HONGKONG Land and Taft Properties formally unveiled yesterday the 20-hectare Mandani Bay, the first waterfront township project along Zuellig Ave. in Mandaue City.
Under HT Land, the company formed out of the joint venture between Hongkong Land and Taft Properties, an initial investment of P4.5 billion will kick off the first phase development of the new project.
The first phase will cover the construction of two condominium towers that will have a total of 1,200 units in a 1.1-hectare area starting next year.
10-year period
In a press interview yesterday, Theodore Gilbert Ang, project director of Mandani Bay, said the project will be constructed in eight phases and expected to be completed in 10 years’ time starting 2016.
At present, HT Land is developing its sales gallery, which is slated for completion in January next year.
The integrated development, according to Ang, will be primarily residential.
It will have 25 towers with a total of 18,000 condominium units intended for the middle to high-end market. On top of the residential component, the project, which is located in a waterfront site, will also have retail, office, recreational and marina components.
Integrated
Ang said the vision of the company is to shift Mandaue City’s perception as an industrial and manufacturing hub into a desirable mixed-use and a premier lifestyle hub.
“We will integrate culture, commerce and community in one area,” said Ang. “There is plenty of potential in Cebu because this is a place where people from Luzon and Mindanao converge.”
“The key attractions of this master-planned project are its unique design features, the site’s strategic location and its extensive water frontage. The project will also be built around several distinctive characteristics aimed at creating an attractive community, in line with international standards,”said Jack Gaisano, chairman of Taft Properties in a statement.
‘Benchmark’
In June this year, Hongkong Land and Taft Properties announced they have teamed up to create a new landmark that will change the landscape of Metro Cebu. Mandani Bay is expected to leverage the combination of Taft’s intimate knowledge of the Cebu market with Hongkong Land’s international experience to provide a new benchmark for residential communities in Cebu.
Experience
Taft Properties is part of the Vicsal Development Corp., known for its Metro Retail Stores (Metro Gaisano).
Hongkong Land is one of Asia’s property investment, management and development groups.
The group owns and manages almost 800,000 square meters of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.