Premier Ortigas project targets expats, Pinoys living abroad
Serviced apartments are showing considerable growth, thanks to expatriates moving to the Philippines on short contracts—from a few months to more than a year—as well as leisure travelers who are now more actively seeking additional space and amenity.
CDC Holdings president and CEO Melesa “Elsie” Chua said: “They prefer them over conventional hotels or even private properties as serviced apartments provide a host of advantages and conveniences. They prefer living in units equipped with all modern conveniences for cooking and laundry, as well as with lease flexibility, access to 24-hour concierge services, regular housekeeping, enhanced security throughout the property and other services a hotel could offer. In short, it’s maintenance-free living.”
CDC Holdings recently launched CDC Millennium Ortigas, its latest partnership with Ascott (under Citadines brand), the world’s largest international serviced residence owner-operator.
Chua said demand from multinational corporations is the driving force and the relocation for mid- to longer-term assignments is a core market for serviced apartments like what CDC Millennium Ortigas will offer.
CDC Millennium Ortigas will be completed in December 2015.
Chua said: “As the Philippines is fast becoming a major regional hub for many corporations, expatriates are increasingly being placed in the country to oversee specific project assignments in the region. While these multinational corporations may be hiring more this year, they will surely be looking out for cost savings as well—serviced apartments.”
The 31-story CDC Millennium Ortigas is a prime investment property that offers a three-fold feature combining luxurious serviced apartment units, residential units and commercial spaces all under one roof.
Citadines Millennium Ortigas Manila will offer expatriates and business travelers studio, one- and two-bedroom units—from the fourth to the 17th floors—equipped with kitchen, separate living, work and sleeping areas, en-suite bathroom and other modern amenities. Residents can also enjoy facilities including a swimming pool, gym and resident’s lounge.
Chua said: “On the other hand, CDC Millennium Ortigas’ serviced residences—with units located from the 18th to the 30th floors—are all carefully designed and planned by renowned RDMA Architects and Ivy Almario to meet Citadines’ world-class standards. Residential owners also have the option to use the serviced resident’s amenities such as business center, meeting and function rooms, as well as third-floor swimming pool.”
There are 280 serviced residence units ranging from studio to two-bedroom configurations. Of the total inventory, 90 units are available for purchase that may also be part of the serviced residence pool.
Chua said: “CDC Millennium Ortigas is a prime investment, not just for urban professionals, but also families and those searching for something truly innovative. With substantial gross rental yield and capital appreciation, this project offers an attractive outlook for all, giving investors a chance to take part in a growing industry while at the same time experience the best of global excellence.”
To meet world standards, CDC Millennium Ortigas will incorporate green features.
Chua said: “CDC Holdings Inc. is in the process of securing certification for Singapore’s BCA Greenmark Assessment criteria. This means future tenants and guests can consistently help reduce their carbon footprint, thanks to energy-saving lights and air-conditioning systems, utility and water meters, large amounts of natural illumination and amenities featuring motion-activated sensors.”
Aside from the eight elevators that will be provided—that included two for the residential unit floors and four for the serviced apartment floors—there will also be six floors of underground parking (for a total of 191 parking slots) to aid in the efficient movement of residents and guests. Moreover, considering the project’s location at the corner of Ortigas Avenue and Sapphire Road, CDC Millennium Ortigas is just a short drive away from schools, shopping areas, church, corporate buildings and other CBDs of Metro Manila.
“What we have here is a very important project that is able to tap the growing accommodation demand in the country’s second most important financial district after Makati,” Chua said. “With CDC Millennium Ortigas, we have another gem that boasts of world-class living spaces for short- or long-term stay of expatriates and their families, business travelers or company guests, medical tourists and the like,” she concluded.
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