Acknowledging the boom in the construction industry, developer DEI Properties Inc. has rolled out its first dormitory project in Manila.
Tapping an increasingly financially savvy market looking for passive income opportunities, DEI Properties crafted the 15-story dormitory project called Forbes Hall to offer a real estate property investment alternative.
Danilo Ignacio, DEI Properties president said Forbes Hall units are priced from P1.5M upward. Owners have the option to tap the services of the company to undertake lease marketing, rent collection and management of the units, he said.
He said with 71 percent of the units sold, investors can earn an annual rental yield of about 8 percent, higher than other available investment products.
Strategically located at the heart of the University Belt in Sampaloc, Manila, Forbes Hall is poised to serve the more than 200,000 local students and 6,000 foreign students in approximately 15 universities and colleges that are all within one kilometer radius of the project.
With the objective of addressing the current state of low-quality student accommodations in the area, Forbes Hall has been designed to offer high-quality dormitory facilities and amenities within the University Belt.
Each Forbes Hall unit comes fully furnished with three student pods, or SPODs which feature a work station with a chair, closet, drawers, shelves, study lamp, bed night lamp, USB-integrated convenience outlet and a bed on top.
All units also come with wall air-conditioning, an orbital fan, a mini-refrigerator, microwave oven and a LED TV.
To support the student lifestyle, Forbes Hall also has its own study halls where students can do group studies, a student lounge where students can relax, a gym to keep them fit and healthy, a garden for meditation and a half-court basketball court at the roof-deck.
The building also offers free Wi-fi for all tenants since students often turn to the internet to do their research work.
In terms of security, Forbes Hall will be equipped with advanced CCTV cameras and a Key Card Access System to ensure that only tenants will be allowed entry.
Convenience stores and quick-service shops like laundry stores and water stations would be available on the ground floor to serve the students’ requirements.
Ignacio said construction of Forbes Hall is underway and is slated for completion in March 2016.
When asked why the company opted to venture into such project, Ignacio said these kind of ventures are not vulnerable to speculation.