MANILA, Philippines - At 24 years old, Gab Perez is lucky to have found his passion early on. Founder, president and CEO of his own company, Green Asia Real Estate & Development, Gab ventured into the intimidating world of property development and construction immediately after college at Ateneo de Manila. And now with three projects (and counting) under his belt – a designer home, a residential building, Angelica Manor, and flagship Condo-Hotel, Privato Tower, (www.privato.com.ph) – he is certain that he is living out his dreams.
And just as we’d want to get to know more about his successful endeavors, we’re equally curious as to how this bright and charming young gun found his way to real estate success.
Tell us about your entrepreneurial journey in real estate. How did it feel to start such a big thing at a young age? You were only 21 when you started.
During my last year as a Management Economics major at the Ateneo de Manila University, I offered to try my hand at this modest lot we had that my father had always wanted to develop. I built on it a residential building under my then newly established company, Green Asia Real Estate (www.greenasia.com.ph), and named it Angelica Manor after my mother who is a pediatrician but is extremely talented in building and design as well. So one construction meeting after another, I realized I was so passionate for this industry and that’s what led me to learn both the technical and commercial aspects of property development. Since then, I feel that the ball hasn’t stopped rolling and I’m lucky that I enjoy every moment of it.
What were your biggest challenges as a businessman coming into the industry at that time, and how did you approach them?
Of course, since I was only winding down with my college studies then, I wasn’t as self-assured with my business decisions yet. My parents had given me a completely free hand so I had to work doubly hard to prove myself. I was barely 22 and I had to approve plans, control costs, market the project, and everything else in between. Almost everyone was twice my age. But because my passion really lies in real estate, I didn’t feel burdened and was actually savoring every bit of the learning process. By the end of the first building, my colleagues had also become like my mentors.
Your latest project, Privato Tower, is opening this 2013. What does it offer potential investors, and how did you come up with the concept?
The business model of Privato (www.privato.com.ph) was tailor-fit for the conservative investor. It started with our first building, Angelica Manor, where most buyers wanted to rent out their units to get recurring income. But after a while, we got so much feedback that they didn’t want to keep looking after their units; whether in terms of maintenance or collecting monthly payments or keeping track of association dues or whatever it was that needed their attention.
In short, investors wanted a hassle-free rental asset that would take care of itself, pay for itself, and would yield them dividends while they just sit back and wait—and that is exactly what Privato does for them now.
With Privato, the purchased unit can be part of a daily rental pool similar to hotel operations. Whatever the entire operations earn, whether it was your unit that was occupied or not, you get 70 percent of the total revenue. But this isn’t just time-sharing because it comes with an actual condo title, making it a hard asset that you can re-sell, use as collateral, and include in your appreciating real estate portfolio.
Plus, Privato has zero monthly dues, gives you free renovations every five years, and takes care of your collection or maintenance concerns. You literally sit back as your investment pays for itself and gives you your rental dividends. Similar to a hotel though, there are both its lean and peak rental seasons. And these occupancy trends are the reason why it’s important to have a professional management team behind you.
We understand that Privato recently signed with Enderun Hospitality as the property operator. Why Enderun, and what can potential investors expect from such a partnership?
Enderun brings with it several years of experience in the hospitality industry. Most people know them as the top school for hotel practitioners but they are actually seasoned in running various properties and hotels. With this, Enderun brings to Privato a whole new level of professionalized management. As an investor, you have to know if the people running your investment are more than capable. So this strategic collaboration with Enderun should reassure our buyers that Privato knows exactly what it is doing to maximize all the commercial opportunities.
Real Estate heavily depends on a project’s location, location, location. How strategic would you say is Privato’s address?
Privato is right along Pasig’s Shaw Boulevard (by the main rotonda and Ynares Sports Center) where development is definitely booming. Across us is this sprawling business-residential complex that when fully constructed, will offer all the needed amenities and attractions. Several malls, office buildings, and establishments are in the pipeline too, giving further convenience to the location. We are 10 minutes away from Fort Global City by taking the adjacent Pasig Boulevard and 10 minutes away from Makati by taking Pioneer Street.
As a young entrepreneur with an ongoing flagship project, how do you expect to contribute to the Philippine real estate landscape?
Off hand, Green Asia is developing Privato with an A-list team behind it. Our lead architect is Arch. Carmelo Casas and Associates, the same design team responsible for many iconic buildings in the metropolis. Our interiors architect is the London-trained Juan Carlo Calma, while the tower’s restaurant is designed by Arch. J. Antonio Mendoza. We are also working with industry veteran Jose Aliling Inc. for the construction process. And of course, Enderun Hospitality is running the property while the multi-awarded Romulo Group runs the food and beverage operations.
To sum it up, our goal is to elevate not just the standard of construction but also the multi-faceted qualities of a sound and savvy investment. Rather than parking your cash in low-yielding instruments, we offer a conservative alternative where your money is literally concretized into a self-paying and appreciating asset. I always say that with Privato Tower (www.privato.com.ph), Green Asia Real Estate is not just in the business of development. More importantly, our goal for the target market is to perfect what we call “The Art of Investment.â€