Property developer Cebu Landmasters Inc. (CLI) has broken ground for a P3.1-billion three-tower urban tropical-themed residential condominium project in Mandaue City.
Mandtra Residences, which will bring to Cebu’s property market a total of 1,879 residential units, mostly studio and one-bedroom units, is managed by CLI in partnership with Ixidor Holdings Inc. through joint venture firm Cebu Homegrown Developers Inc. Ixidor is headed by retired Aboitiz Equity Ventures chair Erramon Aboitiz.
In a disclosure to the Philippine Stock Exchange on Wednesday, CLI reported that in just five months since preselling started for the first tower, 90 percent of inventory had already been taken up. Robust demand was noted among young professionals and entrepreneurs who were buying homes for the first time.
“We are pleased to be jointly applying our insights and understanding of the Cebuano market through this project. The high sales velocity of Mandtra Residences serves as an affirmation that we are on the right track,” CLI chair and chief executive Jose Soberano III said.
Strong demand prompted the company to launch its second tower ahead of schedule, CLI said. Residential units would be made available starting this October.
The first phase of the project consists of two towers with 1,280 units. This phase is scheduled for completion in the first quarter of 2025. The second phase consists of the third tower with 599 units. The P3.1-billion estimate refers to the combined development cost of the three towers.
CLI reported that Mandtra’s location and project features had driven brisk sales. The project is located at the heart of Mandaue’s industrial heritage site, along P. Basubas Street in Barangay Tipolo.
The condominium complex will rise on a 12,405-square meter property, which will have a retail podium, three levels of parking, clubhouse, chapel, function hall, fitness gym, adult and kiddie pool, jogging path and landscaped areas.
Each residential tower will have its own lobby and reception area, three passenger elevators, mail room, round-the-clock security, property management services, 100-percent backup power and one garbage holding room per level, the company said.
Units have been designed so they can be easily combined. INQ