C-5 Mansion inks deal with Novel Residence for Aspen Hotel

MANILA, Philippines — Property developer C-5 Mansions Development Corp. has entered into an agreement with Novel Residential Concepts Inc. for the sale and long-term lease arrangement for the new Aspen Hotel project within the Ridgewood Towers Premier located near Bonifacio Global City (BGC) in Taguig City.

Under the memorandum of agreement signed by the parties, C-5 Mansions general manager Alfonso Keh said Novel has committed to purchase all the 186 units of Aspen Hotel which will occupy the 14th to 19th floors of C-5 Mansions’ Ridgewood Towers Premier project.

Novel will then sell these units comprising of one-bedroom and two-bedroom suites to long-term investors at a price starting at P3.5 million, covering the unit price, fit-out cost, title transfer and miscellaneous fees. 

As the units are under Aspen Hotel, investors or buyers are guaranteed a minimum six percent per annum rental rate, based on the total unit cost, to be paid out semi-annually. 

Investors can earn more from the unit and get up to 12 percent return per year, if the hotel registers high occupancy rates. 

“Given that fixed bank time deposit interest rates are hovering at around four percent, we believe that our offering of a guaranteed rate plus our initiative of bonus rates after a strict occupancy auditing process makes Aspen Hotel a strong case for investors to stay way ahead of inflation,” Novel president Roberto Alvarez Jr. said. 

Novel is looking at charging a daily rate of P3,500 for the rental of the one-bedroom unit once the hotel opens in 2022.

“Currently, the long stretch of the main C-5 Road from the South Luzon Expressway side in Taguig City all the way to BGC up to the Quezon City side hardly host any hotels for the convenience of tourists and business travelers. Aspen Hotel obviously fills in a big gap in the market and will cater to businessmen, expatriates and Filipino families starting in 2022,” Alvarez said.

He said while the rate for the one-bedroom unit may change depending on market conditions when the hotel starts operating, the company is confident the target market would enjoy the affordability of Aspen Hotel compared to others in and near the BGC areas.

Aspen Hotel which is under construction, will host a private lobby, all-day restaurant and function rooms.

It will likewise have other facilities such as a lap pool, gym, kiddie playroom, private theater or game room and sky garden.