The Philippines is seeing a phenomenal Hotel boom this year despite the global crisis with hotel developers in Manila, Cebu and Central Visayas region pouring 50 billion pesos into new developments over the past 12 months.
Visitor numbers are growing and airlines are reporting record numbers. Philippine Airlines registered the highest number of international passengers ever last year – 3.38 million, up from 3.05 million in the previous year.
Hotel schemes under development include Shangri-La Hotels in Fort Bonifacio Manila, Shangri-La Resort and Spa in Boracay, Raffles/Fairmont in Makati, Bellevue Hotels in Alabang, Manila, Imperial Palace Waterpark Resort and Spa in Cebu, Sofitel Hotel and Resorts in Cebu, Bayan Tree Hotels and Resorts in Palawan and Newport Marriot Hotel and Maxims Hotel in Manila.
Prices are set to increase inline with the cost of construction over the next 18-24 months making now the time to lock into current price levels.
Beth Collingz, PLC International Marketing Networks Sales Director and lead Marketing Partners for Pacific Concord Properties Inc’s Lancaster Brand of Philippine Condotels said:
The Lancaster Condo Hotel brand offers the security of International Standards of Trust Account Escrow Banking facilities for all buyers payments. Buyers whom reserve now can take advantage of current prices locked in for their units and see an immediate equity return on their investment.
Condotels in the Philippines are a good Investment for Fil-Am’s whom visit Manila for Vacations or Business and offshore property investors as they can earn rental incomes [at current purchase levels] of some 8%-14% ROI per annum as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. There are no restrictions on foreign nationals purchasing condotel units and holding freehold title and the Philippines have no foreign currency exchange regulations. This makes Lancaster Suites one of the Hottest Investment Opportunities in the Philippines.
All Lancaster Suites have kitchen facilities. Monthly condo dues or maintenance fees are currently around 80 pesos per square meter of the unit floor area.