Property developer Cebu Landmasters Inc. said Friday joint venture firm Cebu Homegrown Developers Inc. launched a P3-billion condominium project in Mandaue City, Cebu.
CLI said in a disclosure to the stock exchange the first tower, Mandtra Residences would offer 591 residential units with sizes ranging from 21 square meters to 41 sq. m., and prices starting from P2.35 million to P4.17 million.
The first tower is now 60-percent pre-sold after the project was launched this month.
The project offers premium amenities and aims to attract upwardly mobile professionals and entrepreneurs in the region.
“We want to strengthen our leadership in our home base and this joint venture enables us to have access to high value locations that allow us to offer a new generation of Cebuano entrepreneurs and professionals seeking upgraded living spaces. Our exceptional sales velocity indicates we are indeed meeting a highly felt need,” said CLI president and chief executive Jose Soberano III.
The construction of Mandtra Residences on a 12,405-sq. m. property is underway, with the first tower set for completion by 2025.
The three-tower development will have a retail podium, a sky garden, clubhouse with adult and kiddie pools, jogging paths, fitness gym and chapel as amenities to future homebuyers.
CLI executives said the company started planning the project at the height of the 2020 pandemic, placing a premium on healthy living and a balanced well-being with generous array of amenities and lush open space.
Some studio and one-bedroom units offer balconies while a number of units were designed so partitions and walls could easily be knocked down and spaces combined.
Mandtra Residences will be the first in a planned series of projects by CLI with CHDI.
“Our partnership believes in the innate dynamism and abilities of Cebuano entrepreneurs and professionals and hope to meet their aspirations beginning with well-planned residential communities,” Soberano said.