The Securities and Exchange Commission (SEC) has approved the rental pool program of Damosa Land Inc., the property arm of the Floirendo family, the company said Tuesday.
Damosa Land is the first company to successfully register under the newly streamlined guidelines of the SEC’s Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT) framework.
The SEC approved Damosa Land’s registration statement covering the public offering of 100 certificates in its condotel project, TRYP by Wyndham Samal, subject to compliance with remaining requirements.
The certificates cover 94 standard class condotel units with an offer price of P50,000 each, four deluxe class units priced at P75,000 each and two suite class units valued at P100,000 each. The certificates will be valid for 20 years from the date of operation.
All units in TRYP by Wyndham Samal will be enrolled under a mandatory rental pool program. Upon purchase, each unit is automatically included in the rental pool, allowing it to be marketed, rented, and managed as hotel accommodation for guests without transferring ownership.
The rental pool arrangement is expected to gross up to P5.2 million, which will be used to fund the company’s pre-operating expenses and to provide a buffer for the first three months of operations.
The project, located in Barangay Limao, Samal, Davao del Norte, is expected to launch in the fourth quarter of 2025, according to the company’s latest timeline submitted to the SEC. Construction is set to begin in the first quarter of 2026 and is targeted for completion in the third quarter of 2028, with the opening scheduled for the fourth quarter of the same year.
The SEC RENT guidelines, issued in 2024, aim to streamline the registration process for securities of real estate firms offering investment contracts through rental pool agreements.
Rental pool agreements are defined as investment contracts where a property developer sells or offers units in real estate projects such as condominiums, hotels or resorts to the public.
Under the deals, buyers contribute the units to a rental pool managed and operated by the company or a third-party operator, and are then entitled to receive a share of the profits earned from renting out the units.
