Condo buyers converting units to rented apartments

CEBU, Philippines - Aside from residential areas, more and more condo units are built to become an investment, turning them into rented apartments.

Boler Binamira Jr., Filinvest Land Inc. Associate Vice – President Area Sales Head for Visayas, said that Filinvest condominium units are born out of investment concepts which could be asset-earning potential for residential owners.

Compared to an existing residential house and lot wherein one invests in 4-7% rate of return per annum, he noted that FLI offers an alternative which is the condotel concept geared towards investment years that can yield to 9-15% rate per annum.

“If you are a residential condo owner, you can convert units to service apartments. This time, you can do away with the hassles of managing investment property since a property management group of Filinvest who can help you find units just like condotels to be rented out and manage your good investments,” he stated.

With such an investment opportunity, he added the Grand Cenia Residences, with a land area of 4211 square meters, symbolizes prestige and beauty, boasting of its modern lifestyle and its hotel guest-like treatment to condo owners.

Offering buyers promo with flexible payment terms and irresistible discounts, Binamira added that out of 119 condo units ready for occupying, 60 residential units are still available for this year.

With 98% occupancy rate this year from the first 100 rooms opened recently and 432 fully-sold condotels, he is optimistic that FLI would be able to maintain the same occupancy rate for the rest of 2012.

“We are very excited for Grand Cenia. Year and year, Filinvest is going higher for 13% in its investment for the first three months in 2012. And now, we expect a very good turn out of sales,” he said during the inauguration of model units at Grand Cenia Residences. — (FREEMAN)