Property developer Ortigas & Co. has entered the hospitality business with the launch of The Cirque, a 55-unit serviced residences business carved out of its master-planned mixed-use community Circulo Verde that straddles Quezon City and Pasig.
Ortigas has teamed up with Hospitality Innovators Inc. (HII), a 15-year-old local hotel and property management company, to manage these serviced residences, offering one-bedroom (46 to 51 square meters) and two-bedroom units (67 to 69 square meters).
As an introductory offering, serviced apartments at The Cirque are priced starting at P4,800 per night and up to P7,000 per night for the two-bedroom units. But the most popular units are the one-bedroom lofts currently priced at P5,800 per night. Longer-term occupancy of a one-bedroom unit is estimated to cost between P45,000 and P50,000 or lower for corporate accounts.
“It’s a key part of what Circulo Verde is putting together to sort of provide a more compete package to customers in this area,” Ortigas senior vice president and chief operating officer Thomas Mirasol said in a press briefing on Friday.
Seeking to diversify its product range and upbeat on rising demand for serviced residences in the metropolis, Ortigas – a partnership among property giants Ayala Land, SM Prime and Ortigas groups – plans to launch more serviced residences as a component of its other estate projects.
Mirasol said that for estate developers, having a hotel or serviced apartments would always add value to the complex. “There’s always a population that’s transient, whether for business or pleasure.”
In the metropolis, Mirasol said demand for hospitality space was driven by the rise of the business process outsourcing (BPO) industry – a business that requires a lot of long-term travel – alongside a growing tourism industry and a “staycation” boom.
Luis Monserrat – founder and CEO at HII which currently manages 1,400 hospitality units in around 15 properties inside and outside the metropolis – said The Cirque would target both corporate business travellers and the leisure market.
“We we think that Circulo Verde development makes for a very very exceptional and unique staycation experience,” Monserrat said.
“Aside from the stylish units, business travelers will also appreciate the breadth of amenities that The Cirque has to offer in a private and self-contained environment, with an array of dining, fitness, and lifestyle options. The Cirque is also tailor-made for great staycations. Families and leisure travelers have the chance to make their beloved pets a part of the experience. Unique amenities such as the Hachi Dog Park and pet hotel & spa make all this possible. Bike aficionados will also love The Bike Playground, another unique amenity of the property,” Monserrat said.
On the corporate side, there are about 110 enterprises within the 1.5-kilometer radius of this estate comprised of manufacturing, distribution, machinery and equipment, logistics and BPO entities, he said. “It’s a target rich environment,” he said.
The Cirque will have its soft opening on Oct. 8.
Launched in 2009, Circulo Verde is a 10-hectare masterplanned estate along Calle Industria. It currently has four occupied residential towers and one nearing completion. Industria serves as the estate’s retail component, which houses a mix of establishments including concept cafés, restaurants, and a co-working space.