Filinvest enters ‘dormitel’ sector
Gotianun group-led Filinvest Land Inc. (FLI) is debuting into the “dormitel” business based on a new leasing concept branded as Lodgeplus, to serve workers at its New Clark City industrial park.
Four dormitel buildings are planned by FLI in Clark, each offering around 800 beds, the company said in a reply to the Inquirer’s query. The first dormitel is expected to be completed this year, adding to the group’s portfolio of assets with recurring income.
This new leasing concept aims to address the growing demand for workforce residences near the workplace, the company stated.
FLI is also expanding into logistics and industrial park development as part of its recurring income portfolio. This is to address the growing needs of logistics, light manufacturing, technology and e-commerce companies looking to support inventory management.
New Clark City’s industrial park is a 64-hectare innovation and logistics park that will anchor this development.
In recent years, big property developers have been investing in coliving developments or dormitories catering to young professionals in the central business districts, including business process outsourcing (BPO) workers. This is seen as a new growth area for property investors and developers given the growing pool of office workers—especially young people who had just entered the workforce—who need living space but cannot afford yet to purchase their first residence.
In 2017, SM Investments Corp. acquired a 61.2-percent stake in Philippines Urban Living Solutions Inc., the company that operates a chain of dormitory buildings under the MyTown brand catering to professionals in Bonifacio Global City and Makati City. In the same year, the Ayala group unveiled its dormitory chain project under the brand The Flats.For its part, FLI plans to build the first 17,000 square meters of living space under its Lodgeplus concept. There are no plans yet to build dormitels outside of its hub in Clark.
It was earlier reported the group was planning to invest about P2.5 billion for its two large township projects in the Clark Corridor this year, notwithstanding the coronavirus pandemic that has muted overall appetite for capital spending this challenging year.
The group is developing the 201-ha Filinvest Mimosa Plus Leisure City and the 288-ha Filinvest at New Clark City. Existing facilities include leisure developments such as the 303-room Quest Plus Hotel, two championship 18-hole golf courses and two fully leased out BPO office buildings.
Apart from the dormitel concept, the FLI is adding two BPO office buildings with 34,000 sqm of gross leasable area (GLA) and a strip mall in Mimosa with 5,400 sqm of GLA. —Doris Dumlao-Abadilla INQ
