A LOCAL developer has observed a trend in condominium purchases — buyers are interested to earn regular passive income without the burden of condominium dues.
Tytans Properties and Development Inc., the developer of Tambuli Seaside Living in Lapu Lapu City, has positioned its multi-billion resort-themed residential project as a condotel, which has since attracted Cebu investors.
Tytans Properties president Gerard Tan said that while homeowners are given the option to keep their units to themselves, 80 percent of them prefer to enroll in the developer’s condotel program.
“(Buyers) buy mainly for investment purposes, and most buyers are more interested in income,” Tan said. These buyers, he said, are mostly Cebuanos, and a few are expats.
Tambuli Seaside Living, which sits on an 11-hectare beachfront property, intends to operate at least 70 percent of 1,300 units in a condotel setup, which will be run and managed by the developer.
With most buyers intending to use their units as condotels, Tan said this has allowed them to record a fast sales takeup of their units.
Launched in 2014, Towers A and B composed of 256 units are sold out. Meawhile, Tower C is 90 percent sold while Tower D is 88 percent sold. Seventy percent of units in Tower E have been sold.
The developer also intends to take advantage of its location, Lapu-Lapu City, the most visited part of Cebu among tourists. With full occupancy experienced by major resort players in the city, Tan expressed confidence in Tambuli’s residential resort development.
Tambuli itself is also an icon in Mactan’s tourim, one of the most popular beach destinations in the area in the 1980s. It operated for over three decades before shutting down operations after the management did not renew the 25-year contract with the property’s owners.
Montano Ty, Tytans Properties chairman, previosuly said that they acquired the property in 2011.
By 2018, he said the condotel will be opened. In the next months, the developer said they will turn over some of the units to the homeowners.
The first phase of the project will have six towers and five for the second phase.
Inside the development, Tytans Properties will also allot commercial spaces for restaurants and aqua sports boutiques.
July 22, 2016 | JEANDIE O. GALOLO | Sun Star Cebu