Property developer Cebu Landmasters Inc. said Wednesday it started the construction of the P3.1-billion three-tower residential development in Mandaue City.
CLI said in a disclosure to the stock exchange it broke ground on Mandtra Residences after pre-selling of units in the first tower reached 90 percent, five months after it was launched.
The strong sales take-up for the first tower and the continued strong demand for condo units from young professionals also prompted the company to launch its second tower in October.
Mandtra Residence is managed by CLI in partnership with Ixidor Holdings Inc. headed by former Aboitiz Equity Ventures chairman Erramon Aboitiz, through the joint venture Cebu Homegrown Developers Inc.
“We are pleased to be jointly applying our insights and understanding of the Cebuano market through this project. The high sales velocity of Mandtra Residences serves as an affirmation that we are on the right track,” CLI said.