As Cagayan de Oro becomes one of the country’s most progressive cities, consumer demand for accommodation opens up a lot of opportunities for additional income. Serviced condo or condotel units are now turning out to be good buy-to-rent property investments. In another pioneering move, Primavera Residences, Cagayan de Oro’s internationally-awarded eco-friendly condo property, announces the launch of its serviced condos for short to extended stays.
“A serviced condo combines the flexibility of ownership with hotel-like services such as cleaning, maintenance and security. Unit owners have the option to rent it out to short-term or long-staying guests,” explained Primavera Residences general manager Cheryll Barriga.
Serviced condos are a solution to typical short term or relocation housing needs, she continued. Typically larger than hotel rooms, condos are less expensive and homier options for those on business trips or long-term project assignments. Families will find one- or two-bedroom units with fully-fitted kitchen ideal.
“Owning a condo unit is a very sound investment especially at Primavera Residences, as we have a management team taking care of security and maintenance of the units. For short-term lease, maintenance of the unit is covered by Primavera Residences for a maximum stay of three days,” she added.
“Currently, we have 20 unit owners who have opted to join our asset management program. All the units are fully-furnished with kitchen, cable TV, refrigerator, and aircon. Amenities include a green inner courtyard, 24-7 security, CCTV, pool, gym, function hall, laundry station, and twin elevators. There are restaurants on the ground floor. Located in flood-free uptown CdO beside SM Mall, Primavera Residences is the safest part of the city and very near all the important places like schools. In fact, just across Primavera Residences is the biggest BPO company in Northern Mindanao, which is Concentrix.”
According to Barriga, unit buyers at Primavera Residences are guaranteed top quality products and service at affordable prices. To market rental, the team is forging a partnership with top e-booking sites such as Agoda, MyProperty.ph and Lamudi. Sales and rental at the property is handled by its developer, Italpinas Euroasian Design and Eco-Development Corp. (ITPI).
With a 30% full down payment under the in-house financing, condo buyers can already move into their purchased property. Once the unit owners have fully paid their purchased property, they can rent it out to short- or long-staying guests. Renting out their paid unit can earn them up to P40,000 per month in revenues. Monthly rentals range from P20,000 to P25,000 for studio units; P30,000 to P35,000 for a one-bedroom serviced condo and P35,000 to P40,000 for two-bedroom units. Rental rates depend on the unit’s furnishings. A fully furnished unit with additional amenities like WiFi connection gets the maximum rental.
As the building is designed to be energy-efficient, unit residents save 20% in energy consumption and 32% savings in aircon use. The installation of solar panels will further reduce electricity costs for the building as the energy from the solar panels will power the common areas.
Developed by Italpinas Euroasian Design and Eco-Development Corporation, Primavera Residences is the first eco-friendly condo property in Northern Mindanao. It has two 10-story towers with commercial and residential units that are ready for occupancy. It was recognized the Best Mixed-Use Development in the Philippines by the International Property Awards at the recent Asia Pacific Property Summit in Kuala Lumpur.
For inquiries on how to rent or invest, call 09177921080 or (088) 310-8173; or visit www.primaveraresidences.com.