Seven out of 10 residential condominium units that have been launched at the Mandani Bay waterfront development in Mandaue City were pre-sold in 2018, according to Hongkong Land Holdings Limited.
Hongkong Land owns 40% of HT Land, Inc., developer of the Mandani Bay. The Gaisano-owned Taft Property Venture Development Corporation holds the majority of 60%.
In its 2018 annual report, a copy of which was published on its website on April 4, 2019, Hongkong Land said 71% of the 3,115 units that have been launched have been pre-sold by the end of the year.
“Construction is progressing well,” Hongkong Land chief executive Robert Wong stated in the report.
Mandani Bay, a 20-hectare masterplanned community along the Mactan Channel in Mandaue City, is comprised principally of residential condominium units with some
office and retail components. It is being developed in multiple phases through to 2035.
Its first residential enclave, the Mandani Bay Suites, is composed of two towers with recreational amenities and community support facilities.
Work has started on phase 2 called the Mandani Bay Quay, which was awarded to Megawide Construction Corporation. This component will include three 40-story residential towers, one 30-story office building, an amenities floor, two commercial levels, and four floors of podium parking.
In a regulatory filing in November 2018, Megawide said the first tower, amenities area, commercial spaces, and parking levels, are targeted for completion by the end of 2021.
The two other residential towers are targeted for delivery within the first half of 2022 and first quarter of 2023, respectively, while the office tower will be completed by the fourth quarter of 2022.
Mandani Bay is one of Hongkong Land’s three projects in the Philippines. Two others, which are also 40% owned by Hongkong Land, are in Metro Manila.
Two Roxas Triangle, a 182-unit luxury condominium tower in Makati, is expected to be completed in the first half of 2019 and was 100% pre-sold at the end of 2018.
Bridgetowne Township in Pasig City is a 2,048-unit luxury condominium project that will be developed in three phases through to 2026 and has a developable area of 144,000 square meters.
These are among Hongkong Land’s development properties, which accounted for 36% of underlying operating profit before corporate expenses and 12% of the company’s gross assets in 2018. Development properties are premium residential and mixed-use properties for sale.
The company’s investment properties portfolio, composed of prime commercial properties that it develops and holds as long-term investments, remain the company’s biggest income contributor, accounting for 64% of underlying operating profit and 88% of gross assets.
“Hongkong Land had another excellent year in 2018, with improved contributions from both its investment properties and development properties businesses,” Wong said.
Underlying profit attributable to shareholders rose 9% to US$1,036 million in 2018.
Hongkong Land, a member of the Jardine Matheson Group, owns and manages more than 850,000 sq. m. of prime office and luxury properties across Asia, principally in Hong Kong, Singapore, Beijing and Jakarta. (Ventures Cebu)