The Philippines may not be the first country that springs to mind when it comes to property investing. However, the allure of a designer holiday home in a tropical paradise with investment potential may start to give you ideas.
Boracay was voted by Travel + Leisure as World’s Best Island in 2012. Its main pull comes from its pristine beaches, its compactness and accessibility, as well as vibrant nightlife. Designed by prestigious London-based yoo studio, Aqua Boracay by yoo is situated on the beautiful Bulabog beach within walking distance to White Beach and D’Mall, the island’s main shopping and commercial district.
With beachfront access, the open-plan apartments feature floor-to-ceiling glass doors, wrap around terraces, and a colour scheme of natural whites and earth tones that give a modern, island feel, while incorporating furnishings by local designer Vito Selma, who uses locally sourced wood to carve pieces with geometric lines. Sold out in its first two phases, phase 3 apartments are currently for sale. Phase 3 completion is scheduled for December this year.
Primarily geared toward Asian-based investors, these luxury residences will also be available for vacation rental for short or long-term stays. Rental yields are expected to range between 6 to 8%.
The apartments can be leased out by the management company when the owners are not in the residence. “This allows owners to invest in a place as a vacation home without the concern and hassle of finding tenants and earn income while they are not in the residence,” said Aqua Boracay CEO Marco Biggiogero.
Boracay’s Kalibo International Airport currently serves direct flights from Hong Kong and Singapore, but the island’s other airport Caticlan is undergoing expansion for a new terminal, expanded runway and upgraded commercial facilities. Due for completion in 2016, it will be able to receive large international flights from more major Asian cities.
According to official Philippines tourism records, the highest number of tourists who go to Boracay come from Korea, closely followed by mainland China. With the expansion of Caticlan Airport (which is already the Philippine’s 7th-busiest airport), traffic figures are expected to reach up to 3 million visitors in 2015.
Mr. Biggiogero said, “Boracay lacks a supply of luxury accommodation for travellers. We believe that this project will help meet the demand and we are confident that the hotel’s business will benefit from the airport’s expansion and the strong demand for high end accommodation.”