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Ortigas & Co. ventures into serviced residences

Ortigas & Co., one the country’s leading property developers, has ventured into the hospitality business with the 55-room serviced residences in its its mixed-use township development in Quezon City.

Ortigas & Co. senior vice president and chief operating officer Thomas Mirasal said the serviced residence project called The Cirque was developed by converting 55 units in Circulo Verde’s Seville and Ibiza residential towers to fit serviced residence operations.

“We want to diversify our product range based on the market demands. We see that many buyers are looking for safe, alternative investments and that there is a growing demand for hotel-like products,” Mirasol said.

The property company has teamed up with Hospitality Innovators Inc., one of the largest operators of serviced residences in the country, for the venture.

Ortigas & Co. is currently selling its one-bedroom and two-bedroom units with floor sizes ranging from 46 to 51 square meters. The two-bedroom suite occupies 67 square meters.

Unit prices range from P4.9 to P8.5 million.

Buyers can place their units under Serviced Residences Program, where unit owners can enjoy hassle-free ownership of a rental property.

SRP allows unit owners to gain a steady flow of rental income while HII takes care of finding a tenant, maintaining the unit and paying all expenses.

HII chief executive Luis Monserrat said The Cirque is targeted toward both the corporate and leisure market

“Aside from the stylish units, business travelers will also appreciate the breadth of amenities that The Cirque has to offer in a private and self-contained environment, with an array of dining, fitness, and lifestyle options. The Cirque is also tailor-made for great staycations,” Monserrat said.

As an introductory offering, Monserrat said serviced apartments at The Cirque are priced P4,800 per night for the one-bedroom unit, 5,800 for the one-bedroom loft-type unit and up to P7,000 per night for the two-bedroom units.

Topics: Ortigas & Co. , The Cirque , Hospitality Innovators Inc.
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