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COLIVING: Affordable Rents. The GRID and PULS

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COLIVING: Affordable Rents. The GRID and PULS

 

Hi! I'm new here and this is my first post.

I was wondering--why aren't there more developers in Metro Manila doing what PULS (Philippine Urban Living Solutions) is doing? 

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Hi Kicker.

Maybe you can explain more about what PULS are doing.

Have you lived in one of their properties?  What sort of rents do they charge?

Are they building new buildings, or redeveloping older ones?

(added, in edit):

Philippines Urban Living Solutions | PULS / "My Town"

    Philippines Urban Living Solutions, Inc. (PULS) is a leading owner, developer, and manager of purpose-built young professional housing in the Philippines.

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    PULS opened its first building in 2013 and currently owns and manages five buildings with over 1,000 beds. All buildings are operating under our MyTown rental brand.

    Catering to an underserved demographic

    Young professionals as a demographic is relatively new in the Philippines and developed mainly on the back of the boom in the Business Processing Outsourcing (BPO) sector. According to the IT BPO Association of the Philippines (IBPAP), 1.2 million Filipinos were directly employed in the BPO industry at the end of 2015, up from 101,000 in 2004.

    The infrastructure for this group is still developing and no large-scale facility currently exists to provide quality affordable housing to this demographic.

    Providing affordable rental housing

    PULS research shows that most young professionals in the Philippines live in sub-par housing and commute for hours every day. Because of seasonal traffic congestion and increasing structural traffic congestion, this commute is set to worsen. As a result, the market for rental places is growing as it makes sense for people to move closer to their office than go through Manila traffic on a daily basis.

    PULS Manila Office
    1244 Jacinto St., Brgy Guadalupe Nuevo,
    Makati City

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    THE GRID = An Affordable Dorm with hotel-like Amenities is being built in San Antonio/Makati

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    Common Lounge at the Grid

    The Grid is a project of First Georgetown Ventures Inc / a Philippines company, located in 7/F United Life Bldg., 837 Arnaiz Ave., Makati City

    Dormitel breaks ground in Makati CBD

    A new dormitel at the Makati Central Business District (CBD) was launched recently by First Georgetown Ventures, Inc. (FGVI), a wholly-owned corporation founded by McDonald’s Philippines founder and chairman George Yang, and property consultant Santos Knight Frank (SKF).

    FGVI and SKF officials held the groundbreaking for the Grid, a 10-storey co-living space and commercial center that is targeted towards young professionals and students who are looking for a more affordable alternative to renting condominium units within the vicinity of Makati City.

    “This landmark development arrives at no better time at the CBD where key demand drivers such as BPOs, financial services, universities and many other industries are expected to grow and expand throughout Metro Manila,” noted Rick Santos, chairman and CEO of SKF, the entrusted sole leasing agent and project manager of the Grid.

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    The project is a result of FGVI’s vision to cater to the growing demand for co-living spaces by those who want to relocate in the city for convenience. The Grid features hotel-like amenities and offers 560 beds spread across 200 units which are configured in solo, triple, and quadruple product offerings. Seven commercial units are situated in the first two floors of the building.

    “Our concept for The Grid is to provide something familiar but new. We achieved this by integrating hotel-like amenities in a dormitory setting. We are confident in the co-living space market trend because it is the next viable option serving as middle ground between the traditional dormitory and condominium,” said Kris Yang, president of FGVI.

    The Grid offers ample room space and privacy for the self, as well as dedicated spaces for social interaction. The hotel-like amenities include a lobby, study area and a lounge, a fitness gym, lap pool, an al fresco area and an open deck.

    Alvin Fernandez, senior director of investments and capital markets at SKF shared good prospects for the co-living space market according to a market study that the global consultancy firm has conducted in the property landscape of Makati City.

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    “Right now this scheme is medium scale, with more or less 200 to 300 units (translated to about 600 to 700 beds) per development. We are forecasting this number to triple in the next 2 to 3 years. Many investors are actually eyeing their own co-living space concept,” said Fernandez.

    Abesamis + Guerrero Architects led the design of The Grid which is distinctly young, hip, and urban – imbibing the qualities of its future tenants. The Grid’s structural steel framework is exposed, enveloping the tower’s podium and this will serve as the building’s sun shading, while creating an interesting and unique facade. A light well runs through the building’s central core, providing natural light and ventilation for the residential units which will all have their own window. Steel, brick, and wood are introduced as the main materials for the project.

    http://conceptnewscentral.com/index.php/2018/10/04/dormitel-breaks-ground-in-makati-cbd/

    > Press Article: https://www.pressreader.com/philippines/manila-bulletin/20181016/281964608686253

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    The Grid, Location

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    3-4 minutes walk from TechZone

    Exclusive Agents: Santos Knight Frank

    Construction of GRID, a new #coliving space at the #Makati Central Business District, is now in full swing.

    First Georgetown Ventures, Inc. has appointed Santos Knight Frank as the sole #leasing agent and project manager for the 10-storey coliving space and #commercial center which targets young professionals and students. The Grid features #hotel like amenities and offers 560 beds spread across 200 units which are configured in solo, triple, and quadruple product offerings. Seven commercial units are situated in the first two floors of the building.

    For inquiries, contact Alvin.fernandez@santos.knightfrank.ph

    (UPDATE , Late Nov.2021 - the website shows pricing - pretty high!)

    With over 200 co-living spaces, THE GRID also offers shared spaces to unplug and interact with other residents.

    For Lease only. Both Dormitory and Commercial Center.

    Total 208 Units 592 Beds

    Rental Rates, Residential          (per Bed)
    Solo -  1 Bed.  : P 15,000 / unit,  P15,000
    Triple- 3 Beds : P 22,500/ unit ,  P 7,500
    Quad- 4 Beds : P 28,000/ unit ,  P 7,000
    Residential Quad
    Suite- 4 Beds : P 30,000/ unit ,  P 7,500 

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    Chicago investor who likes Coliving as an investing area

    MAKING BIG MONEY in Real estate.  I liked Quintin's positive attitude, which helped his success. From Failure to $14B with Quintin E. Primo III

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    In this episode, our host, Denise Silber, takes a deep dive into Quintin E. Primo III’s life in business, from his success as a young HBS grad at Citibank to the collapse of his first entrepreneurial venture and finally to executing $14 billion in real estate transactions.
    LISTEN TO THE PODCAST

    > https://www.harvardae.org/podcasts/2021/05/05-from-failure-to-14b-with-quintin-e-primo-iii

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    the MATHS of Coliving - Some formulas

    Right!  This guy brings some MATH into his calculations.  If I get round to looking at an actual investment, I might want to try his formula

    How to convert multifamily buildings to COLIVING and increase returns

    His Formulas:

    + Window space matters:  10 feet of window space for each bed

    + Corners reduce maximum BR's

    + Bed to Bathroom ratio, should not exceed 3:1

    + Revenues Do not scale directly with number of bedrooms, because higher density will bring lower rents

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