IS CEBU READY FOR MANTAWI RESIDENCES? REAL ESTATE BROKER REACTS

To be honest, after I heard of the project name, I thought its just another condo that got its name from Mandaue City (We already have Mandtra Residences and Mandani Bay). So what is MANTAWI RESIDENCES and is this a good investment?

I have been in the real estate industry for almost 6 years (not very long, I know) and I have seen the rapid growth of Cebu in terms of real estate development. Most of the vertical development is in the mid-market segment (4m-8m) which is very attractive to young professionals, foreigners, OWFs and even first time investors.

However, MANTAWI is built differently.

At its introductory price, the smallest 1-bedroom unit with 46 sqm floor area costs 12.3 million pesos with the biggest penthouse unit with 207 sqm floor area at 57 million pesos. There are 2-bedroom units (24.4-31.9 million pesos) and 3-bedroom units (37.1-38 million pesos) Yes, there are no studio units in this project.

HOW BIG IS THIS PROJECT?

Mantawi Residences is a 2-hectare, 4-tower high rise residential development with a generous 65% of the lot area dedicated for open space and amenities. That means, as a unit owner, you can have the entire 1.3-hectare for landscaped areas, beach-inspired swimming pools, a cascading water wall, a pet park, and an outdoor play area.

For context, under PD 1216, condominiums are only required to allocate 30% of its development for open spaces.

Currently at pre-selling is Tower 1 made up of 40 floors divided into Low Zone (4th-34th floor, 14 units per floor), Mid zone (35th-37th floors, 8 units per floor) High Zone (38th-39th floors, 6 units per floor) and the Penthouse floor (40th floor, 4 units).

As of April 21, 2023, tower 1 (2nd-15th, 35th, 38th, 40th) have already sold 35% of its inventory.

TARGET MARKET

While 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, based on my experience, Mantawi Residence can also be attractive to expats and foreign nationals looking for comfortable, spacious and high-end living for business use, second home or for retirement. This can also be good investment opportunities from the Altas of Cebu.

To date, Cebu is the second largest real estate location outside Metro Manila, with demand rising 24%, latest figures of Colliers showed

IS CEBU READY FOR MANTAWI RESIDENCES?

Most will say no and many will shake their head or laugh at the idea. But the lucky few can go beyond the present and look at the potential of this game changing project.

For context and comparison, a high end residential condo which also offers villas in Mactan which sells for 70-120 million pesos per villa was long sold out. Another high end house and lot with a panoramic view of Cebu City sells at 45-75 million pesos per house was sold out last March. There is market for projects that offer value. They may not be many, but they are enough.

To know more about Mantawi Residences either thru online project presentation or face to face meeting, I would be glad to present this project to you.