PHILIPPINES – Cebu Landmasters Inc (CLI), the top Cebu-based developer with the second highest market share of residential condominium units in Cebu, is projecting an investment amounting to Php12 billion (US$241 million) to finance its expansion plans in the Visayas and Mindanao this year.
CLI Chairman and Chief Executive Officer Jose R. Soberano III disclosed during a press briefing that the amount will finance new projects in the cities of Cebu, Davao, Cagayan de Oro, Bacolod, Iloilo and Dumaguete.
Ranked the leading developer based in Cebu by CBRE Philippines (Santos Knight Frank), Cebu Landmasters registered sales of Php2.18 billion in 2016 alone from its developments during the year.
Its current projects include residential condominiums and subdivisions in the city and province of Cebu, catering to all economic segments: office buildings and a mid-market residential condominium project in Cagayan de Oro.
In 2015, CLI also partnered with The Ascott Limited, the world’s leading international serviced residence operator-owner, to establish Citadines Cebu City, CLI’s first hotel venture, which will open by 2019 with 180 apartment units.
Soberano explained that the high growth rates in key VisMin cities, ranging from 8.7% to 10.7%, is driving the firm’s expansion into the cities of Iloilo, Dumaguete, Bacolod, Davao, and Cagayan de Oro in 2017.
CLI plans to bring its flagship economic housing brand called Casa Mira, priced between Php800,000 to Php1.5 million, to Iloilo, Dumaguete, Bacolod and another one in Cebu this year.
Cebu Landmasters Delivered 11,000 Units Since 2003
Prior to its successful higher-end residential condominium developments in Cebu IT Park and its environs, CLI built its track record on affordable and mid-cost housing delivered on time with attractive amenities and in highly accessible locations near the province’s booming industrial sites.
Since its founding in 2003, CLI has delivered about 11,101 units in various stages of construction encompassing over 25 projects. All finished projects are all sold out before its completion.
In Davao City, CLI is launching this quarter a mid-market condominium, priced from Php76,000 to Php110,000 / square meter in one bedroom and studio formats.
In 2013, the firm launched 600 units of similar sizes, features and price points in Cebu City that sold out in a record three months. In Cagayan de Oro City, over 500 units of this category sold out in less than a year.
Cebu Landmasters to Launch Mid-Market Subdivision in CDO
Having built a track record in Cagayan de Oro, Cebu Landmasters plans to launch in Q2 2017 its second development in CDO, a mid-market subdivision of 6.6 hectares.
Cebu Landmasters will also tap the more affluent market in Cebu City with 38 Park Avenue, a high-rise, top-class, New York-inspired residential condominium over a retail plaza and open park at the Cebu IT Park.
Soberano also announced more developments in Cebu, including the start of new phases of existing mid-end and high-end residential condos and the launch of a mixed-use project in AS Fortuna in Mandaue City, Cebu.
“We believe our growth story is the result of a keen understanding of the VisMin market, which is highly focused on getting the best values. In all our projects across all segments, the values arising from a good location, timely delivery and competitive pricing have helped us sell out our projects quickly. In fact, all our projects have sold out before completion,” Soberano said. – BusinessNewsAsia.com