing of a townhouse unit -- which has three floors, three bedrooms, and a one-car garage -- starts at P4.5 million.

DEI Chairman & Chief Executive Officer Danilo E. Ignacio, who built Eton Properties Philippines, Inc. -- the real estate arm of the Lucio Tan Group of Companies, said in the statement that DEI has also ventured into development and lease management services.

"[This is] for landowners who seek to develop properties but lack the expertise in navigating the technical, legal, regulatory and financial aspects of property development," the statement read.

DEI’s first development management project is the 2.8-hectare Norkis Cyberpark in Mandaue City, Cebu for the Norkis Group of Companies.

The property, which is being developed into a multi-tower business process outsourcing office campus, broke ground on the first tower called Norkis One in December last year, and is expected to be completed by the second half of 2015.

Other projects in DEI’s portfolio include North Belton Communities -- The Manors, South Lake Village, Centris Cyberpod One, One Archers Place, The Eton Residences Greenbelt, One Gateway Place, and Galeria Regency. -- Daphne J. Magturo     

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