THE Securities and Exchange Commission (SEC) approved Damosa Land, Inc.’s rental pool program, the first registration under the recently implemented Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT) guidelines, allowing the developer to offer units in its TRYP by Wyndham Samal condotel project as investment contracts while retaining ownership.
In a statement on Tuesday, the commission said the SEC en banc approved Damosa Land’s registration statement for 100 certificates of participation in the project during its meeting last Friday, subject to fulfilling the remaining requirements.
The certificates cover 94 standard units priced at P50,000 each, four deluxe units at P75,000 each, and two suite units at P100,000 each, and are valid for 20 years from the start of operations.
The commission noted that units under the TRYP by Wyndham Samal condotel project will be included in a mandatory rental pool program, where they can be rented out and managed like hotel rooms without transferring ownership.
Issued in July, the SEC RENT guidelines aim to streamline capital raising for developers offering investment returns through rental properties.
Rental pool agreements are investment contracts in which a developer sells or offers units in projects such as condominiums, hotels, resorts, or dormitories, with the condition that these units are placed in a rental pool managed by the developer or a third-party operator.
Damosa Land’s program aims to raise up to P5.2 million to cover pre-operating expenses and provide a financial buffer for the first three months of operations.
According to the company’s timeline submitted to the SEC, the project is scheduled to launch in the fourth quarter of 2025, with construction starting early the following year. Completion is expected by the third quarter of 2028, with operations set to begin in the fourth quarter of the same year.
The TRYP by Wyndham Samal condotel project is located in Barangay Limao, Samal, Davao del Norte. — Alexandria Grace C. Magno
