Developer RCL Realty and Consulting Services Inc. has tapped global hotel brand Dusit International to operate a condotel development in its mixed-use resort residences project in La Union.
The condotel to be named dusitD2, will be situated on a 7,500 square meter lot within the 7-hectare Waves Beach Club and Residences in San Juan, La Union.
In an interview following the agreement signing for the project on Thursday, RLC Chairman and CEO Fausto Liriano told reporters that the dusitD2 development would be part of the second phase of the development of the Waves project.
Last June, the company launched phase one of the development, which involves the construction of the Villas or the house and lot packages.
Liriano noted that the firm plans on spending around P1 billion for the development of the second and third phase of the project.
“The entire development from the beach front is 2.5 hectare, which 7,500 square meter will be the dusitD2 hotel and the rest will be condominium for residential services. For the entire beach front, what we are expecting to spend is P1 billion,” Liriano said. “For dusit [D2], we will be spending around half a billion. From P400 million plus to P500 million and likewise on the condominium [Phase 3].”
Phase three of the project is composed of a condominium and beachfront apartments.
“It’s an average of 88 condominium units, average of 70 square meters per unit, and there will be clusters of 40 units of exclusive beach front apartments,” Liriano said.
In contrast, dusitD2 is targeted to offer 114 to 150 units that are an average of 38 square meters and will come fully furnished. Price points for the hotel units are still undetermined, according to Liriano.
“The average for the condotel, we are not so sure yet because we are still working on permits and we are working with Dusit on the standards—we have to comply with their standards. But we believe that it will be an average of P7 million,” Liriano said.
The hotel is targeted to open by 2019, while groundbreaking is set to happen by November of this year.
“We will hopefully do groundbreaking by November. Between November to first quarter of 2017, we are starting construction,” Liriano said.
Dusit International chief operating officer Lim Boon Kwee expressed his optimism for the partnership.
“The resort is a first-of-it-kind in the area, and we are pleased to be partnering with RCL Realty and Consulting Services Inc. and Brighteam Corporation on this project as they are also known for delivering high quality developments. We are confident that they will be able to help us realize our plans for a resort that offers the distinctive combination of comfort, convenience, technology, and warm gracious service that the dusitD2 brand is world-renowned for,” Kwee said.
WAVES will be developed under a joint venture between RLC and developer Brightbeam Corp., with Brightbeam holding a 90-percent stake and RLC owning 10 percent.