Real estate developer Ortigas & Co. is looking to provide hassle-free, own-to-lease units for Overseas Filipino Workers wanting to earn extra income while working abroad.
Ortigas & Co. has entered into a partnership with Hospitality Innovators Inc. (HII) in turning the Cirque, 55 units of fully furnished apartments, into a hotel-like condominium or serviced residence.
The Cirque, which is intended for short-term and long-term stays of guests, attempts to “marry beauty and functionality” and targets tourists and returning OFWs looking for a staycation, Ortigas & Co. Senior Vice President and CEO Thomas Mirasol told The Filipino Times.
“We want to diversify our product range based on the market demands. We see that many buyers are looking for safe, alternative investments and that there is a growing demand for hotel-like products,” Mirasol said.
We see that many buyers are looking for safe, alternative investments and that there is a growing demand for hotel-like products.
The property lies inside Circulo Verde, a 10-hectare masterplanned estate along Calle Industria, straddling the cities of Quezon and Pasig.
“This is an ideal investment for OFWs because they have great earning potential and when they come back to the Philippines, there is a place for them to stay. There’s also the added benefit of having a real hard asset they can call their own,” HII CEO Luis Monserrat told TFT.
“When OFWs come back to visit, they don’t have to worry about staying with relatives or at a hotel, they’ve got a place to stay already at a property he owns,” Monserrat added.
When OFWs come back to visit, they don’t have to worry about staying with relatives or at a hotel, they’ve got a place to stay already at a property he owns.
Aside from “unusually spacious” units, Monserrat shared, the Cirque also offers a range of dining, and leisure amenities such as the Hachi Dog Park and pet hotel and spa; the Bike Playground, the country’s first internationally designed bike park; and the Ninja Academy, a parkour and free-running facility.
“Often, if they buy a unit and if they plan to lease it out, they would have to deal with brokers and tenants and if you’re overseas, it’s a challenge,” Monserrat said.
“With us they don’t have to worry about that. OFWs can take comfort in knowing that their units will be taken care of. They don’t have to deal with tenants, maintain their units, or pay expenses.”
The units are priced between P4.9 million to P8.5 million.