UPTOWN Condotel, the newest condotel in Cagayan de Oro, is now nearing completion and is expected to revolutionize the industry due to its unique investment scheme that is intended to lure more investors into the city.
The 3-storey 48-units residential building located at the sprawling Business Park of Xavier Estates in Upper Balulang is being developed by Plumbline Development Corporation, a real estate firm newly-established by a consortium of Hawaian-Filipino businessmen.
Mr. Erwin L. Pepino, Plumbline’s corporate secretary and vice-president for public relations, said they are expecting the construction and furnishing to be finished by December.
“By January next year, we’ll start turning over the units to buyers,” Pepino said.
The concept of a condotel follows that of a condominium and hotel lifestyles. It combines the luxury of a full service hotel with a concept of ownership of commercial condominium units.
But apart from its clean, green and peaceful location, what makes Uptown Condotel unique from the rest is the integration of an investment scheme where an investor or buyer of a unit can enjoy the comforts of modern living and, at the same time, earn additional income.
According to Pepino, there are three ways prospective investors can benefit from the new scheme. First, by buying a unit during the pre-construction phase, the buyer can have the potential of earning exponential income due to price appreciation.
Second, by having their unit rented out like regular hotel rooms, the owner can earn up to 15% per annum as return of investment.
And third, by buying a unit at Uptown Condotel, the buyers are not just investing in a single unit but also buying into a prime real estate property since they will then become part owners of common areas within the vicinity of the building.
Mr. Pepino explained that each investor or buyer shall receive an equal sharing of profits or proceeds of rented units. This means, that the owners of un-rented units shall get the same amount with those whose units were rented out.
“We’re bringing in a cutting-edge business concept that would lure investors into the city,” Mr. Pepino said.
“Our aim is not just to provide a hotel-like home atmosphere to our investors, local and foreign, but also give them prime investment opportunities in Cagayan de Oro’s real estate market,” he said.
Pepino added that since Uptown Condotel is Plumbline’s first property development project, the company is determined to make it the finest in the region.
Each unit is a 45 square meter area, bigger than a suite room and has a luxury hotel services such as 24-hour operator assisted telephone service (no need to apply for your own landline), Cable TV & Free Internet Connectivity, and 24-hour House Keeping (Room Service) on Demand. It also provides a 15 sq.m. exclusive parking for each unit.
All hotel units will have kitchen facilities and each unit’s T&B will be fitted with bathtubs. The standard unit price for the residential unit provides for the suite to be fully furnished. Included in the price are the appliances, fixtures, furniture and linen.
article by Nelson Constantino of Business Week Mindanao