Cebu Landmasters gets SEC ok for rental pool deals
Cebu Landmasters Inc. (CLI) has secured the corporate watchdog’s approval for the proposed rental pool deals of its two subsidiaries.
In a statement on Thursday, the Securities and Exchange Commission said the commission en banc cleared the registration statements of CLI Premier Hotel International Inc. for 180 rental pool agreements and of YHES Premier Hotel Inc. for 263 rental pool agreements.
CLI Premier is a wholly owned subsidiary of the listed property firm. YHES Premier, meanwhile, is under Yuson Huang Excellence Soberano Inc., which is 50 percent owned by CLI.
Rental pool deals refer to investment contracts where a property developer sells or offers units in real estate projects such as condominiums, hotels or resorts to the public.
Under such deals, buyers contribute the units to a rental pool managed and operated by the company or a third-party operator. Consequently, the buyers receive a share in profits earned by renting out the units to third parties.
Condotel offers
CLI Premier Hotel’s rental pool agreements are composed of 132 studio executive units, 47 one-bedroom units and one two-bedroom service residential unit in its Citadines Cebu City project.
Unit owners who have paid their assets in full are already qualified to join the program.
The price tags for each unit are set between P4.9 million and P6.8 million.
The rental pool deals of YHES Premier, on the other hand, cover 180 studio units, 73 one-bedroom units and 10 two-bedroom service residential units for its Citadines Paragon Davao project.
These are eyed for commercial operations by the second semester of next year.
