PROPERTY developer Megaworld is expecting to generate around P2 billion in sales from Positano Mactan, the company’s sixth and latest residential condo development inside its 30-hectare township in Lapu-Lapu City.
This Italian-themed residential project that is scheduled to be completed in 2028 aims to capture locals and returning foreign investors who wish to own a piece of investment of Megaworld’s first beachfront township in the country.
“This residential project is inspired by the elegance and beauty of the picturesque Italian seaside destination of the Amalfi Coast that carries the same name. We continue to see an overwhelming demand for living spaces here at The Mactan Newtown, which is why we have chosen to offer this concept to further highlight the island vibe and the exciting lifestyle that residents have come to love in this master-planned township,” said Jennifer Palmares-Fong, first vice president for sales and marketing of Megaworld Visayas.
Fong said demand for high-end condos remains consistent amid the changing business environment as investors choose projects that can give them big returns in the long run.
Positano Mactan offers 301 “smart home” units in varying types with sizes ranging from studio (up to 33 square meters), executive studio (41 square meters), one bedroom (up to 51.5 square meters), executive one bedroom (up to 61 square meters), two bedroom (up to 78 square meters), and three bedroom (up to 141 square meters).
The 17-story tower will also offer other unit types that will be seen for the first time at The Mactan Newtown. These include one bedroom loft (up to 81.5 square meters), two bedroom loft (136.5 square meters), three bedroom bi-level (up to 166 square meters), three-bedroom loft (189.5 square meters), and three bedroom loft with terrace (up to 264.5 square meters).
Each unit at Positano Mactan will be equipped with a wireless smart home system that residents can access and control remotely via a smartphone app. Units will also have smart home devices with Wi-Fi routers, video intercom, and standby backup power for select areas in all units.
All units will also have their own cooktop burners, with two-bedroom and three-bedroom units having their own built-in ovens. Split-type air-conditioning units will come standard in both the living and dining areas across all units.
Italian resort inspired
Designed by architectural and design firm Casas+Architects Inc., the facade of Positano Mactan pays homage to the charming Italian resort town of Positano by mirroring an impression of the real place highlighted by earth tones, such as beige, warm white, light yellow, and terracotta red.
This new condo project will also feature two floors of retail area, whose design is inspired by the vibrant public markets of Positano.
At the fifth level, future residents will enjoy a host of amenities, including an adult infinity pool, wet lounge and pool deck, a children’s pool with water play, and cabanas.
There’s also a reading nook, an outdoor fitness area, a children’s playground, daycare, a bi-level game room, a fitness gym equipped with lockers and male and female toilets and changing rooms, and a high-ceiling, pillar-less function room with outdoor spill-over area that can host up to 90 guests.
A pair of first-in-the-township amenities will also be featured at Positano Mactan. These include a loft-type private dining room equipped with a full working kitchen, dining and lounge furniture that can accommodate up to 18 people, and terrazas (sky lounges). The property will feature a total of eight terrazas located on the 14th and 16th floors, respectively.
A variety of green and sustainability features will also be integrated into Positano Mactan. These include energy-generating outdoor fitness equipment, low flow rate fixtures to promote water conservation, occupancy sensors in hallways and parking floors that help conserve energy, LED lights, rainwater harvesting system, and its own materials recovery facility.
Strong appetite for luxury condos
Strong appetite for luxury condos Meanwhile, the appetite for luxury condominiums in the Philippines remains strong despite rising interest rates, according to Colliers.
In a separate interview, Joey Roi Bondoc, senior research manager at Colliers Philippines, said investors acquire condominium units as they bank on potential price appreciation potential and potential passive income once the unit is rented out.
“High-end condominium properties are also a viable hedge against inflation, and we saw this over the past financial crises,” said Bondoc.
In its latest market update, Colliers said the imposition of higher interest rates, along with increasing land values and prices of construction materials (which reached a 14-year high in 2022), should also prompt developers to consider launching more luxury and ultra-luxury projects (P8 million and above).
“These segments will likely remain resilient despite high-interest rates as demand for luxury units is heavily supported by affluent investors upgrading for their end-use,” the report said.
The 30-hectare Mactan Newtown hosts more than 2,000 residential condo units from nine existing towers and two soon-to-rise developments, and nearly 81,000 square meters of gross leasable office spaces.
The township also has two hotels and a school.