Despite the fluctuating investments due to much-needed responses to the new coronavirus disease 2019 (COVID-19), investing in property remains one of the best opportunities, especially as the condominium market becomes more affordable.
This is according to CitiGlobal Realty and Development Inc. which noted there is no better time than now for Filipinos to invest in low-risk investments, such as condominium units, as they become exceptionally affordable.
CitiGlobal cited a report of property consultancy Colliers International which said since last year and with the onset of the COVID-19 pandemic, this segment in the real estate industry dropped by 15 percent for the first time in 10 years.
CitiGlobal is developing condotels in strategic and high-value locations across the country, which can serve as passive income-generating properties.
Condotels are condominiums which operate as a hotel, mimicking the hotel’s operations, management, as well as facilities.
CitiGlobal said it has partnered with well-experienced, world-class hotel operators, to ensure the quality service and expertise they can provide to the guests. Unit owners earn by receiving a share of the total profit of the hotel operations.
“The COVID-19 pandemic showed us that there will always be times when we will be put in difficult situations, and it is during those times that we need the most help physically, mentally, and financially. Investing in real estate properties like condotels will help Filipinos, especially overseas Filipino workers who have been working hard for years, ensure financial security and reliable income sources,” said Gary To, managing director of CitiGlobal.
CitiGlobal believes condotels will be a good investment, post-pandemic, judging from the hotel industry’s ability to recover from a crisis.
“The hotel industry’s vulnerabilities are multi-faceted. Still, its ability to deal with impacts associated with these vulnerabilities in the past, for instance, the SARS outbreak in 2003, stands in good stead to overcome COVID-19,” said To.
CitiGlobal cites other benefits of owning a condotel:
Earn while you are away. Condotels provides investors with shares of the overall income generated by its operations and not just from their units. This gives unit owners steady passive income without the need for the owner’s presence.
Entrust your property to professionals. Owners no longer need to actively manage their unit and garner travelers to stay for the night. The condotel’s management will handle all the steps required to gain potential tenants and keep them accompanied during their stay.
Enjoy hotel privileges while staying for free. One of the best perks of owning a condotel is that one does not only gain income, but also gets to stay in his unit with the luxurious leisure of a hotel.
CitiGlobal started as a marketing, landholding, and leasing company back in 2003 before becoming a lifestyle developer in 2011.
Among its currently opened real estate projects are Tagaytay Fontaine Villas, Tagaytay Clifton Resort Suites in Tagaytay, and Diamond Beach Resorts in Palawan. Future projects are in Quezon City, Cubao, Bataan, Tagaytay, Palawan, Panglao, and Davao.