Condo offers rental plan

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Friday, January 17, 2014


BUYERS of The Padgett Place condominium in Lahug, Cebu City are being offered a “guaranteed rental income program” in order for their property to serve as a hassle-free investment, the developer’s representatives said.

“Investors are looking for an investment that’s hassle-free, so we offer investment management for them,” said Duros Real Estate and Markets Management Corp. chief marketing officer Grace Tortor.

“When they buy and complete their investment, they can turn over their unit to us and we will ensure that the unit is rented. But whether we have it rented or not, we commit to give a return of their investment,” she said.

The company, she added, is offering six percent ROI in one year.

At present, about half of the Padgett Place’s buyers are end-users, said chief operating officer Francis Dexter Bandala.

The Padgett Place is a 22-storey all-residential condominium that sits on a 3,500-square-meter property. The tower has a maximum of 10 units on every floor, with sizes from 45 square meters and up and prices ranging from P5 million to P45 million.

Tortor said she expects Padgett to remain “highly marketable” in the years to come, in contrast to mid-market projects, where she believes there is already an oversupply.

Playing rights thrown in Bandala said the units will be turned over in July this year.

Buyers who have already purchased a unit in Padgett will also be treated to playing rights and other privileges for another development they are completing in Liloan town, the Duros Mountain Resort and Golf Club in Barangay San Roque.

Bandala told reporters the company is revising its master plan for the 120-hectare property to accommodate its plans of integrating a housing project within. The reconstruction of the Duros Mountain Resort and Golf Club is eyed to start at the end of this year.

Published in the Sun.Star Cebu newspaper on January 18, 2014.

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