HOMEGROWN Grand Land Inc. has entered into another partnership with Dusit International for a P1-billion serviced apartment facility in Cebu City.
The serviced apartment, under the brand name Dusit D2, will occupy the 24th to 34th floors of one of the North Tower B, of Grand Residences along Gov. M. Cuenco Ave.
This will be the first Dusit International-operated serviced apartment in Cebu, according to Tina Pestano, Grand Land vice president for sales and marketing.
With the expansion of the Mactan-Cebu International Airport, the company expects a huge leap in tourism arrivals.
“There is a forecast for this type of occupancy, especially with Cebu right now being positioned as an international destination. The expansion of our airport signifies that there’ll be a lot of international tourists and businessmen exploring Cebu,” said Pestano.
In 2016, Grand Land first entered into a partnership with Dusit International for a Dusit Princess hotel in North Reclamation Area near SM City Cebu, which will be operational by 2020.
“We have a lot of local serviced apartments but for it to be carried by Dusit International brand, this is the first in Cebu,” said Pestano, adding that this is also the first in the country.
The Dusit D2 in Cebu will have 163 serviced apartments slated for operation by 2022. Of the number, 100 apartment rooms, sold at P8 million each and spanning 45 to 48 square meters, have been sold to mostly foreign investors, including Europeans and Japanese.
“Serviced apartments are for investors looking for profit of seven percent to 11 percent per annum,” said Pestano.
Primarily, the market for serviced apartments are long-staying business executives, mostly foreign, who prefer to stay for at least a week in this kind of facility than hotels. They consider serviced apartments more affordable in the long run, but with facilities including concierge and housekeeping services of a hotel.
Compared to hotels, Pestano said a night’s stay in a serviced apartment equipped with a bedroom, kitchen, dining area, toilet, and a living room and other furnishings cost one approximately P6,000 to P10,000.
Dusit D2 is the modern and contemporary hotel brand of Dusit International. Founded in 1948 by Honorary Consul Thanpuying Chanut Piyaoui, the company currently operates 29 properties worldwide and has 51 confirmed projects in the pipeline in Australia, Bhutan, China, Indonesia, Kenya, Myanmar, Oman, Philippines, Qatar, Saudi Arabia, Singapore, Thailand, Turkey, and UAE.