Cebu developer Grand Land Inc. topped off Grand Residences Cebu North Tower A last Thursday, August 17.
Following this milestone, Grand Land’s VP for Sales and Marketing Tina Pestaño revealed that the North Tower B will be offering serviced apartments.
“There will be serviced apartments to be operated by Dusit D2. That’s 163 units in North Tower B for the serviced apartments. It’s a fully furnished unit and equipped with kitchen, dining, laundry service,” said Pestaño.
More units for North towers
Grand Residences Cebu is a five-tower project in Banilad, Kasambagan, Cebu City. Unit owners are starting to occupy the first two (East) towers. The new towers will have more floors than the East towers.
The North towers are up to the 35th floor. There will be about 700 units per tower for the North towers. Target completion for North Tower A is first quarter of 2018. In North Tower B, the 24th to 34th floors or a total of 10 floors are set aside for the serviced apartments.
Like the East towers, the North towers offer studio units and one-bedroom units. The prices in the new towers start at P3 million for the regular units while those intended for serviced apartments are priced higher.
Pestaño described the serviced apartments as a premium type of condo ownership.
“Serviced apartment is meant for investment,” she said. “(Unit owners) in our service apartment program can get 8 to 11% potential ROI per annum.”
Pestaño added: “It (serviced apartments) will be managed by an international hospitality group and marketed worldwide.”
Grand Land Inc. partnered with Dusit D2 to manage the serviced apartment units. Dusit D2 is the contemporary hotel brand of Dusit International.
The units for serviced apartment are double the normal size of a studio unit, hence higher in price. Rate starts at P8 million.
Pestaño said the service apartments will have a separate lobby and a separate elevator.
Guests at Grand Residences’ serviced apartments could expect a personalized experience, spacious living, and value for money that’s comparable to living in a home. It’s like living in an apartment that has a 24/7 concierge.
Pestaño said that serviced apartment is more long term than condotel. “Minimum stay for serviced apartment is one week. You could book a stay for a month, six months or a year. With condotel, the stay is per night.”
Hotel occupancy growth
With Cebu being positioned as an international destination, Pestaño said they see growth in hotel occupancy.
“The expansion of the airport (Mactan-Cebu International Airport) signifies Cebu is positioned as an international destination. There will be about 12.5 million influx of tourists and Cebu lacks hotel rooms,” said Pestaño.
The serviced apartments of Grand Residences will then be able to cater to guests staying in Cebu for a longer term. It is targeted to open by 2022.
Grand Residences Cebu sits on a 3.2 hectare property. Of this, 1 hectare will be converted to a commercial complex. “Our concept is live, work, and play,” said Pestaño.