Citi Global transforms to become sustainable leisure property developer
THE recent global pandemic changed many consumers’ views on how they will live in the future. They have become more thoughtful and selective in their decision-making, giving preference to brands they trust.
Buying patterns are also changing as consumers shift from discretionary spending to essentials, and it is likely to stay that way as the finances come under pressure due to domestic and global economic trends.
Companies today have realized the changing buying patterns of consumers, and they are instituting corporate reforms to be aligned with the prevailing consumer preference.
In the highly competitive real property market, one company that is aligning its operations to suit consumers’ changing purchasing decisions is Citi Global Realty and Development, Inc., a leisure-type property developer.
Citi Global is currently undergoing an organizational transformation to become a more customer-centric and people-oriented organization.
‘Affordable’ leisure properties
Citi Global made a name by providing ‘affordable leisure properties’ to its target clientele – mostly overseas Filipino workers (OFW) in search of their dream vacation house.
“Our target markets are the middleclass, particularly OFWs in North America, the Middle East, and Southeast Asia, working as healthcare professionals, service professionals, and seamen,” said Beth To, Managing Director of Citi Global.
In the past, it was widely believed that leisure properties were only for the affluent class of society. Citi Global wanted to disprove this misconception, putting its best foot forward to build and offer a quality house and lot project in Metro Tagaytay, Tagaytay Fontaine Villas (TFV).
Citi Global placed an affordable price tag on the single-attached units and marketed the property not to the usual upper-scale rich, but to Filipinos abroad.
Investing in the future
Inspired by the positive market feedback of its Fontaine development, Citi Global developed another project, this time a condohotel (condotel) development, Tagaytay Clifton Resort Suites (TCRS), which again targets the middle class.
What makes Citi Global’s condotel concept unique is that instead of just selling properties to OFWs, they are providing an opportunity for them to invest in their future.
Citi Global’s condotel units start at P2.8 million. Once completed and operational, owners can have their units managed and leased out by Citi Global’s partner hotelier, Horrigan Hospitality Services, Inc. Unlike time-share schemes with limited redemption periods, the condotel allows investors to own their units and enjoy a free stay for a few nights per year.
Unit owners are encouraged to enroll their unit(s) in a hotel pool, thus the condotel concept allows them to earn passive income through dividends from the hotel operation.
This is the reason why one of the famous celebrity endorsers in the country, Vic ‘Bossing’ Sotto, chose to endorse Citi Global, despite being wooed by known real estate companies in the Philippines.
“Apart from owning their own homes, OFWs should also enjoy having another property that is really an investment – yung pwede nilang magamit for vacation at yung pwede rin nilang pagkakitaan. Itong klaseng money-making at vacation properties ang specialization ng CitiGlobal,” Sotto said.