Sta. Lucia Realty to kick-off construction of latest condotel

CEBU, Philippines - Sta. Lucia Realty Development, Inc. is set to break the ground on its latest condotel project in Cebu called "Arterra Residences" located at the Discovery Bay, on the coastline of Maribago, Mactan Island.

This project, which is a 20-storey building, is scheduled to be completed by December of 2016.

In a statement, Sta. Lucia, one of the largest real estate developers in the Philippines, said that Arterra Residences is one of Sta. Lucia's growing condotel portfolios, a response to the government's push to promote the Philippines as a top tourist and business destination.

Under Sta. Lucia's condotel concept, unit owners may take their vacation any time for up to 30 complimentary room nights per year, transferable, across all Sta. Lucia hotels and condotels nationwide.

Other Sta. Lucia condotel projects already operational are Sotogrande and La Mirada in Mactan, Cebu; Splendido in Tagaytay City; and La Breza in Quezon City, with projects lined up in Davao City, Fairview and Katipunan Avenue in Quezon City, Iloilo City and Cainta.

The condotel in Mactan will be built on the same strip as Cebu's most popular five-star hotels, and triple-A resorts.

Unit owners and renters may also avail of country club privileges and amenities at Arterra's members-only North Point Peninsula and Resort Club. The country club boasts of a wide range of features such as a lap pool, kiddie pool, jacuzzi area, poolside bar, spa, gym, basketball court, coffee lounge and restaurant, a viewing deck, function rooms and a business center.

Arterra Residences offers studio, one-bedroom, and two-bedroom condotel and residential units. Each unit is tastefully designed with elegant, contemporary furnishings and stylish, clean lines. The modern yet relaxing feel is also evident in the rest of the amenities, including the spa, coffee lounge, bar area, and poolside.

Arterra Residences' condotel units will be placed under the management's hassle-free rental program initially for 15 years. Experienced hotel managers and staff will operate and manage the condotel and take care of maintenance as well as taxes, eliminating the traditional lessor-lessee issues.

Sta. Lucia's Property Management group has also tied up with popular booking sites Agoda.com, Booking.com, Expedia.com, Orbitz.com, Asiaroom.com and Hotels.com, assuring unit owners of steady income through rental revenues within the contract period, with a high return on investment.

Currently, Sta. Lucia condotel projects earn an internal rate of return (IRR) of at least eight percent or $570 per month, and annualized growth rate of seven percent on their investment. 

Rent revenue is paid out to unit owners in quarterly dividends. Prices for the units are expected to increase by March 1.

Arterra Residences is currently pre-selling, with nearly 50 percent of units already sold. — (FREEMAN)