Real estate company Keyland Corp. had its groundbreaking ceremony for its latest development, 110 Benavidez Makati.
The property is strategically located at the heart of the Makati Central Business District, behind the AIM campus, and a stone’s throw away from Greenbelt 1.
The groundbreaking ceremony was attended by Keyland Corp. president Lito Montinola, Ascott Limited regional general manager for the Philippines and Thailand Arthur Gindap, Aidea Philippines president Jojo Tolentino and Keyland head of project development Ed Pinga.
The development is not like any condominium. The 110 Benavidez building will house the Ascott-operated and managed serviced residences, the Citadines Benavidez Makati.
The apart’hotel concept is unique in the Philippines, a partnership between Keyland and Ascott Limited, the world’s leading operator of serviced apartments.
The P1.2-billion project will give buyers a unique option to choose between two kinds of investments—to get a unit as a private residence, or to buy shares in the Citadines Benavidez arm of the condo, with Ascott managing the buyers’ unit.
If the investor chooses to buy shares in the Ascott-managed Citadines Benavidez, the unit will automatically be enrolled in Ascott’s global network of long-staying customers. This is a good investment for those who’d like to take advantage of the investment boom in the country.
The 32-story building is covered with glass, with geometric designs on the glass cladding. The building was designed by Aedas, the same architectural firm behind the Marina Bay Sands in Singapore.
The local architecture firm Aidea Philippines will also work on the development.
Montinola said that of the 209 units at 110 Benavidez, 160 units will be serviced residences, while the remaining units will be private residences.
“Typical condo investors don’t actually live in the units they bought,” said Montinola. “Most would just furnish, then rent out their units. Some units would go months without a renting occupant. Apart from that hassle, unit owners would need to spend on unit upkeep expenses like repairs and maintenance. With the serviced residences in 110 Benavidez, it’s practically worry-free. Citadines will take care of everything. The investors will just have to wait for the dividends from their investment.”
Montinola explained that given the global reach of Ascott Limited, investors are assured that their units will have renters in no time. Ascott Limited is the leader in the world of serviced residences, with three brands to its name—Ascott, Somerset and Citadines.
Its global network spans 25 countries, in more than 20 cities. “The system is just like renting out a private property, with someone else managing it for you,” Montinola said.
Gindap pointed out that there will be a 15-year lease-back agreement for the investors. The condo unit will be under Citadines management for 15 years. After the lease agreement expires, the owners can choose to stay and use the condo for themselves.
“It will be in pristine condition and the value is preserved,” Gindap said. “If you buy a typical condominium, the problem is always the maintenance. Since we’ll be managing it, we have to keep your unit up to Ascott’s standards all the time. So it’s a definite advantage for the buyer.”
A typical 30-square-meter unit at 110 Benavidez costs around P7.5 million. The expected turnover of the unit (furnishings included) is in 2022. Units as big as 150 sq m are available.
The scale model and model units of both Citadines Benavidez and the private residences are at 110 Benavidez Showroom, G/F, 112 SOL Bldg., Amorsolo St., Legazpi Village, Makati City. —CONTRIBUTED