Ground breaking for 110 Benavidez are From Left: Lito Montinola, Keyland president; Arthur Gindap, Ascott Regional General Manager; Ed Pinga,project development head; and Architect Jojo Tolentino, Aidea Philippines President
The area so near Greenbelt and AIM in Makati gets a shot of modernity with 110 Benavidez. This building will be a glimpse of the future in the area that will incorporate the current and future needs of the business district.
|110 Benavidez, Rising in Legaspi Village, Makati City|
A partnership between Keyland Corporation and Ascott Unlimited of Singapore brings a synergy between one of the youngest boutique real estate developer Keyland Corporation and Ascott Limited, the world’s leading operator of serviced apartments with its three brands: Ascott, Citadines and Somerset spread in 100 cities in 25 countries.
The exterior of the building is designed to impress even from a distance. It’s a glass-cladded 32-story structure that’s designed by the architectural firm AEDAS, one of the designers of Marina Bay Sands in Singapore, and Aidea Philippines, one of the country’s most recognized architectural practices.
But the core of the building is the business model it presents. The P1.2-billion condominium will be the new Citadines Makati and buyers have an option to choose between two kinds of units — as an investment wherein the unit becomes part of Citadines and is rented out to mostly long-staying corporate clients, or as a private residence.
At the groundbreaking event two weeks ago, Keyland president Lito Montinola says that of the 209 units, 160 will be sold as serviced residences and the remaining as private residences.
“If you’re a typical condo investor, what do you do when the unit is turned over to you? You furnish it and rent it out, minsan wala ka pang tenant, so you worry about it,” Lito says. “Or you have a tenant but you’re still responsible for its repairs and maintenance. With 110 Benavidez, when you buy a serviced residence, it’s practically worry-free. Citadines will take care of running it. On a regular basis, you get your dividends. It’s like renting the property out but someone else is managing it.”
|Keyland President Lito Montinola|
Keyland is considered as new player in the real estate sector in the country, having only been in existence for 5 years but has made a large imprint in the said sector , but in that short amount of time, they have developed office buildings in the country’s leading CBDs — in Makati, Ortigas and Alabang — as well as mixed-use and residential condominiums such as Signa Designer Residences in partnership with Robinsons Land Corporation.
“We have carefully chosen design and project development partners who are renowned for their landmark projects,” Lito says. “They all share our mission of building a sustainable, secure and bankable real estate product where investors and residents can enjoy hassle-free living.”
Initially, the plan was to build “just another condo” and sell it. “But we thought, how do we position ourselves in the market? There are serviced apartments here, but they’re not for sale. So we thought, maybe we can do serviced residences for sale.”
Now, here is where Ascott Limited comes in. From the beginning, Lito felt that Ascott would be the right partner. “First, it was the quality of the properties that Ascott runs. Second, I observed their operations. Serviced residences are their core competence, so why bother running it ourselves? From day one up to when we were discussing the commercial terms, it felt right to partner with Ascott.”
Ascott Limited regional general manager Arthur Gindap says, “For our part, I did my due diligence before making a recommendation to our principals in Singapore. The first time I was introduced to their properties was at a groundbreaking event for one of their developments, then I saw a residential property they built in Alabang. Keyland’s a small but very nimble company, they make decisions fast and they make them right. What Ascott brings to the table is our name, our expertise and that immediately puts a premium to the building. The business model of 110 Benavidez is something unique to Makati and there’s no doubt it will be successful…and you know others will follow.”