Damosa Land, Inc. is set to roll out its condotel rental pool program after securing approval from the Securities and Exchange Commission (SEC), becoming the first issuer under the new Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT) framework.

The regulator said on Tuesday that the Commission En Banc approved the company’s registration statement last 26 September, covering 100 certificates of participation in the condotel project of TRYP by Wyndham Samal, subject to its compliance with remaining requirements.

The certificates, valid for 20 years from the start of operations, cover 94 standard class condotel units priced at P50,000 each, four deluxe class units at P75,000 each, and two suite class units at P100,000 each.

All units in TRYP by Wyndham Samal will be enrolled under a mandatory condotel rental pool program. 

Each unit will automatically be included in the rental pool upon purchase, allowing it to be marketed, rented, and managed as hotel accommodation without transferring ownership.

The rental pool arrangement is projected to generate as much as P5.2 million, which will fund pre-operating expenses and provide a buffer for the first three months of operations.

Located in Barangay Limao, Samal, Davao del Norte, the project is slated for launch in the fourth quarter of 2025, with construction beginning in the first quarter of 2026. Completion is expected in the third quarter of 2028, followed by its opening in the fourth quarter of the same year.

SEC RENT, under rules issued in 2024, streamlines how real estate firms register rental pool agreements, where buyers contribute their units for leasing and earn a share of rental income.