CEBU CITY, Feb. 24 (PNA) — A new player in Cebu’s real estate industry will invest P5 billion to develop 1,600 seaside condominium units inside an old resort in Lapu-Lapu City.
Tytans Properties and Development Inc., a joint venture of businessmen Montano Ty and Gerard Tan, is developing the Tambuli Seaside Living, an 11-hectare project nestled inside the Tambuli resort in Barangay Marigondon, one of the most popular beach destinations in Cebu in the ’70s and ’80s.
“We started the transaction for the land purchase in late 2011 but we’ve closed the deal in 2012,” chairman Ty of Tytans said.
He declined to disclose the acquisition cost.
The development, according to Ty, will be in three phases.
He said the company will be allotting about P5 billion for the construction of the six towers.
At present, Tambuli has recorded a 90-percent sales take up for the first two towers, while sales of the third tower is at 50 percent.
Company officials said 75 percent of its buyers are Cebuanos who see Tambuli as their second home in the next few years.
To better serve its buyers, the units are all fully-furnished, including with basic home appliances.
The company is also positioning the project as an investment and a retirement facility.
It is currently awaiting a certification from the Philippine Retirement Authority in Manila.
“This is the first solely residential resort development in Cebu,” the company said.
It offers a 200-meter natural beach front of fine, powdery white sand and will offer a four-hectare amenities area.
Tan, the company president, said unit owners can choose to lease their units, especially those who see the project as a form of investment.
Ty said they can rent it out daily, weekly, or even yearly to tourists, noting Mactan as a prime tourist destination among local and foreign tourists alike.
Inside the development, Tytans Properties will also allot commercial spaces for restaurants and aqua sports boutiques scattered in the sprawling 11-hectare property.
In the fourth quarter of 2016, the officials said they will turn over the units in the first two towers and will complete the amenities area.
Prices of units range from P3 million to P13 million.
Floor area starts at 36.5 square meters for a studio unit and 98 square meters for two-bedroom units. (PNA)