Posted April 21, 2022
By: Philippine Daily Inquirer
The Philippine property sector continues to have an optimistic recovery outlook. Despite the unprecedented impact of the COVID-19 pandemic to various sectors, the real estate market remained resilient with steady take-up of projects as developers turned digital and offered attractive promos and payment terms.
Opening in 2023, The Suites at TLM is the first Ascott-managed property to open in Malate, Manila.
Bangko Sentral ng Pilipinas (BSP) noted an increase in residential real estate loans by 51.1% year-on-year and 32.3% quarter-on-quarter in the third quarter of 2021. According to BSP’s Q3 2021 Consumer Expectations Survey, there’s a higher percentage of consumers who prefer to buy real estate properties due to positive indicators of economic recovery.
Consistently, according to Colliers, the anticipated rebound of the Philippine economy due to the return of foreign professionals and increased consumer confidence will likely affect the take-up of more residential units.
While there’s a number of investors looking into capitalizing on condominium units and house and lot properties, the more discerning investors are now looking into the potential of diversifying their portfolio through investing in serviced apartments.
At the height of the pandemic, while hotels experienced losses, the serviced residences sector weathered the impact because of flexibility in its use as well as unique features that allow them to cater to quarantine occupants and domestic travelers.
Strong brand partnership
Having the foresight to see the potential in serviced residences, Torre Lorenzo Development Corporation (TLDC) partnered with one of the leading international lodging owner-operators, The Ascott Limited (Ascott), to bring a distinct experience in Torre Lorenzo Malate with The Suites at TLM. This is notably the first and biggest Ascott-managed property to open in the City of Malate, Manila.
From pioneering premium university residences in the Philippines, TLDC has successfully developed premium lifestyle properties and townships that seek to provide elevated living experiences. High-quality construction, innovative design, and commitment to its communities define Torre Lorenzo’s thrust to design for tomorrow. It currently operates premium residences in key university districts in Metro Manila, as well as hotels and lifestyle developments in emerging urban centers like Davao and Batangas.
On the other hand, The Ascott Limited is a Singaporean company that has grown to be one of the leading and award-winning international lodging owner-operators. Ascott’s portfolio spans more than 200 cities across over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
Ascott has over 76,000 operating units and over 57,000 units under development, making a total of about 133,000 units in over 800 properties.
“This partnership merges TLDC’s hallmark quality and real estate expertise with the global renown of Ascott’s operational excellence,” shares TLDC COO Tomas Lorenzo. “When you invest in The Suites at TLM, you’re investing in two strong brands with a solid track record in real estate and customer service.”
For Ascott, the synergy with TLDC brings together a shared vision. “TLDC is a developer with an appetite for growth and the passion to elevate what is presently in the market. The Ascott Limited mirrors TLDC’s passion in upgrading the hospitality market in the Philippines,” says Ascott Philippines’ Country General Manager Philip Barnes.
Worry-free investing in serviced residences
For investors looking to expand their portfolio, serviced apartments offer a lucrative investment opportunity that can appreciate in value and provide steady returns. Investors will have to initially purchase a unit and let the experts manage their investment. They will receive a share of their unit’s rental yield quarterly. Apart from having a revenue-generating investment, unit owners get complimentary stays at the property for a fraction of the published cost. From marketing, maintenance, and rental, Ascott is at the helm every step of the way to ensure buyers will have a worry-free investment experience.
As a serviced apartment managed by Ascott, The Suites at TLM has access to a global market that is loyal to the Ascott brand of service. Once operational, these units can tap on to Ascott’s global network of corporate clients as well as members of the Ascott Star Rewards loyalty programme.
The unique and flexible features of a serviced residence make it a viable investment opportunity.
“Amid the pandemic, Ascott properties in the Philippines sustained generally higher occupancy rates at 60-70% versus its competitors. This was driven by long-stay guests, quarantine stays, and companies who needed accommodation for its employees following the suspension of public transportation,” says Barnes. “Serviced residences were preferred during the pandemic because of its unique format of having larger rooms and kitchens, which means guests can cook in their units and have more flexibility.”
This adaptable product usage supports that serviced residences are pandemic-resilient investments.
The only Ascott choice in Malate, Manila
Serviced residences are ideal for long-stay guests because these are designed like a condo unit but serviced like a hotel.
The Suites at TLM features premium serviced residences with choices of studio, one-bedroom, and two-bedroom units complemented with upgraded hotel-like services for residents and long-stay guests. Guests will also have access to amenities such as the Sky Lounge, Sky Garden, Study Lounge, and Meeting Room.
Situated at Malvar Street in Malate, The Suites at TLM stands in the midst of Manila’s historic and cultural capital – within walking distance of commercial establishments and lifestyle options. It is close to top universities (UP School of Medicine, St. Paul’s University, Philippine Christian University, Philippine Women’s University), hospitals (Philippine General Hospital, Manila Doctors Hospital, Medical Center Manila), transportation hubs, and cultural landmarks.
Located at the heart of bustling Manila, the property offers privacy and exclusivity with an Ascott brand of service excellence and property management.
With the reopening of the economy and domestic and international travel, the demand for serviced residences is anticipated to increase due to staycation guests, domestic travelers, and business travelers globally.
As the first and only Ascott-managed property in Malate, Manila, investors have a solid opportunity for good return on investment. The Suites at TLM is indeed a hassle-free, hands-off investment with TLDC and Ascott’s track record in premium living experience, sound property management, and top-notch client service.
Read the original article here.