CEBUANO buyers dominate a luxury development project in Mandaue City, whose completion could be sooner than expected due to an “overwhelming” sales takeup.
Mandani Bay, a joint project of HongKong Land and Taft Properties in Mandaue City, has sold out all condominium units of Mandani Bay Suites, the first phase of the 20 -hectare development, in less than a year since its grand launching in May 2016, said Gilbert Ang, project director.
“Seventy percent of our buyers are Cebu-based. We were caught by surprise by the response of the market,” said Ang, in a press conference. He expects the project to be completed in 10 years, instead of the 12 to 15-year plan.
On Tuesday, the company announced the launching of the second phase, the Mandani Bay Quay, which had 600 units reserved in a matter of 10 days, said sales head Audrey G. Villa.
“At first, when we had the projections a few years back, we just wanted to have an average of 30 units (in sales) a month. But now we’re selling 80 units in a month,” shared Villa.
For the first and two phases of the project, officials said the remaining 30 percent of buyers are expats, mostly Americans while the others are from the provinces, particularly from Leyte and Davao.
Mandani Bay received a balanced portfolio of investors as buyers, or those who purchase more than two units, and the others being end-users.
Luxury condominiums in Cebu, according to Colliers International Philippines, is an enticing venture for developers.
“The sustained demand for luxury residential condominium units is providing impetus for both local and national developers to intensify development of luxury projects across Metro Cebu,” it said in a report published in May this year.
The property and research firm also observed a higher rental takeup in luxury condominiums in Cebu, fueled by multiple factors, including tourism and the burgeoning number of multinational company executives residing in Metro Cebu.
“High-end units continue to enjoy low vacancies and stable growth in lease rates,” it said.
High-spending foreign tourists, largely Japanese, Taiwanese, Singaporeans, and those from mainland China, also contribute to the sustained takeup in luxury projects.
For Mandani Bay, Villa said investors are capitalizing on the property appreciation of their condominium units once the development progresses and is completed.
The recently launched Mandani Bay Quay is comprised of three residential towers and one office building.