Mandani Bay developers earmark P12B for phase 2
Hongkong Land and Taft Properties, the developers of Mandani Bay, will spend P12 billion to develop the second phase of the 20-hectare mixed-use development in Mandaue City.
Gilbert Ang, project director, announced in a press conference the earmarked capital expenditure is intended to develop the second phase four-tower Mandani Bay Quay, launched on Tuesday.
Company officials reported a fast uptick in sales of residential units of the development's phase 2.
Three of Mandani Bay Quay's four towers are residential buildings while the fourth is designed as an office tower.
Ang said about 50 percent of the buyers of Mandani Bay are investors while the remaining half are also end-users.
The demand for luxury residential properties in Cebu is reportedly rising.
Mandani Bay Suites, the development's phase 1 launched in May 2016, is expected to be completed by 2020. All its units had already been sold out.
Singapore’s Marina Bay builder Hongkong Land and Cebu developer Taft Properties are building the P130-billion waterfront township in Mandaue City.
The 20-hectare development will have residential areas, a marina and boardwalk, a green promenade, retail storefronts and a commercial strip.
The multibillion-peso Mandani is a 10 to 15-year township development which will have roughly 10,000 residential units once fully completed, previous reports indicated.
The entire township itself would be 15 years in the making.
Hongkong Land is the developer behind the gamed developments across Asia such as Jakarta’s World Trade Center, Hong Kong's Central Portfolio, Macau China's One Central and Singapore’s Marina Bay Financial Center.
Taft Properties is the real estate arm of the Vicsal Development Corp, behind the Metro Retail mall chain.
Taft is also currently developing Cebu’s tallest condo development, Horizons 101, and Taft East Gate.
Meanwhile, property consultancy firm Colliers International had noted a rising demand for luxury condominiums in Cebu driven by high-spending tourists and executives working here.
Luxury three-bedroom condominium units in Cebu are enjoying high occupancy rates due to continuously growing interest in the city as a key investment destination, Colliers said.
The property consultancy firm said much of the demand for luxury residential units is attributed to high-ranking local and foreign executives employed by Cebu’s burgeoning outsourcing and industrial sectors.
"High-spending foreign tourists and retirees also contribute to the sustained take up. Aside from their strategic locations, luxury condominiums in Cebu continue to enjoy high occupancies due to their hotel-like amenities and proximity to beach resorts and other tourist destinations," Colliers had cited in the report.