Young man has novel condotel project

This driven 23-year-old goes for minimalist black-and-white design, but has aggressive, maximalist approach to real estate

By: Alex Y. Vergara
Philippine Daily Inquirer

Gabriel “Gab” Perez, 23, is a young man in a hurry. As founder, president and CEO of Green Asia Real Estate & Development, the Ateneo management economics graduate doesn’t seem to be letting anyone or anything get in the way of his pursuit to be a real estate mogul.

The youngest in a brood of three, Perez is almost singlehandedly orchestrating the funding and construction of the family-owned Angelica Manor—an eight-story, 65-unit condominium building in Pasig. He has proven himself to be an inquisitive and forward-thinking newbie. But at the same time, he has no qualms about admitting that he’s also a creature of habit.

“You’re the third person this week to notice my cell phone,” says the eligible bachelor good naturedly, referring to his Nokia 6303. “What’s wrong with it? It’s not a smart phone, but it does the job quite well. It even comes with a camera. Anyway, all I need to do is call and text.”

We’re also not the first person, says Perez, to tell him that we expected someone young and supposedly hip like him to carry around the latest iPhone. He says he’ll give Steve Jobs’ favorite gadget a thought.

He may not be that into gadgets, but the tall Perez is a natural when it comes to fashion. He says he shops for clothes here and abroad only when necessary.

Savoring traveling

He savors traveling abroad, especially to Europe, basically to get ideas for his future projects, one of which is a condominium hotel named Privato. Located also in Pasig, the project recently broke ground.

Despite his seeming nonchalance about fashion, his efforts show in his choices as well as the mix of high and low brands he wears: Tod’s driving shoes, Hermès black leather belt, dark gray blazer with gingham collar detail by Randy Ortiz, Tyler gingham shirt, Louis Vuitton Damier Graphite billfold and dark Defacto Industries denims.

The same expensive but no-frills approach to fashion extends to his choice of furniture and interiors. His 60-sq m condo unit at the Angelica Manor is, as Perez describes it, clean, linear, crisp and stark due mainly to his decision to limit the color scheme to black and white.

Angelica Manor, named after his mother, a doctor, is almost fully occupied less than a year after it was finished. Perez flew the coop fairly recently, but he’s open to the idea of moving back to the family’s Quezon City home to be with his empty-nester parents. His two older siblings are married.

“It’s a special unit consisting of three bedrooms, living room and kitchen,” he says of his Pasig digs. “I got the entire front area, which didn’t require the merging of units or knocking down of walls. I knew from the start that I would do a lot of entertaining, so I made sure I incorporated open spaces into the design.”

While not a few people take a lifetime to find their niche, Perez says he knew what he wanted to do even before finishing college. To his dad’s relief, he didn’t parlay his stint as a student council officer into a career in politics.

“Since I was quite active in campus politics, going into politics was my original plan, until I interned at Discovery Suites Hotel and Sta. Lucia Realty,” he says. “That was when I decided to pursue real estate.”

He narrowed his choices between construction, an area familiar to his dad, an engineer who does occasional projects for the Department of Public Works and Highways, and real estate. Soon enough, he opted to focus on the latter, and eventually founded Green Asia two years ago.

“Making roads isn’t my passion,” he says. “I can’t imagine myself going into the food business, either. I don’t want to deal with perishables. Real estate, which involves the entire process of choosing a location and building design, excites me. I like things that are tangible. I like to see things rise.”

He’s also glad he took up business administration instead of civil engineering. He continues to hone his business skills by taking up graduate studies in entrepreneurship also at Ateneo.

“On hindsight, by not taking up civil engineering, I saved myself from all the math,” he says with chuckle. “I think my passion for building is innate, but the skill is something that’s nurtured. I’m not ashamed to ask questions, to learn the ropes. I figured I could pull it off as long as I know how to end it.”

Buckling down to work

After securing a loan, Perez buckled down to work on Angelica Manor. It helped, he admits, to work with the best people in the business. He scoured Metro Manila in search of the best, most reasonably priced materials.

There were times he had to haul off sample materials in his car.  Since he was having so much fun learning and discovering new things, he never thought of it as work.

But rather than embark on the project blindly, he also did his homework. He read up and validated his knowledge by asking the right people, even bureaucrats he dealt with while securing permits and other pertinent papers.

“After accompanying me during the initial meeting while we were planning Angelica Manor, my dad felt I could do it myself,” he says. “I was basically on my own after that.”

Whereas Perez directly sold condo units at Angelica Manor to interested parties, he plans to employ a different marketing approach to appeal more to investors, balikbayans and retirees with extra cash for Privato. He will still be on top of the project, but perhaps not as hands on as he was.

“You’re not just a unit owner when you buy a condo unit at Privato,” says Perez. “Since it’s a ‘condotel,’ you also buy a share in the hotel operations. We will operate the hotel, and every month you get a share in the earnings, whether or not your unit is occupied.”

Unlike buying a condo unit, investing in a condotel saves you from all the headaches that come with maintenance. Since a management arm would be running Privato, you’re also spared from dealing directly with hotel guests. You or your friends can even use the room for free for 15 days a year.

“The 15 days can either be staggered or used continuously,” says Perez. “And unlike in other condotels, you can transfer the privilege to visiting friends and relatives from abroad. The arrangement is quite ideal because most of our investors have homes in Metro Manila anyway.”

You’re also spared from paying huge association dues. And the best part is you’re not stuck with a non-performing asset should no one occupy the room. That isn’t the case with a condo unit, which you have to rent out continuously to help you maximize your investment.

“In other words, you earn without even lifting a finger,” says Perez. “Once you’ve invested in Privato, your investment keeps on earning income for you. We in Green Asia call it the art of investment.”