Cebu Landmasters sells nearly 60% of units in new condo project

Listed property developer Cebu Landmasters, Inc. (CLI) launched its newest condominium project Mandtra Residences with nearly 60% of units in the first tower sold after three weeks.

Mandtra Residences is the first in the list of projects CLI is collaborating with Cebu Homegrown Developers, Inc.

“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,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Friday.

He said the joint project allows CLI to have access to “high value locations” to offer a new generation of Cebuano entrepreneurs and professionals “upgraded” living spaces.

“Our exceptional sales velocity indicates we are indeed meeting a highly felt need,” he added.

The P3-billion project features condominium units ranging from 21 square meters (sq.m.) to 41 sq.m., priced from P2.35 million to P4.17 million.

Mandtra Residences will have three towers occupying a 12,405 sq.m. property.

“The planning of this Mandtra project happened in the middle of 2020, in the middle of the uncertainty, but also in the middle of being aware of what kind of home would be healthier, what kind of home would be better and safer,” Jose Franco B. Soberano, CLI director, executive vice president, and chief operating officer, said in an online launch on Friday.

The first tower will have 26 floors with 595 units, from studios to one-bedroom units. Some of these condominium units feature balconies. It is set to be completed in 2025.

The Madtra project includes a retail podium, a sky garden, clubhouse with swimming pools, jogging paths, a fitness gym, and a chapel. These “have been designed to provide homeowners a multi-faceted urban sanctuary.”

Over 7,000 sq.m. of space will be dedicated to amenities.

“You can be assured that the well-being of our residents is prioritized,” Mr. Franco Soberano said.

“Cebu Landmasters [continues] to be very optimistic on what’s in store for 2021,” Mr. Jose R. Soberano III said in the online launch. CLI shares at the stock exchange rose by 1.6% or P0.09 on Friday to close at P5.70. – Keren Concepcion G. Valmonte

Published in Business World Online