An artist’s rendition of Anchor Land’s first urban bed-spacing project Cosmo Suites
Property developer Anchor Land is debuting into the dormitory development business with a commitment to invest at least P5 billion to make available around 10,000 beds to business process outsourcing (BPO) workers in urban areas in three years’ time.
The first of this urban bed-spacing project is P1.5-billion Cosmo Suites which will rise in Pasay City, near the Bay City which is seen as the next hub for BPOs, the company said in a recent press statement.
The twin-tower property, which will have 3,000 beds, is envisioned to offer “affordable, yet high- quality bed spaces to young employees who are looking for ways to outsmart the challenging commute in Metro Manila.”
The project is composed of two 16-storey buildings with over 800 units. Each unit is composed of at least four beds.
“Cosmo Suites aims to help improve the quality of life of employees. It becomes their halfway home near their workplace, allowing them to spend their time on more productive activities instead of being stuck in traffic for around three to four hours,” said Anchor Land chief executive officer Steve Li. “We help them achieve work-life balance.”
Investing in dormitories catering to young professionals in the central business districts, especially BPOs who work in shifts that are much different from regular office workers, is seen as a new growth area for property developers. Even the Ayala and SM groups have forayed into this segment.
Across the metropolis, there is a growing pool of office workers – especially young people who had just entered the workforce – who need halfway homes but can not afford yet to purchase their first residence. Over a million workers are employed in the $25-billion Philippine BPO industry.
For Anchor Land, Cosmo Suites will cater to the continuously increasing demand of BPO employees for “quality, yet affordable urban dwelling spaces.”
“We will limit the rental rates equivalent to 25 percent of the average income of BPO employees,” added Li.
Unlike the usual dormitory and bed spacing, Cosmo Suites pitches to provide young employees with a more secure and comfortable lifestyle. In addition to its round-the-clock security and CCTVs, each tenant will be given a security access key card.
Cosmo Suites will also have high-end amenities, such as a 20-meter lap pool, fitness gym, knockdown basketball court, open lounge area, deck seating area, a garden deck and a food hall that offers affordable meals. Tenants will also be given free access to WiFi internet.
Anchor Land’s entry in the co-living industry will support its thrust towards its target of increasing its recurring income to 20 percent of overall revenue by 2020.
The goal is to build other similar projects to reach around 10,000 beds in the next three years.