CEBU Landmasters, Inc. (CLI) started construction for its three-tower project in Mandaue City, the company said in a statement on Wednesday, adding that it is also planning to launch the project’s second tower in October.
The second tower of Mandtra Residences will be launched ahead of schedule to keep up with the demand seen with the first tower, which has 90% of its units already sold in five months.
“The high sales velocity of Mandtra Residences serves as an affirmation that we are on the right track,” said Jose R. Soberano III, president and chief executive officer of CLI.
Mandtra Residences is located on a 12,405 square meter (sq.m.) property along P. Basubas Street in Barangay Tipolo.
The project will include a retail podium, three parking levels, a clubhouse, chapel, a function hall, fitness gym, adult and kiddie pools, a jogging path, as well as landscaped areas. Its amenity podium will span 7,000 sq.m.
The first phase of Mandtra Residences includes the first two towers, which consist of 1,280 units. It is slated for completion by the first quarter of 2025. Meanwhile, the second phase includes the third tower that will add 599 more units to the project.
In total, Mandtra Residences will have 1,879 units, with mostly studio units and one-bedroom units. Units may be combined, CLI said.
Each residential tower will have its own lobby and reception area, along with three passenger elevators, a mailroom, security and property management services, backup power, and one garbage holding room per floor.
Mandtra Residences is a project managed by CLI with Ixidor Holdings, Inc., which is headed by former Aboitiz Equity Ventures, Inc. Chairman Erramon I. Aboitiz.
“We are pleased to be jointly applying our insights and understanding of the Cebuano market through this project,” Mr. Soberano said.
Meanwhile, Vision Properties Development Corp. was assigned as the general contractor of Mandtra Residences, which will be the first project in a series from Cebu Homegrown Developers.
During the groundbreaking ceremony for Mandtra Residences, Mr. Soberano also pledged to donate a P100-million tenement condominium building. It will include more than 100 socialized units for Mandaue City.
CLI has built over four residential and mixed-use developments in the city so far, and the company said it “shares the vision of Mandaue City Mayor Jonas C. Cortes to provide resilient and quality public housing for its constituents in a highly accessible location within the city.”
Shares of CLI at the stock market closed unchanged at P2.90 apiece on Wednesday. — Keren Concepcion G. Valmonte