MANILA, Philippines - After the street party on Wednesday night to celebrate his inauguration, President Benigno "Noynoy" Aquino III will head back to the family residence on Times Street in Barangay West Triangle in Quezon City.

But Aquino will move to Bahay Pangarap as soon as the one-bedroom resort-like villa is modified to allow staff to also stay with the president.

Presidential spokesman Edwin Lacierda revealed this on Wednesday afternoon following the first Cabinet meeting of the new Aquino administration.

Bahay Pangarap is located inside the Presidential Security Group compound in Malacañang Park right beside Pasig River. It is just five minutes away from Malacañang Palace.

Previously used by former President Gloria Macapagal Arroyo as a venue to welcome special guests, Bahay Pangarap has a swimming pool and is near the presidential golf course.

It was first constructed in the 1930s as a recreation hall under President Manuel Quezon's administration. Bahay Pangarap was remodeled in succeeding years, the latest of which was done 2 years ago by Architect Conrad Onglao.

Earlier this month, Aquino's new Executive Secretary, Paquito "Jojo" Ochoa inspected Bahay Pangarap. (See story here).

Aquino earlier said he does not want to live in Malacañang Palace as it is too big for a bachelor like him.

Neither does he want to stay at the Arlegui mansion for the same reason. The Arlegui mansion located near Malacañang Palace was where his mother, former President Corazon Aquino, and the family stayed while she was in power.

To provide the President security while he stays at the Aquino residence on Times Street, the Presidential Security Group will put up checkpoints on the streets around Times. The Philippine National Police will also provide security.