Developer allots P4.5B capex for Phase 2 Tambuli expansion

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HOMEGROWN developer Tytans Properties and Development Inc. is allotting P4.5 billion in capital expenditure for the Phase 2 development of the 12-hectare Tambuli Seaside Living in Barangay Marigondon, Lapu-Lapu City.

The Phase 2 development will have six residential towers with a total of 1,500 units, a condotel and a 150-room luxury hotel dubbed the Tambuli Seaside Resort and Spa.

Gerard Tan, president of Tytans Properties, said Tuesday, Nov. 30, 2021, that the company’s aggressive expansion plan amid the global health crisis is buoyed by the market’s strong housing and leisure appetite.

“Whether there is a pandemic or not, people will always find ways to enjoy or entertain themselves,” he said, noting that the project is a strong contender in the property market because its luxury residential projects are incorporated with seaside activities.

“During the lockdowns, with no international travel, people thought of ways to go out of the city and most of them found themselves going to resorts,” Tan said. “This is the reason projects like these pick up.”

Tambuli boasts of a 200-meter natural beachfront of fine, powdery white sand.

The Phase 2 project which will be launched in 2022 is an addition to the Phase 1 which features six luxury-residential towers with a total of 1,350 units. Tower 4, with 140 units, was turned over on Tuesday while towers 5 and 6 are already in various stages of completion.

Tan said Phase 1 is already 90 percent sold.

Phase 2’s hotel component will break ground in the second quarter next year and will be completed just in time for when the tourism market fully rebounds from this pandemic. The construction of the hotel will be done simultaneously with the residential towers.

“Completion of the six-tower project will depend on the performance of the economy. The faster we will be able to sell the units, the faster we will be able to complete the project,” said Tan, adding that had it not been for the Covid-19 pandemic, they would have completed Phase 1 and launched Phase 2 this year.

He said the country is still in uncharted territory because of the lingering effects of the pandemic.

But according to Tan, amid the economic difficulties the company is in a better financial position because of its residential offering which helped subsidize the resort business that has been severely battered by the pandemic.

Tan forecasts rosy prospects next year, saying that the government and healthcare institutions are now more experienced at handling infections. Vaccinations among all groups have also been ramped up and new Covid-19 drugs are now being closely examined by the Food and Drug Administration.

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