A sound investment choice for OFWs
It goes without saying that overseas Filipino workers (OFWs) contribute significantly to keep the Philippine economy afloat.
Data from the Bangko Sentral ng Pilipinas have indicated that cash remittances from OFWs totaled more than $21 billion for January to September, 2018. However, the same data showed that OFW households have invested only 5.2 percent of these remittances.
Missing out on investment opportunities could exact a steep price among OFWs who might lose proof of all the years of hard work they’ve put in abroad, not to mention the emotional toil of not being home to personally witness their children grow up.
For many OFWs, the pain of missing family gatherings, reunion with friends and sundry occasions to make happy memories are more than compensated with sound investments that will provide a better future for their family.
It is this thinking that fuels Torre Lorenzo Development Corp. (TLDC)’s projects for OFWs.
Known for building premium university residences, TLDC has six residential condominiums scattered throughout Metro Manila: Torre Lorenzo 1, 2Torre Lorenzo and 3Torre Lorenzo in the De La Salle University area; Torre Lorenzo Malate, which is within walking distance to the University of the Philippines-Manila and St. Paul University Manila; Torre Central, which is a stone’s throw away from the University of Santo Tomas, and Torre Sur, which is strategically located beside the University of Perpetual Help System DALTA in Las Pinas.
Real estate services provider Colliers International Philippines sees student-centered condominiums as a practical investment due to the steady demand for this type of housing. Some Filipino parents who work abroad buy or lease out condominium units for their children whom they send back to the Philippines for college.
“This segment has been growing significantly,” said Colliers research manager Joey Roi Bondoc of student-targeted residential high-rises. “We see similar projects being launched near university areas as property firms cash in on the sustained demand.”
Apart from its student-targeted condominiums, the niche developer has expanded its portfolio and ventured into mixed-use developments and leisure destinations to suit a bigger market.
TLDC has partnered with Thai hospitality group Dusit International to build what may be the first luxury complex in Davao City and Dusit International’s first residence project in the Asia Pacific region, the Dusit Thani Residence Davao and dusitD2 Hotel.
TLDC has invested P4.5 billion to build Davao City’s first five-star residential and hotel development. It is also currently developing Lubi Plantation, a luxury island resort in Davao Gulf. The 87-ha masterplanned leisure township boasts of an exclusive beach, unspoilt nature, and rich marine life.
In Calabarzon, TLDC has Tierra Lorenzo Lipa, an urban lifestyle center in Batangas that will house two residential buildings, and the Dusit Princess Lipa Hotel. The P3-billion luxury hotel, also being built in collaboration with Dusit International, is poised to be a home for leisure and business travelers in Lipa, Batangas. It is expected to be completed in 2021.
Said TLDC chief finance officer Noel Rapadas: “The best thing about Tierra Lorenzo Lipa is the opportunity that our residential units offer as vehicles for investment.”
He added: “All our properties have proven to be successful investments that give a significant return. Our property owners have the option to upgrade their units and turn them over to our property management team. We will do the rest. We take the headache of unit leasing and maintenance away from those who invest in our properties as vehicles for recurring income.”
TLDC takes pride as well in its well-trained and efficient property management team that not only oversees its projects but also makes sure that all Torre Lorenzo developments are well-maintained. The property’s value thus appreciates with time and continues to provide strong rental opportunities.
For more info on Torre Lorenzo properties, visit their website, torrelorenzo.com.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.