Summer brings back the memories of my childhood vacations. During late ‘60s and early ‘70s, we used to stay at the Casa Blanca near the gate of Camp John Hay, which was then a rest and recreation facility of the U.S Armed Forces in Baguio City. After a week’s stay in Baguio, we would go to Cresta Ola in La Union for two to three days and enjoy the white beaches of San Fernando. We were fortunate that the owner of the property was a friend of my father. During those times, only the very rich could afford to have such properties.
The condominium concept as well as townhouses were then still not available in the local market. The first resort condominium in the Philippines was Marbella (now Caylabne) in Ternate, Cavite where only the very rich and famous were given the privilege of owning a unit. When the United States turned over Camp John Hay,Subic Naval Base and Clark Air Base to the Philippine government, private developers started to put up resort condominiums in these former U.S facilities. Log cabins and hotel suites were built in Camp John Hay, while condo hotels and vacation house were developed in Subic and Clark. Resort condominiums are now very popular in Tagaytay, Nasugbu, Batangas, Cebu and Boracay.
There are even resort condominiums rising as far as Bicol and Vigan. Most resort condominiums are also offered as investment wherein the owners could have the units managed by property managers. The latest resort condominium project is the Eurovek Grand Towers located in
Mactan Island which would be a world-class luxury hotel. The project is only 20 minutes from Cebu City and 10 minutes drive from the Mactan International Airport. Eurovek Grand Towers is structured to provide an excellent investment opportunity to unit buyers through its leaseback program, wherein investors will rent out their units as resort suites through a professional resort hotel operator. This set-up allows the unit to generate revenues and regular dividends with the owners enjoying numerous other benefits.
Investing in a resort condominium hotel provides a better opportunity than residential condominium because a separate developer and the
hotel/resort operator will ensure that your investment makes money and you receive dividends regularly.
Condo Cafe : Renne Isidro
April 2008 Issue