CEBU, Philippines - Cebuano developer Tytans Properties and Development Inc. targets to complete the first phase of its sprawling seaside residential project, Tambuli Seaside Living, in five years.
The P5 billion project is the company’s maiden venture. It sits on the 11-hectare property formerly known as the Tambuli Beach Club in Lapu-Lapu City which was acquired by Tytans Properties in 2012.
Initially, the company will develop the first of the three phases of the project’s masterplan which will provide over 1,300 condominium units in a resort environment, said the company’s chairman, Montano Ty during the launching of Tambuli Seaside Living’s showroom over the weekend.
The first phase will have six towers with condo units ranging from P3 million to P12 million.
The development of Tambuli Seaside Living is timely as there is a demand is for seaside living in Cebu, specially that the province is gaining popularity as a second home destination for both local and foreign markets.
According to Ty, his company is one of the few developers that offer semi-furnished units. This means that a unit price will already include the installation of basic furnishings such as air-condition, refrigerator, bed, cabinets, and other essential household fixture.
Tytans Properties president and chief executive officer Gerard Tan reported that the first two towers are already 90 percent sold, and the third tower is 50 percent sold-out.
While seaside living is known to draw interest from the foreign buyers, surprisingly, Tan said, 75 percent of their buyers are Cebuanos and balikbayans who are now buying vacation homes in Cebu.
The company is commissioning a London-based property management company to operate the entire property, as well as the amenities and a resort facility that will be offered via club membership package. By 2016, Tan said the company will turn over the units to the owners.
Located at Buyong Road, Maribago, Lapu-Lapu City, Tambuli Seaside Living is the first solely residential resort development in Cebu and boasts of a ready 200-meter natural beachfront. (FREEMAN)