CEBU, Philippines — Before the scheduled delivery of units in 2020, HT Land Inc., the developer of Mandani Bay announced the opening of its one-stop-shop tourism facility next year.
Mandani Bay project director Gilbert Ang bared that the 500-meter boardwalk that will host diverse commercial facilities will be showcasing the best that Cebu can offer to tourists and locals alike.
Ang said the 500-meter boardwalk will be unveiled to the public by end of 2019.
Mandani Bay is positioning the boardwalk to become one of Cebu’s newest tourism destinations as retail shops will host unique products and the best 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 adding that the boardwalk will also support Mandani Bay's residential condominium dwellers.
HT Land, Inc. is a joint venture company between Taft Property Ventures Development Corporation and Hong Kong Land.
The two tower 856-suite condo units in phase 1 are already sold-out. These units will be turned over to owners by 2020.
Aside from the active local buyers, Ang noted the high interest among Chinese nationals buying condominium units at the Mandani Bay.
Ang said Cebu is becoming the second home option of Chinese nationals other than its top favorite leisure destination.
The active promotions of the Philippines to China, boosted by the growing number of direct flights from Cebu to different airports in China is the reason why condominium take up is climbing steadily.
Foreigners can own condominium units in the Philippines, provided the developer doesn’t sell more than 40 percent of the condo project to foreign buyers.
“We saw Chinese buyers from mainland China for our phase 1 project. I believe that the warming ties between our country and theirs have translated to buying of real estate products here. For the Chinese, our condominium units are so cheap for them,” Ang explained.
Phase 2’s first tower has about 1,200 units. The entire Phase 2 project consists of four condo towers with the second tower already awaiting for the release of the approved license to sell (LTS) permit.
"We are eyeing to launch the tower 2 by April or May this year,” he said.
Mandaue Bay is a 20-hectare township developed by Hong Kong Land and Gaisano-led Taft Properties at the North Reclamation Area in Mandaue City.
Hong Kong Land is a listed leading property investment, management and develop group, which also has a number of mixed-use projects under development in cities across Greater China and Southeast Asia, including a luxury retail center at Wangfujing in Beijing.
Taft Properties on the other hand, shares the strength and stability of Metro Gaisano retail chain, its sister company, both of which form part of VICSAL Development Corporation. (FREEMAN)