The Leaf unfolds at Timberland Heights
By Ted P. Torres (The Philippine Star) | Updated April 4, 2014 - 12:00am
MANILA, Philippines - Filinvest Land Inc. (FLI) has launched its latest property development – a condotel project – right at the heart of Timberland Heights in San Mateo, Rizal
The Leaf is a condotel development that would offer a total of 96 condominium units when completed.
Each condotel unit has a unique panoramic view of three provinces – Laguna, Bulacan and Rizal – as well as Metro Manila.
A typical unit has a floor area of 31 square meters, with standard hotel-type rooms.
Initially, FLI will be charging P3,600 to P3,800 per unit per night for rentals. By the third quarter of the year, four units will be available and the rest will be rolled out as they are completed.
However, the property investment is even more attractive.
An investor can shell out up to P4.2-million per unit, which will go to a rental pool composed of all The Leaf investments. The units will, in turn, be rented out like hotel rooms in a resort.
Filinvest Land senior vice president and northeast cluster head Francis V. Ceballos said another advantage is that the Timberland Sports and Nature Club management will supervise the maintenance and rental arrangements.
Leaf condotel unit owners will have a viable rental pool agreement, which guarantees the steady flow of rental income for all. Filinvest will likewise market all the units to ensure the profitability of The Leaf.
“A careful rental income allocation will be set in the rental pool agreement, with each unit credited a percentage of its own rentals, while a balance goes into the earnings pool,” Ceballos said.
An estimated annual income of P70,000 to P250,000 could be made per unit.
The FLI official added that when room occupancies are strong resulting to good revenues, the room rental pool revenues will cover the annual owner’s expenses which include condominium dues, club membership dues, real property tax and insurance.
Condotel owners are guaranteed a 14-day free leisure vacation use of the unit within a year to enjoy its amenities.
Unit owners also have the privilege to use the sports and nature club, which has a pool, basketball gym, and other multi-purpose gym functions.