Two of Cebu’s prominent clans—the Lhuillier and Yeung families—have teamed up to develop an upscale three-tower residential condominium in Mactan, a boutique real estate project touted to make a “significant and iconic addition to the Cebu skyline.”
In a statement, the groups announced the high-end residential project 128 Nivel Hills under joint venture firm Diamond Hiland Inc. (DHI), which will bring 556 residential units to Cebu’s property market.
The residential project is located in Nivel Hills with seamless views of the mountain, Mactan channel and Cebu skylight and is a few minutes away from the business centers and major malls.
The project was envisioned by Philippe Lhuillier, chair of PJ Lhuillier Inc., the parent company of Cebuana Lhuillier Pawnshop, one of the country’s biggest non-bank financial service providers with more than 1,500 branches nationwide. The group has been around for 50 years.
On the other hand, MSY Holdings Corp., led by Chinese businessman Carlos Yeung, is known for flagship project Bayswater, a high-end real estate development in Mactan. Recently, the Yeungs ventured into a boutique destination health and wellness sanctuary named Kandaya Resort in Daan Bantayan, north of Cebu. The group is also constructing its flagship office tower at the premier Cebu Business Park.
“The partnership between PJ Lhuillier and MSY Holdings promises to be one of Cebu’s finer residential developers,” the joint statement said.
The project is a 50-50 venture between the two groups, whose leaders consider Cebu as their home and have a “joint passion for building great homes” through this boutique development project.
DHI general manager Nestor Omar Arce-Ignacio said 8,472 square meters of land were folded into the joint venture, on which three high-rise condominium buildings will rise. The East Tower will have 34 floors and West Tower will have 42 floors. The Garden Apartments will have eight floors.
The residential units will be sold starting at P125,000 a square meter, which brings the indicative price range to P7.5 million to P50 million.