MANILA, Philippines - Local developers often look at leisure property projects in high esteem, a niche market for the very affluent.
But for CitiGlobal Realty and Development, a new and ambitious company looking to make an impact in Philippine real estate, the emerging middle class, especially the overseas Filipinos, offers boundless opportunities for leisure property investment.
“The spending power of overseas Filipinos has evolved significantly over the past decade. A good number of them have already purchased their primary homes. They are now looking for a real estate investment that will do more than just provide shelter for them and their family,” said CitiGlobal CEO Gary To.
He said the belief that Filipinos abroad are only interested in getting a house to live in no longer holds much truth today. “More and more Filipinos are starting to see real estate as an investment tool, perhaps a way for them to build their wealth.”
To prove its point, CitiGlobal launched a couple of years ago its first major development, the Tagaytay Fontaine, a quality leisure property project in Metro Tagaytay.
CitiGlobal placed a very affordable price tag on the single-detached units there and marketed the properties not to upscale clients, but to Filipinos abroad.
“Our units sold in less than a year,” said To.
Emboldened by the success of its Fontaine development, CitiGlobal launched soon after the Clifton Resort Suites, a condotel project, which again targets the middle class.
“The concept behind Clifton is pretty straightforward. The units we are selling are condotels, much like hotel rooms. This is perfect for overseas Filipinos because they can use it, say, for two months while they are on vacation here, and they can rent out the units when they are working abroad,” To said.
The price of a condotel starts at P1.5 million. Once complete and operational, owners can have the property managers rent it, letting them earn about at least P20,000 a month. Unlike time-share schemes, condotel is a real investment vehicle because investors have actual titles to their units.
“The condotels will not only eventually pay for themselves, they would also become opportunities for owners to earn passive income,” To said.
Interestingly, local personalities have also taken notice of CitiGlobal’s niche in real estate. Television host Vic Sotto, for one, already purchased for himself a property in CitiGlobal’s projects.
“I learned how unique CitiGlobal is with its business. And I was very much impressed,” Sotto said.
In fact, Sotto was so convinced with the uniqueness of CitiGlobal that he agreed to be its brand ambassador. It is the first time that this top product endorser agreed to promote a real estate company, despite receiving numerous offers to do so.
“CitiGlobal’s goal of helping OFWs earn meaningful income through real estate investment is close to my personal advocacy. To my mind, this is more than just an investment; it’s a way where we can empower our modern heroes, by educating them on the proper way of using the fruits of their labor,” Sotto said.
CitiGlobal has six more projects in the pipeline and plans to open more.
To learn more about CitiGlobal and its latest development projects, visit citiglobal.com.ph.