29/08/2018
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A good read about the growing purchasing power of Cebuanos 😱😱😱
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Mandani Bay expected 70% of foreign buyers when they launched Mandani Bay township 2 years ago. BUT they were surprised that Cebuanos are the majority buyers.
Rich market for condo buyers.
Trend shows rising purchasing power of Cebuanos — Colliers exec
HT Land Inc., developer of the luxury project Mandani Bay in Mandaue City, has noted that majority of their buyers for Tower 2 of the project’s second phase are local buyers.
“Buyers are majority from Cebu. There are also regional buyers. You will be surprised. What we’re doing now is we’re doing regional efforts. We’ve been going around major cities in Davao and Visayas,” said Mandani Bay Project Director Gilbert Ang.
“And they like the concept of Mandani Bay. They also like to have units in Cebu since this is like the Metro Manila of the south. We haven’t really exerted international efforts yet,” he added.
Mandani Bay launched and started selling units of their Tower 2 last August 8.
And in just around one week, they have already sold 75 percent of their units.
Out of the 500 units of Tower 2, which are all residential units, 350 units have been sold already, HT Land Inc. reported. This accounts to between P1.5 billion to P1.7 billion in sales.
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Mixed use
Unlike the project’s first phase, the Mandani Bay Suites, which are all residential units, HT Land Inc. is doing a mix of residential, condo-hotel (condotel), and office spaces for their phase 2.
Dubbed as Mandani Bay Quay, the phase 2 has a total of four towers in a 2.61 hectare area.
Towers 1 and 2 are purely residential units. While Tower 4 will have office spaces.
For Tower 3, Ang said they are looking into doing a mix of residential units and condotel.
“We are considering the condotel because we believe as early as now, we want to already complete the Mandani Bay experience.
So we will already have residential, office, and a hotel. And soon we will have the retail and interim boardwalk,” Ang said.
For now, he said they are still looking for a reputable international hotel brand to partner with for their condotel venture.
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They are eyeing around 250 condotel units for Tower 3.
At the same time, Ang said they are also working on an accreditation from the Philippine Economic Zone Authority (PEZA) for their Tower 4 which will have 25 floors of office spaces.
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Mandani Bay is a joint project of HongKong Land and Taft Properties.
The projects master plan includes the construction of a total of 21 towers on a 20-hectare property at the North Reclamation Area in Mandaue City.
The township components include residential condominiums, hotel or condotel, office towers, lifestyle spaces, and retail areas.
Read more: CEBU DAILY NEWS - Rich market for condo Buyers
Source: CEBU DAILY NEWS
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