RLC Residences recently launched high-end development Mantawi Residences, a move that signals the housing unit of Robinsons Land Corp.’s (RLC) return to its roots—the conglomerate’s founder, late tycoon John Gokongwei Jr., grew up in Cebu and eventually established his businesses there.
“We are happy to come back here in Cebu with another promising project that is Mantawi Residences,” declared RLC Residences senior vice president and business unit general manager John Richard B. Sotelo, at the launch event held at the Nustar Casino Hotel in Cebu City.
Sotelo said Mantawi Residences best represents the outlook of the Gokongwei Group founder, the late John L. Gokongwei Jr., who grew up in Cebu with his family. The peddler-turned-successful business tycoon’s vision was to constantly look for opportunities in life. “That’s why we designed this condo development with unique and high-quality features that can support our future residents’ quest for success,” he explained.
P60-million penthouse in Cebu
Mantawi Residences is selling three luxurious penthouse apartments for P60 million. There were initially four such units on the shopping block, but Sotelo revealed that a 207-square meter penthouse was already sold to an unnamed client.
For those who may find P60 million a tad steep, , Mantawi Residences is selling a one-bedroom, 46-square meter condominium at P15 million.
These prices are already above most developments in prime central business districts like Bonifacio Global City in Taguig and Makati City.
Is the Cebu market ready for these prices? RLC Residences’ executives claim there’s a segment with deep pockets that can swing it.
“We did take a long, hard look at what’s the price point that we feel the Cebu market is ready for. When we took a look at our experience with Amisa [Private Residences], and then we also checked competition, to see how prices are going. The price point that we have initially is actually not so far from what we’ve proven we can sell, and what we’ve proven that the market is willing to take,” said Sotelo.
Drawing a bead on “growing professionals”
Cebu is the second largest real estate location outside Metro Manila, with demand rising 24%, latest figures of Colliers showed. An average price of a condominium in Cebu is at P4 million, while the luxury segment averages at P8 million. These figures show that units in Mantawi Residences are above the average rates and its lowest-priced units are even more luxurious than the luxury offerings currently available in the Cebu market.
In a press briefing following the launch, RLC Residences marketing head Karen Cesario said that they are looking at overseas Filipinos and “growing professionals” aged 35 to 45 as among those who are likely to be interested in buying a unit in Mantawi Residences.
With the steep price point, RLC Residences executives assured potential buyers that they will get their money’s worth. This segment that can afford it are even “hungry” for it, according to Cesario.
“Raise, live, connect”
All told, the master-planned vertical community sits on the 20,328 square meters of property. When it is finished, it will have four condominiums, each rising at 40-story and housing penthouse units worth P60 million each and one- to three-bedroom units at a price range starting at P15 million. Mantawi Residences is selling 474 units.
It is currently pre-selling some 310 one-bedroom units (46 square meters), 148 two-bedroom units (92 to 115 square meters), 12 three-bedroom units (138 square meters), and three penthouses (207 square meters).
Unit finishes include porcelain tile floorings, a kitchen with glass doors and a pantry cabinet, and glass shower enclosures. For the penthouse, the master bedroom’s toilet will have a bathtub.
Capturing RLC Residences’ “Raise, Live, Connect” vision, this upscale project boasts of a 1.3-hectare amenity area, where hyper-sized and above-standard facilities will soon be made available. It is set to feature a variety of landscaped areas, beach-inspired swimming pools, a cascading water wall, a pet park, an outdoor play area, etc. It will also offer curated global retail brands at the ground floor.
The upscale property is designed to provide spacious living spaces and built-in smart home devices to its residents. It will have exclusive and roomy penthouses with multiple loggias, so owners can enjoy the city’s skyline.
Located at the heart of Ouano Avenue in Mandaue City, Mantawi Residences is near academic institutions, shopping hubs, and hospitals. It will to future developments in the pipeline, as the Mandaue government plans to develop the Metro Cebu Expressway and the Cebu Bus Transit, turning the Cebu International Port into an international cruise docking area, and the establishment of a premier waterfront development featuring a commercial space and a luxury district.
Unit turnover in 2029
“It really is an exciting time to RLC Residences because we really put the needs and the demands of our customers,” said Sotelo.
“The pandemic has persuaded people who are intending to buy a condo — the ones who really are ready to spend—to invest in developments like Mantawi Residences. I think, we probably made a couple of right decision choices that appeal to what people are looking for post-pandemic,” Sotelo added, referring to some tweaks they made in terms of the project’s design.
Moving forward, he shared that they will prepare the property floor planning at the latter part of this year. For the first tower, he noted that they will begin the board filing, with half of the podium built by October of this year, as unit turnover is set in the first quarter of 2029.
“We normally do not start selling a new tower until we’re 80 percent or 90 percent sold on the first tower,” he explained. “So if I look at our sales progress for the last couple of years [with our other three preceding projects here], we’ll probably launch maybe about a year or a year-and-a-half for [the remaining] three towers.”