ROBINSONS Land Corp. (RLC) is building a premium condominium in Mandaue City with penthouses pegged at P60 million, its latest investment after its integrated resort and casino development in the South Road Properties.
At the launching of the four-tower Mantawi Residences on Friday, April 14, 2023, at Nustar Resort and Casino, RLC executives pointed to Cebu’s booming economy and infrastructure developments as key reasons for the company’s expansion alongside the increasing demand for upscale development in the province from six percent in 2020 to 24 percent in 2021.
Mantawi Residences, located along Ouano Ave. in Mandaue City, is a premium development with a lot area of 20,328 square meters. The project offers 474 condo units per tower. Each tower will have 40 floors with only 14 units per floor.
“We are happy to come back here in Cebu with another promising project that is Mantawi Residences. We are very proud to finally unveil this development that we envisioned for our future residents who are on the lookout for a home and investment that they can proudly call theirs,” said senior vice president and business unit general manager John Richard Sotelo.
RLC will ground break the project in the fourth quarter this year.
Each tower will have 310 one-bedroom unit (46 square meters), 148 two-bedroom units (92 square meters and 115 square meters), 12 three-bedroom units (138 square meters) and four penthouse units (207 square meters).
These condo units are priced from P15 million to P60 million. One penthouse unit has already been sold.
“We did take a long, hard look at what’s the price point that we feel the Cebu market is ready for. When we took a look at our experience with Amisa, and then we also checked competition, to see how prices are going. The price point that we have initially is actually not so far from what we’ve proven we can sell and what we’ve proven that the market is willing to take,” said Sotelo.
RLC residence marketing head Karen Cesario said they are looking at overseas Filipinos and professionals as potential buyers of their units.
Joey Roi Bondoc, director for research at Colliers Philippines, said luxury projects like Mantawi Residences definitely have a market.
“Cebu is the largest condominium market outside Metro Manila and high-end developments definitely have a market. Demand should be driven by affluent local investors and end-users as well as expats. The region’s economy is rebounding and this should also lift the confidence and purchasing power of buyers,” said Bondoc in a separate interview.
He explained that 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.
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 company said.
Mantawi Residences promises spacious living spaces and built-in smart home devices to its residents.
This upscale development will also introduce a 1.3-hectare amenity area that will feature landscaped areas, beach-inspired swimming pools, a cascading water wall, a pet park and an outdoor play area, among others.
The property will also offer a curated retail experience at the ground floor, featuring global brands.
RLC reported a strong performance last year with a 22 percent increase in its total revenues to P43.4 billion. This was on account of higher recognized residential sales, as well as the significant recovery in its malls and hotels as mobility restrictions were fully lifted in the latter half of the year.
Its operating income also rose 45 percent year-on-year to P14.1 billion, largely driven by its investment portfolio that includes its steadily growing office segment.
RLC reached a high net income of P9.8 billion in 2022, a 21 percent growth versus its year-ago level. / KOC