Sta. Lucia Land puts up its third condotel project in Punta Engaño-A A +A
Wednesday, February 5, 2014
STA. Lucia Land Inc. has entered into a joint venture with Cebu Discovery Bay Inc. to put up its third condotel project on the tip of Punta Engaño in Lapu-Lapu City.
Arterra Residences will be a 20-storey building with a total of 288 units, of which 180 will be condotels while the rest will be residential units.
Liezel Tuason-Magpo, chief executive officer and executive vice president of Sta. Lucia Land Inc., said during the groundbreaking ceremony last Saturday that their third condotel project was pushed by the success of their Sotogrande and La Miranda projects, which have attracted investors, many of them foreigners.
Arterra Residences will coexist with the subdivision Discovery Bay and will be nestled in a 3,000-square-meter lot. Its name means “art of the earth.”
Investors will be paid quarterly dividends, the company said.
Magpo said that condotel units in Arterra will be placed under the “hassle-free” rental program of Sta. Lucia Property Management, initially for 15 years. The company’s hotel managers and staff will operate and manage the condotel as a hotel.
The management will also handle maintenance as well as taxes.
“Investors of our condotel projects are very happy with the returns that they are getting. Even if their condotel unit has not been leased out, they still get a share of the income because the total income of all the hotel operations is distributed among the condotel owners,” she said.
Currently, Sta Lucia said its condotel projects earn an internal rate of return of at least eight percent or $570 per month and an annualized growth rate of seven percent on their investment.
With the condotel concept, unit owners may also avail themselves of 30 complimentary room nights per year in Alterra Residences or other Sta. Lucia condotels in the country.
Prices of Arterra’s residential units are P2.9 million for a 31-square-meter studio and P3.3 million for a condotel unit.
Arterra Residences is scheduled to be completed in the last quarter of 2016, with the turnover and condotel operation date scheduled in the first quarter of 2017.
Sta. Lucia Land is eyeing to put up more condotels side by side with other developments, said Magpo.
“Sta. Lucia is constructing more condotels to serve the needs of both local and international tourists,” the company said in a statement. It said it wanted to respond to the “aggressive efforts” of the government to promote tourism.
To bring in more tourists, Sta. Lucia Property Management has partnered with popular booking websites agoda.com, booking.com, expedia.com, orbitz.com, asiaroom.com and hotels.com. This will also assure unit owners of steady income through rental revenues within the contract period.
Renters and unit owners of Arterra Residences will also get free membership in the North Point Peninsula and Resort Club.
Published in the Sun.Star Cebu newspaper on February 06, 2014.