PROPERTY developer Ortigas & Co. launched on Friday a 55-unit project that marks its entry into the serviced residence business.
The project, called The Cirque, was developed by converting some of the units in two of the five towers of the company’s Circulo Verde development straddling Quezon City and Pasig to fit the serviced residences operations.
“If the market response is as good as we believe it could be, there’s a very high probability that we’d be expanding that,” said Thomas F. Mirasol, senior vice-president and chief operating officer.
The project was undertaken in partnership with partnership with Hospitality Innovators, Inc. (HII), one of the largest operators of serviced residences in the country. The Cirque opens its doors on Oct. 6, 2017.
Mr. Mirasol said the company is diversifying its portfolio in response to market demand. He said many buyers were looking for “safe, alternative investments and that there is a growing demand for hotel-like products.”
Under the serviced residences program, unit owners can enjoy hassle-free ownership of a rental property. It gives them a steady flow of rental income while HII takes care of finding a tenant, maintaining the unit, and paying all expenses.
Ortigas & Co. is selling its one-bedroom and two-bedroom units with a price range of P4.9 million to P8.5 million, inclusive of the joining fee for the program and a furnishing package. Floor sizes vary from 46 to 51 square meters for the one-bedroom unit and loft, to 67 square meters for a two-bedroom suite.
Luis C. Monserrat, HHI founder and chief executive officer, said The Cirque targets both the corporate and leisure market and will be pet-friendly to accommodate the “stay-cation” market.
“The Cirque is tailor-made for great staycations. Families and leisure travelers have the chance to make their beloved pets a part of the experience,” he said.
Circulo Verde is a 10-hectare masterplanned estate along Calle Industria.
Launched in 2009, it currently has four occupied residential towers and one nearing completion. – Victor V. Saulon
