New serviced residence for expats rises in Ortigas
he hilippines, riding high on an economic boom, is rapidly getting the attention of foreigners as more and more expatriates are coming to the country to set up their businesses.
ith the robust foreign investor interest in the country, global serviced residence leader he Ascott Limited and local real estate developer C C oldings Inc. have partnered anew, this time for a residential and serviced residence pro ect in the rtigas central business district C .
he partners launched yesterday C C illennium rtigas, a luxury pro ect offering serviced residence units, residential apartments and commercial spaces. he 31-story pro ect will be completed in ecember 2015.
he Ascott Limited, the world s largest serviced residence owner-operator, will manage the serviced residence component of C C illennium rtigas through Ascott s Citadines brand that caters to expatriates and business travelers.
he serviced residence, which will occupy the fourth up to the 24th level, will offer 210 studios to two-bedroom units. here will also be 90 units available for investment that may also be a part of the serviced residence pool.
e expect to see more business executives to stay in the country for an extended period of time as they set their businesses here,” said Joanne olong- ome , director for hilippines sales and mar eting of Ascott.
Validating its improved economic performance, the hilippines has received investment grade scores from ma or debt watchers oody s Investors Service, itch Ratings and Standard oor s Ratings Services.
e believed in the mar et before these investment grade ratings. e ve been entrenched in anila since 2000,” said Arthur indap, regional general manager for the hilippines and hailand of Ascott.
ut the investment grade ratings provide additional boost to the country s property sector, indap said.
C C illennium rtigas residential units, which will occupy the 25th to 32nd floor, will be managed by C C oldings. he strategic location of the tower allows unit owners to en oy a live-wor -play lifestyle.
C C illennium rtigas is a prime investment, not ust for urban professionals, but also families and those searching for something truly innovative,” said Charlene Chua, vice president for sales and mar eting of C C oldings.
his opportunity is stable, hassle-free, cash generating, and one that sta eholders won t want to miss out on,” she said, adding that expected gross rental yield is six to eight percent and capital appreciation is seen at three to five percent per year.
or C C president and C lise Chua, the pro ect has already attracted numerous Japanese firms that plan to buy by the floor. She said the company has started selling units at 120,000 per s uare meter. I am confident I can sell out in the next 12 months,” she said.
o set the pro ect apart from other residential and service apartments, C C oldings and Ascott incorporated green features to meet Singapore s CA reenmar Assessment criteria. his will result in energy savings from lights and air-conditioning systems and large amounts of natural illumination.