Philippine Securities and Exchange Commission clears Damosa Land rental pool program as first registration under SEC RENT

The Philippine Securities and Exchange Commission has considered favorably Damosa Land, Inc.’s condotel rental pool program, making it the first securities issuer to successfully register under the SEC’s streamlined guidelines on Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT). The Commission En Banc resolved on 26 September to render effective the company’s registration statement covering 100 certificates of participation in the TRYP by Wyndham Samal project, subject to compliance with remaining requirements. Valid for 20 years from the date of operation, the certificates cover 94 standard class units with an offer price of PHP 50,000, four deluxe class units at PHP 75,000 each, and two suite class units at PHP 100,000 each. The project will operate a mandatory rental pool program under which units are automatically included upon purchase and may be marketed, rented, and managed as hotel accommodation without transferring ownership; the arrangement is expected to gross up to PHP 5.2 million to fund pre-operating expenses and provide a buffer for the first three months of operations. TRYP by Wyndham Samal, located in Barangay Limao, Samal, Davao del Norte, is expected to be launched in the fourth quarter of 2025, with construction starting in the first quarter of 2026, completion in the third quarter of 2028, and opening in the fourth quarter of 2028. SEC RENT, implemented through SEC Memorandum Circular No. 12, Series of 2024, streamlines registration for real estate firms selling or offering investment contracts through rental pool agreements where buyers contribute units to a managed pool in exchange for a share of rental profits.