HT Land Inc., the developer behind Mandani Bay, reported a growing number of investors from mainland China buying residential condominium units.
Mandani Bay project director Gilbert Ang said condominiums in Cebu are now an attractive investment for the Chinese, citing better ties between China and the Philippines.
“We saw Chinese buyers from mainland China for the first phase of our project. I believe that the warming ties between our country and theirs has translated to buying of real estate products here. For the Chinese, our condominium units are so cheap for them,” said Ang.
Cebu’s average residential price is at $1,997 per square meter, according to Colliers International Philippines. China’s average residential price stood at $8,186.
Foreigners can own condominium units in the Philippines, provided the developer doesn’t sell more than 40 percent of the project.
China is country’s most improved tourist market with a growth rate of 43.33 percent overtaking arrivals from the US last year.
The country welcomed 968,447 Chinese arrivals due to the improved ties between the Philippines and China, added air routes, and the visa upon arrival (VUA) option for Chinese nationals.
In January, Chinese arrivals stood at 111,344, up by 29.55 percent from the same period in 2017.
Ang reported construction of Mandani Bay’s integrated community remains on schedule. He also disclosed brisk sales for the second phase of its residential project.
“Since our launching last October, we have already sold 75 percent of the condo tower,” said Ang.
Phase 2’s first tower has about 1,200 units. The entire Phase 2 project consists of four condominium towers with the second tower already awaiting release of the approved license to sell (LTS).
“We are eyeing to launch Tower 2 by April or May this year,” he said.
Meanwhile, the 856 suites in the two-tower Phase 1 are already sold out. The units are slated for delivery by 2020.
Construction of Mandani Bay’s planned boardwalk, which will have a retail component, is likewise underway. Ang said the 500-meter boardwalk will be unveiled to the public by the end of 2019.
Mandani Bay envisions the boardwalk to become one of Cebu’s newest tourism destination as retail shops will host unique products of Cebu.
“Our aim is not just to make this project another retail destination but a one-stop-shop tourist destination, where everyone can see and experience everything about Cebu,” said Ang.
HT Land Inc. is a joint venture company between Taft Property Ventures Development Corp. and Hongkong Land.