A few years ago, Lito Montinola turned the key that opened doors to new opportunities; and he seized the threshold of opportunities that awaited him.
One look at him and you see a typical, unassuming guy — a little shy, truth be told. However, his passions become apparent when he starts speaking of three things that many gentlemen hold in high regard: family, business and golf.
The journey started with a young boy from Bacolod dreaming of becoming a doctor. However, growing up meant outgrowing the childhood dream, for the young Lito would soon discover that three-hour science classes were not to his liking. In 1989, he graduated from UP Diliman with a bachelor’s degree in Business Administration — all set to pursue a career in finance.
He got his feet wet as a project development staff in SyCip Gorres Velayo & Co. where he assisted foreign investors with their Board of Investments incentives requirements, before climbing the ladder towards becoming a senior executive in various finance institutions.
But why just climb a ladder, when one can build it?
And build, he did, in foreign territory — real estate. “Together with our group of investors, we started Keyland Corp. five years ago by venturing into commercial and office spaces. We bought and refurbished an office in Makati, before expanding to Ortigas and Alabang,” he explains casually. Around five office buildings into the game, and with steady cash flow generated from their property rentals, Lito and his team knew that they were ready to build bigger, more challenging things.
Home (not) alone
“In terms of difficulty, the office market is the least problematic. For as long as you are in a good location, the building is nice, basic utilities are there, it’s very easy to lease them out. Residential is far more exciting,” he says with the excitement of a little boy.
And he is ready to play with the big boys of the biz. “We all know that there are the big boys that dominate the market, prominent players with a proven track record. For a small developer, the question is how do we position ourselves?” shares the president and director of Keyland Corp.
The answer lies in being unique. This, they did in their earlier residential project, the Casa de Sequoia in Las Piñas — low-story condominiums, which broke the mold of the “affordable.” The six-building compound retains an ambience of exclusivity (with some of the buildings boasting a low-density ratio of eight condominium units to a floor). All below P3.2 million.
Keyland has since moved up to offering serviced apartments along with private residences, in the highly anticipated 110 Benavidez. “Since our launch in May 2017, the market has received it very well. We are about 70 percent sold already,” he relays.
If you think this is just another high-end enclave in the heart of the Makati CBD though, then you have another thing coming. In line with Keyland’s predilection for coming up with unique offerings, 110 Benavidez elevates the concept of “investing in your home.”
More than being condominium unit-owners, people who buy from this property are investors. They buy a serviced apartment, fully furnished to meet the discriminating standards of Ascott. The unit is then enrolled in a pool, and is operated by Ascott through the Citadines brand.
The units are rented out as part of the pool for 15 years. Expenses are deducted, and profits (pro-rated on a per-square-meter basis) are shared among the owners. A portion of the income is also saved for the upkeep of the building, so that the units are still in excellent condition, should the owners opt to move in after the 15-year pooling period. (Owners get 10 free nights a year in the property while their unit is part of the pool.)
“Every time we come up with a new product, we have to be different. If we built a regular high-end condo, it would not have sold as fast as it did. But having a serviced apartment and partnering with Ascott, the largest in the world in terms of portfolio for serviced apartments, make it a very enticing offer,” he says.
So far, the risks have paid off for Lito and Keyland. And the winning streak continues 11 properties and five years later. “Risks are good but they can also backfire,” he notes. “But that’s the only way for us to compete. I look at the competition and I look at what they offer. It’d be foolish for us to go head on and just offer more of the same,” he concedes.
Lito also shares that shifting gears wasn’t just a career move. It also pivoted him towards a greater purpose. “It was the opportunity to build something on my own. When I retire, I want to be able to say that I was able to do this, do that — employ so many people, help so many families,” he shares.
Green, green grass of home
Lito and his wife Mita, an architect by profession, are doting parents to two teenage daughters. Their weekends are intimate but simple — they travel as a group, and hang out like a typical family most of the time.
“Enjoy your kids while they want to spend time with you,” he says, noting that kids grow up so fast these days. It is also for this reason that his wife retired recently so that she may spend more time with their daughters. Still, her keen eye for detail and structures still comes in handy for her husband’s real estate business.
And then of course, there is golf.
Before going on full-dad mode during the weekend, Lito sneaks in a few swings on the golf course with his friends on Saturday mornings. His handicap is a decent 20, and his eyes light up when you mention the names of famous golfers like Gary Player, Tiger Woods and Jordan Spieth. On his bucket list: a chance to watch the US Masters!
The luxury of space, coupled with the comforts of home and the green grass of the fairways — these are the keys to Lito Montinola’s heart!
(You may e-mail me at joanneraeramirez@yahoo.com.)