WITH Manila now touted as one of five key investment cities in the world alongside Tokyo, Shanghai, Jakarta and Sydney, it is clear that the Philippine government and the private sector are pulling their weight in creating a perfect economic environment for stimulating and sustaining investments, locally and internationally.
While 2015 is looking good for the local real-estate industry, the impending Asean integration that will result in the birth of the Asean Economic Community will boost growth of the country’s real-estate businesses.
In the midst of the positive outlook, Vista Residences (VRI), Vista Land’s subsidiary on top of the group’s condominium developments and the only real-estate in the country that offers a broad selection of leasing options, is set to strengthen the country’s investment possibilities by providing a number of leasing options for those who have, or intend to, invest in a Vista Residences property. The company’s newly created Leasing Group offers a selection of four proactive solutions for unit owners looking to lease out their units.
The Vista Residences Leasing Group’s mission is to enhance the values and marketability of Vista Residences’s developments, both for its end-users and investors, so as to turn their purchases into working investments.
Vista Land is known largely for its horizontal developments. As such, investment clients for the group’s condominium properties account for about 40 percent of purchases. The majority are still end-users. The country’s average for investment purchases is 60 percent to 70 percent. While not one to follow industry trends, Vista Residences is determined to increase its investment purchases, as the group is currently targeting that particular market. Among its “weapons,” so to speak, are its four leasing services. With approximately 30-percent to 40-percent buyers “absentee owners”—accounting for both foreign and local owners—the company expects its Leasing Group will be quite busy.
A key advantage of the group’s leasing services is hinged on the fact that Vista Residences is an industry pioneer in full-service, property-leasing management.
On the roster of Vista Residences’s leasing services are Asset Management Service (AMS), Leasing Services Only (LSO), Serviced Suites and the Condormitels, specifically created for the “University Series” condominiums.
AMS—This service offers basic housekeeping, which is ideal for fully furnished units with tenants looking for short-term rentals of not more than a year—ideal for owners who are away for long periods of time. Vista Residences currently has 11 towers offering this service, namely, Avant, Mosaic, Symphony, Trevi, Salcedo Square, Wil Tower, Currency, Pine Crest, Madison, Presidio, Pacific Residences and North Point.
LSO—LSO involves the usual leasing or rental of bare units to tenants for long-term rentals. Usually, this means a stay of over a year. It is available in the same condominiums that offer AMS.
Serviced Suites—These involve choice units that are operated by the Leasing Group as “serviced apartments” with full-hotel services, including a staff with concierge functions. The units are preselected, furnished, serviced by the Leasing Group and equipped with hotel amenities—for short-staying guests and for daily or weekly use. Currently, Vista Residences’s Serviced Suites are available in Avant, Bellini, Salcedo Square, Wil Tower and Currency—all very premier condominiums within the Metro Manila’s business and leisure hubs.
Condormitel—Condominiums, located close to educational institutions and what Vista Residences has dubbed its “University Series,” will offer a number of units called “dormitory-hotels.” With the turnover of five new projects, services and features centered around the needs of the students are in the offing. The condormitel units will be set up like dormitories, with options for two, three or four occupants. The “dormers” will be charged either on a monthly or annual basis. Curfew hours and house rules will be implemented, as well as whatever other rules the unit owners wish.
The Condormitels will also provide services such as housekeeping, laundry, water utilities, Internet and cable services, and the like, apart from the e-library, study pod, gym and roof deck with solar panels, which can be used for charging mobile phones and other gadgets. The students will be closer to their schools and will be watched over in a secure environment.
Designed to simplify the lives of customers who intend to invest in Vista Residences’s units, the VRI Leasing Group will be involved in sourcing possible tenants; marketing the service; managing enrollees’ accounts; administering to contracts; payment collection; negotiating renewals, requests for extensions and contract termination; unit housekeeping and maintenance; and assisting tenants with moving in or out.
Beyond all these, investing in a condominium unit for the specific purpose of eventually leasing it out actually offers a safer and better yield than putting one’s money in a bank, mutual funds or stocks.
Interestingly, properties that have a leasing component have been proven to result in a higher rental yield than those without. Thus, in the industry, there is a heightened awareness of the need to offer a leasing component and, while several property developers have already done so, none have done it to the extent that Vista Residences has.
Vista Residences has assumed responsibility for the portfolio of condominium projects previously held by other Vista Land subsidiaries. Vista Residences carries with it Vista Land’s nearly four decades of experience in building homes, developing properties and creating master-planned communities—integrating into every project an unparalleled expertise in space planning, and flair for finding accessible locations. The company is committed to assuming a chief role in the condominium sector, creating greater awareness of their capabilities, as well as enhancing efficiencies in their resource distribution.