Once the country’s premier shopping and entertainment destination, Cubao was overtaken by Makati in the 1980’s.

Currently, Araneta Center, Cubao’s commercial hub is undergoing a rebirth with so many modern developments taking shape therein. All these are meant to bring the place back to its former glory.

One thing Cubao is well known for are the various modes of transportation in the area – the confluence of the MRT 3 and LRT 2 at the intersection of EDSA and Aurora Boulevard and the various bus and FX terminals plus the availability of so many taxis and jeepneys that puts one at the center of important destinations both near and far.

Adjacent to Araneta Center at the corner of P. Tuazon Boulevard and 14th Avenue is Portovita – a 26 story, two tower, mixed-use commercial, condotel and residential condominium development by Goldland Group of Companies. Founded in 1987, the company boasts of several condominium and townhouse developments in its portfolio.

See the satellite map below to see the location of Portovita. It’s on the lower right portion of the frame. Move your cursor over it and the other buildings and they will light up in yellow. Click them one at a time and you will see their descriptions. To see the streets, mouse over Map Type and choose Google Hybrid.

Around 20 to 25 percent complete, Portovita’s north tower’s 2nd to 17th floors will be dedicated to condotel units. The 18th floor up to the penthouse will be for residential units. The entire south tower, on the other hand, will be solely for residential use and will have a total of 314 units. There will be a total of 679 units for both towers including 20 commercial units.

Whereas prices of nearby condominiums in Araneta Center range between P95,000 and P100,000 per square meter, units at Portovita are currently priced at P75,000 per square meter. Thus, a 40 square meter unit in a nearby condominium will set you back between P3.8 and P4.0 million while the same sized unit at Portovita will cost you just P3.0 million. (Note: there will be an 8% increase on August 1, 2011)

What is a condotel and what are its benefits to the unit owner?

1. A condotel is a concept in development wherein the person who owns a unit gets to enjoy or use it for a certain number of days in a given year and earns income from it the rest of the year when it is operated and rented out to others like a hotel.

In the case of Portovita, a unit owner can use his unit for 15 days a year during the first 7 years. After the lapse of 7 years, he has the option to renew the contract for his unit to remain as a condotel or he may choose to take full control of the unit by permanently living in it or renting it out under his own price and terms.

2. Aside from earning income by having his unit rented out like a hotel, he will be required to pay association dues for just one year – on the first year of the condotel’s operation. From the 2nd to the 7th year, the maintenance and upkeep of the unit shall be for the account of the hotel operator. Payment of association dues will restart if the unit owner chooses not to renew the contract for his unit to remain as a condotel.

3. A condotel unit will also come complete with appliances, furniture and fixtures, lighting fixtures, airconditioning units, mirrors, drop ceiling, closet and dresser, keycard lockset, curtains, beddings/pillows, linens and coffee set. Said items are not included in residential units.

Two-bedroom unit at North Tower’s CONDOTEL ZONE, 41.25 square meters

Studio unit at South Tower, 21.75 square meters

Two-bedroom unit at South Tower, 45.25 square meters

Two-bedroom unit at South Tower, 43.50 square meters

If you want to take advantage of this opportunity to invest in a project that defines affordable luxury in the heart of Quezon City, use the Contact Form above so I can tell you more about Portovita. Or, you may get in touch with me via 447.6328 or through 0929.609.7142.

Thank you so much.

Jun Sanchez
Real Estate Broker
PRC Registration Number 4562