Philippine Apart-Hotel or Condotel Properties being snap up by lively UK investment funds as rents soar
“Rents which we thought we would get in two years we’re getting now,” said Beth Collingz, a managing director in Metro Manila of the Condotel Marketing arm of PLC Global Pinoy, the International marketing partner of Pacific Concord Properties Lancaster Brand of Condo Hotels in the Philippines.
Collingz expects rental income to rise 15 percent in the coming 12 months after gains of as much as 30 percent since January 2006, when Pacific Concord Properties Inc are set to launch Condo Hotel operations of their flagship Lancaster Suites located in the Ortigas business district in Metro Manila.
UK Private equity units of banks and investment clubs, driven in part by the current strength of the Pound Sterling in international trading, are being attracted by returns in the Philippines as much as double those in the United States and Europe, are purchasing significant blocks of real estate for investment trusts for Asian commercial property.
“There are large amounts of capital now chasing increasingly limited investment-grade...
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