“We do everything we can to promote our business in this tough economic time,” Vestcor Ltd. on Capital Hill said.
According to the company, most of its tenants have already left the island and finding new ones “seems to be challenging.”
Its management continues to try to promote the apartment business, including “decreasing rentals even if they’re not proportionate to the cost of services we offer.”
What matters now is getting more tenants, management said.
Asked if business is still good, the company said: “Yes so far but not compared to the previous year, which was a better year.”
Other big apartment businesses on island such as Hiro Corporation and Kannat Gardens said they are also in the same situation and are trying to get more clients through special promos.
“Our business is in good condition for this time,” Susupe Terrace Apartment’s Vivian Cruz said.
But due to the economic situation she is not sure how businesses can remain in good shape for long.
Besides reducing their rates, she said they are also ensuring that they offer good services to their tenants.
“What we get from the tenants is just enough to pay for the mortgage,” she said. “I need to pay [the mortgage] or else I will lose this business which was passed on to me by my parents.”
She said she is hoping that the economy will get better.
