VERSAILLES Stay’s unit owners as well as occupants have full access to all of the building’s amenities.
With the growing global demand for high-end serviced residences, one group is slowly establishing itself to invest in a fast-evolving market here in the country.
For those not yet familiar, a serviced residence is a hybrid between two more established concepts—residential condo and hotel. Units are completely furnished, and residents are provided with hotel-like amenities such as 24-hour front desk and 24-hour room service. But guests are not tied to a contract or committed to a minimum length of stay.
The idea itself is not new, in the ’80s serviced residences appealed to travelers who want something more long term than a standard hotel room but less binding than rental accommodation.
“However, we did modify the concept as we involved three markets: the high-end condo developers, the unit owners and, finally, the guests,” said Abigail Tabuchi-Sumida, president of Capitarise Property Management, which recently launched its first endeavor, the Versailles Stay at One Central.
One Central is a P5.5-billion high-rise residential project situated at the corner of Sen. Gil Puyat Avenue and HV dela Costa Street in Salcedo Village (formerly the site of Shell Maya fuel station) across RCBC Plaza.
Sumida explained that Versailles Stay’s concept creates a winning situation for all parties involved.
High-end developers
She said: “Versailles Stay’s first core market are the high-end condominium developers. With One Central, we teamed up with Megaworld Corp. at the beginning, from the building’s conceptual stage (a reason why One Central has a separate reception lobby). The developer loved the concept considering we will buy multiple units (more than 200 units in the case of One Central) and the responsibility of managing and maintaining these units including the collection of association dues will now be ours.”
Since Versailles Stay’s unit owners and guests also avail themselves of the building’s amenities, the group also provides the support and maintenance for the building’s recreational facilities (one less problem for the developer).
Sumida said: “For the unit owners, our second core market, the benefits come from our proposition to manage their investment as we take care of the general upkeep of the units as well as the job of looking for the prospective occupants. The unit owners can simply sit back and reap the returns.”
ONLY the best units will do for a demanding Versailles Stay clientele.
Gateway
She explained that Versailles Stay also acts as a gateway for foreign property investors, allowing them to access residential suites from several luxurious condominium developers in the Philippines. “Anyone looking for comfortable, affordable and top-of-the-line living spaces conveniently placed in Metro Manila needs to look no further. If one wants to invest in real estate, it may be a good idea to diversify exposure to serviced residences for a higher annuity income than what residential condo units can provide. And don’t forget to undertake a due diligence of the project before sealing the deal though.”
The final core market, she said, are the units’ occupants who are assured of the best service as well as the most competitive price package.
Sumida said: “They have the option for a short- or mid-term billeting. Indeed, Versailles Stay is fast becoming the perfect choice for expats staying for several months, businessmen on corporate missions here, professionals attending conferences, or families seeking enjoyable and relaxing staycations here in Metro Manila.”
Without revealing its next projects, Sumida said Versailles Stay is now set to launch more similar projects in Metro Manila as well as Cebu.
She said: “While serviced residences’ model has long appealed only to a certain subset of business travelers, the market has grown dramatically over the past years. Investors and travelers alike become better acquainted with the benefits. A few major international brands have entered the country, and with our knowledge and vast experience here in the Philippines, we believe we are ready to serve the country’s burgeoning clientele.”
Sumida added that guests now seek higher standards and efficiency. “And with the right product and services, our branded serviced residences are the perfect option. We are far more economical and offer the best of both worlds—a hotel and a home environment.”