UPTOWN Condotel finally opened its doors to the public with its launching and blessing ceremonies held Saturday, February 5, 2011.
Uptown Condotel is Plumbline’s first property development project, the company is determined to make it the finest in the region.
Dubbed as the first and finest condotel in Cagayan de Oro, Uptown Condotel, a 3-storey 48-unit 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 established by a consortium of Hawaian-Filipino businessmen.
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.
Mr. Willie Callado, one of the major shareholders of Plumbline Development Corp., told Business Week Mindanao that unit buyers are not just buying the unit per se but also investing into a prime real estate property that will one day afford their financial stability.
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.
Misamis Oriental First District Rep. Peter Unabia, likewise part owner of Plumbline, said they are expecting that everything will be fully finished by year end and the initial turning over of the units to the owners will start by mid-year.
Uptown marketing manager Mr. Erwin Pipino said that condotel buyers, and investors will then be issued with the Certificate of Condominium Title (CCT) as legal owners.
“We’re bringing in a cutting-edge business concept that would lure investors into the city,” Mr. Pepino earlier 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 Mr. 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 Uptown Condotel is only 350 meters to Xavier Sports and Country Club, 1 kilometer to SM City-Cagayan de Oro, 1.9 km to Pueblo de Oro golf course, 3.9 km to Cagayan de Oro domestic airport, 5.7 km to the city proper and 9.9 km to the city’s famous White Water Rafting Cagayan de Oro River.
PHOTO: Cagayan de Oro City Mayor Vicente Y. Emano and Department of Tourism regional director Catalino Chan III lead the ceremonial cutting of ribbon of the fi rst commercial unit model of the Uptown Condotel. At the middle is Condotel’s part owner and Misamis Oriental fi rst district Rep. Peter Unabia.
article by Joe Palabao of Business Week Mindanao