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CEBU, Philippines– A P60-million penthouse in Mandaue, Cebu, anyone?
Robinsons Land’s RLC Residences is selling three of those at the moment in its latest luxury development, Mantawi Residences. There were initially four, but a 207-square meter penthouse was already sold to an unnamed client.
If you don’t have P60 million lying around, 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 say there’s a segment with deep pockets that can afford 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 John Richard Sotelo, senior vice president of RLC Residences.
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 briefing on Friday, April 14, 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 Sotelo.
Mantawi Residences is selling 474 units spread across four 40-floor towers in a 20,328-square meter property.
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.
The development, named after the Mantawi festival, is located at the heart of Ouano Avenue in Mandaue City and is near academic institutions, shopping malls, and hospitals.
The upscale development also boasts a massive 1.3-hectare amenity area, which features landscaped areas, beach-inspired swimming pools, a cascading water wall, a pet park, and an outdoor play area.
Some of the indoor amenities include a game room, a private theater, a fitness center, a kids’ playroom, and function rooms.
Mantawi Residences also marks RLC Residences’ return to its roots. The conglomerate’s father, late tycoon John Gokongwei Jr., grew up in Cebu and eventually established his businesses there.
“We at RLC Residences feel that Mantawi Residences is a project that best represents Mr. John’s vision, which is to continuously search for opportunities and move successfully 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,” Sotelo said. – Rappler.com
Disclosure: Rappler was invited by RLC Residences to cover the launch of Mantawi Residences last April 14 in Mandaue, Cebu.