Fuente Triangle to build more condotel properties

CEBU, Philippines - The property development arm of J. King and Sons Inc., Fuente Triangle Realty Development, plans to develop at least two more multi-billion-peso condotel properties in the country in the next two years, eyeing the top tourism destinations in the country.

Fuente Triangle vice president for sales and marketing Jose Ma. H. Gianzon announced that the company will build condotel properties in Bohol and Tagaytay starting next year. This is on top of the company’s P5 billion investment projects already being built in Cebu and in Boracay Island.

The company plans to build a P1.2 billion sprawling condotel facility on its recently acquired property in Tagaytay. It also purchased a three-hectare lot on Panglao Island in Bohol province to establish the first condotel on the island.

According to Gianzon, the Richard King-led company will break ground its development project in Bohol early next year.

Also, the Crown Regency Group, the hotel management arm of the J. King and Son’s Inc., recently got the hotel management operation of two condotel facilities in Metro Manila, the Regalla Towers, and Melenia Towers, with a total of 255 units.

Gianzon said the company believes that the next big thing to happen in the Philippines will be the influx of condotel investors coming in from different parts of the world. With the company’s wide network of Club Membership through the Club Ultima, through its partnership with Interval International with over 2,000 hotels and resorts partners all over the world.

To date, Fuente Triangle has built a total of 800 condotel rooms nationwide in Ramos Street in Cebu, and in Boracay. About 40 percent of the total available units are already sold-out, he said.

The company ‘s strong confidence to attract worldwide condotel investors is backed with its Club Membership benefits which allows condotel owners to enjoy free night stays in its partner hotel and resorts worldwide, while earning revenues in their condotel units in the Philippines.

For an investment of P5 million for instance, return of investments (ROI) is assured within a short period of time or at least seven years.

“We would like to attract global investors. Most of our sales so far came from external investments. Money is coming into the Philippines because of our attractive condotel offer,” he said in a press conference.

Prices of real estate properties have not gone down even during the hard times, it instead plateaud, he said adding that unlike in the United States wherein value of real estate products had gone further down than its original value.

The company is one of the most active developers in the country today in terms of building condotels, of which two developments are now being built in Boracay Island, to give premium benefits to the Club Ultima members, while condominium unit owners can earn hotel generated revenue from the Crown Regency hotel management.

"One way to confront the economic crisis is to offer good value investments and opportunities to people," Gianzon said.

The company has five operating hotels around the country, three in Cebu, one in Davao, and one in Makati, two more hotels will be opened soon in Boracay.